NORTH AURORA, ILL. — Cooper Commercial Investment Group has arranged the sale of Clock Tower Plaza in North Aurora for $3.3 million. The 38,336-square-foot retail center is 60 percent occupied by tenants such as State Farm, Eddie’s Pizza & Pub and H&R Block. Bob Havasi and Dan Cooper of Cooper represented the buyer, an East Coast-based private investor completing a 1031 exchange. The seller was undisclosed.
BURLINGTON, IOWA — Marcus & Millichap has brokered the $1.6 million sale of a Howard Johnson hotel in Southeast Iowa’s Burlington. The 96-room property is located at 2759 Mt. Pleasant St. near the Catfish Bend Casino and Burlington Regional Airport. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a limited liability company. The buyer information was undisclosed.
NEW YORK CITY — Century 21, a New York City-based department store chain with a 60-year operating history, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The retailer will soon begin the process of ceasing operations and will close all 13 of its stores, which are located in New York, New Jersey, Pennsylvania and Florida. The decision follows nonpayment by Century 21’s insurance providers of $175 million due under policies put in place to protect against losses stemming from business interruption such as those experienced as a direct result of the COVID-19 pandemic.
NEW YORK CITY — Locally based developer The Kalikow Group will begin leasing The Sidney, a 68-unit multifamily building located in 2415 Church Ave. in the Flatbush neighborhood of Brooklyn. Developed in partnership with WRS Associates and The Ishay Group, The Sidney is named after Sidney Kalikow, the patriarch of the family-owned development group. Units are available in studio, one- and two-bedroom formats. Amenities include coworking space, a tenant lounge, game room, rooftop terrace, package room and a fitness center. The project is almost entirely complete, with the first units expected to be available for occupancy in late September or early October.
LOUISVILLE, KY. — Papa John’s International (NASDAQ: PZZA) has signed a store development agreement that will allow the Louisville-based pizza chain to open 49 new stores in the Philadelphia and Southern New Jersey areas between 2021 and 2028. Franchisee HB Restaurant Group, which currently owns and operates 43 Papa John’s locations in the mid-Atlantic, will also own and operate the new stores.
BRANFORD, CONN. — Locally based brokerage firm Pearce Commercial Real Estate has arranged the sale of a 26,000-square-foot industrial facility in Branford for $1.4 million. Carl Russell of Pearce Commercial represented the seller, IBE LLC, in the transaction. Michael Richetelli of Colonial Properties represented the buyer, MAMSCO Construction Supply LLC.
LEVITTOWN, PA. — Colliers International has negotiated a 17,000-square-foot industrial lease at 61 Runway Road in Levittown, located in Bucks County. The property was built in 2012 and features 17- to 19-foot clear heights and both tailgate and drive-in loading doors. Jim Scott of Colliers represented the landlord in the lease negotiations. The tenant was HIAB Crane, a provider of hydraulic load handling equipment.
ATLANTA — North American Properties (NAP) is planning to open Politan Row, a 42,000-square-foot food hall, at its Colony Square mixed-use development in Midtown Atlanta. The interior of Politan Row will span 20,000 square feet, while the outdoor area will total 22,000 square feet. New Orleans-based Politan Group will operate the food hall, which is expected to open in spring 2021. Colony Square is located near the intersection of Peachtree and 14th streets, three miles north of downtown Atlanta. Colony Square at full buildout will include 912,000 square feet of Class A office space leased to tenants including Whole Foods Market and law firm Jones Day; 160,000 square feet of retail and restaurants housing tenants such as IPIC, Starbucks, Holeman & Finch Public House and Chick-fil-A; the 466-room W-Atlanta Midtown hotel; outdoor gathering spaces and 262 luxury residences.
WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retailers unexpectedly increased imports for the holiday season, according to the monthly Global Port Tracker, which is released by the NRF and Hackett Associates. The expected twenty-foot equivalent units (TEUs) for the period between July and October is now just shy of 7.6 million, which would make 2020 the third-highest holiday “peak season” on record, the Washington, D.C.-based organization said. “It’s important to be careful how much to read into these numbers after all we’ve seen this year, but retailers are importing far more merchandise for the holidays than we expected even a month ago,” says Jonathan Gold, NRF’s vice president for supply chain and customs policy. “Some of these imports are helping replenish inventories that started to run low after consumers unleashed pent-up demand when stores reopened. But this is the clearest sign yet that we could be in for a much happier holiday season than many had thought.” The most recent numbers available for the Global Port Tracker is from July, when retailers imported 1.9 million TEUs, beating the forecast of just under 1.8 million.
NORCROSS, GA. — Berkadia has provided a $37.7 million Freddie Mac refinancing loan for The Reserve at Gwinnett, a 370-unit apartment community in Norcross. The 10-year loan features a fixed interest rate. Corby Chaffin and Michael Weinberg of Berkadia originated the financing on behalf of the owner, Broadtree Residential Inc. The Reserve at Gwinnett was built in 1999 and comprises 14 residential buildings offering one- through three-bedroom floor plans. Units range in size from 959 to 1,555 square feet. Communal amenities include a fitness center, clubhouse, business center, pool, grilling area, dog park and tennis courts. The asset is situated at 1780 Graves Road, 17 miles northeast of downtown Atlanta.
