Property Type

Invesco Completes Phase I Redevelopment of Former LA Times Facility in Orange County

by Amy Works November 17, 2020

COSTA MESA, CALIF. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved outdoor space, as well as accessibility to John Wayne Airport and the residential markets of Newport Beach and Irvine. Jay Nugent and George Thomson of Newmark are handling office leasing for the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are serving as leasing agents for the retail portion of the asset.

November 17, 2020

Loans Multifamily Oregon Retail Western

McBride Capital Secures $7.8M Bridge Refinancing for Mixed-Use Property in Portland

by Amy Works November 17, 2020

PORTLAND, ORE. — McBride Capital has secured $7.8 million in bridge debt for the refinancing of Kaya Camilla, a mixed-use property located in Portland’s Overlook neighborhood. The property features 36 residential units and 4,000 square feet of ground-floor retail space. The two-year loan refinanced the construction debt and provided additional loan proceeds for tenant improvements and leasing commissions. Danny Natsch of McBride Capital placed the loan on behalf of the undisclosed borrower with a national bridge lender.

November 17, 2020

California Development Multifamily Seniors Housing Western

Oakmont Opens 85-Unit Assisted Living Community in Novato, California

by Amy Works November 17, 2020

NOVATO, CALIF. — Oakmont Senior Living has opened Oakmont of Novato in the San Francisco suburb of Novato. Oakmont of Novato is the third Oakmont Senior Living community to be built and opened during the 2020 pandemic. The 72,614-square-foot community sits on nearly three acres and features 49 assisted living and 36 memory care apartments. Oakmont of Novato is close to shopping, fine dining, and arts and entertainment.

November 17, 2020

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $6.2M Sale of Shell Gas Station, Circle K Property in Southern California

by Amy Works November 17, 2020

BLOOMINGTON, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2128 S. Riverside Ave. in Bloomington. Shell Gas Station and Circle K Convenience Store occupy the property, which was built in 2001. A Corona-based private investor sold the property to a Riverside County-based private investor for $6.2 million. The acquisition included both the business and the real estate. The buyer operates multiple ARCO gas stations throughout California. The asset features a Shell Gas Station offering eight dispensers with 20 fueling positions and a 2,900-square-foot Circle K featuring a variety of groceries, including snacks, to-go fresh food and beverages. Victor Buendia of Progressive Real Estate Partners represented the seller, while Mahlon Tobias of Tobias Commercial represented the buyer in the deal.

November 17, 2020

Company News Retail Texas

Apparel, Accessories Retailer Francesca’s to Close 140 Stores, May Pursue Bankruptcy

by Taylor Williams November 17, 2020

HOUSTON — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Monday. According to The Wall Street Journal, the 140 shuttered stores represent about 20 percent of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share on Tuesday, Nov. 17, down from $15.91 per share a year ago.

November 17, 2020

Development Industrial Texas

Jackson-Shaw Completes 279,632 SF Parc 59 Industrial Project in Metro Houston

by Taylor Williams November 17, 2020

HUMBLE, TEXAS — Developer Jackson-Shaw has completed Parc 59, a 279,632-square-foot industrial project located in the northern Houston suburb of Humble. Designed by Powers Brown Architecture and built by Cadence McShane Construction Co., Parc 59 consists of an 83,436-square-foot building with 28-foot clear heights and a 196,196-square-foot building with 32-foot clear heights. The buildings also feature 130-foot truck courts, ESFR sprinkler systems and a combined 437 car parking spaces. Gulf Atlantic Packaging Corp. (GAPCO) recently signed a lease to occupy 43,539 square feet at the larger of the two buildings.

November 17, 2020

Development Hospitality Texas

Development Services Group to Open 226-Room Kimpton Harper Hotel in Downtown Fort Worth

by Taylor Williams November 17, 2020

FORT WORTH, TEXAS — Development Services Group (DSG) will open the 226-room Kimpton Harper Hotel in downtown Fort Worth in spring 2021. The hotel will be housed within the 24-story historic Farmers & Mechanics National Bank building and will feature a penthouse bar and lounge, 10,000 square feet of meeting and event space and a rooftop observation deck. Davidson Hotels & Resorts will manage the property.

November 17, 2020

Midwest Retail Wisconsin

Kohl’s Reports 13.3 Percent Decline in Quarterly Net Sales

by Kristin Harlow November 17, 2020

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported that comparable sales decreased 13.3 percent in its third quarter, which ended Oct. 31, compared with the same period a year ago. That said, third-quarter sales and earnings exceeded company expectations, according to a news release. Shoppers are spending less on apparel during the pandemic, but Kohl’s says that its digital sales growth remains strong. The Menomonee Falls-based retailer says it has entered the holiday season with more omnichannel conveniences in place for its customers. Kohl’s stock price closed at $26.18 per share on Monday, Nov. 16, down from $58.40 per share one year ago. The retailer operates roughly 1,150 stores nationwide.

November 17, 2020

Development Industrial Midwest Ohio

Core5 to Develop 437,000 SF Spec Industrial Building in Columbus, Ohio

by Kristin Harlow November 17, 2020

COLUMBUS, OHIO — Core5 Industrial Partners has received construction financing to move forward with the development of C5 Southgate, a 437,000-square-foot, speculative industrial building in Columbus. The property will be situated on a 30-acre site near I-70. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through ServisFirst Bank in Atlanta. Core5 has developed more than 12 million square feet of industrial space since 2015.

November 17, 2020

Acquisitions Indiana Midwest Retail

Thompson Thrift Retail Group Sells Fully Leased Center Near Indianapolis for $3M

by Kristin Harlow November 17, 2020

AVON, IND. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold Rockville Pointe in Avon near Indianapolis for $3 million. The 10,500-square-foot retail center is fully leased to Tropical Smoothie Café, The Good Feet Store, Spectrum, Papa Murphy’s and Family Allergy & Asthma. TTRG has owned the property since completing construction in 2009. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. C.F. Rockville LLC, a private investor from Bloomington, purchased the asset.

November 17, 2020

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