CITY OF INDUSTRY, CALIF. — TheoPacific has sold an industrial facility, located at 14421-14441 Bonelli St. in City of Industry. Rexford Industrial Realty acquired the property for $19.5 million. Rustin Mork and Danny Reaume of Realty Advisory Group represented the buyer and seller in the transaction. At the time of sale, the 148,740-square-foot property was fully leased.
SAN BERNARDINO, CALIF. — Brixmor Property Group has completed the sale of San Bernardino Target Center, a shopping center located at 499 W. Orange Show Road in San Bernardino. International Properties Holdings Group acquired the 143,082-square-foot asset for an undisclosed price. A 105,565-square-foot Target and a 37,367-square-foot Big Lots anchor the property, which was fully occupied at the time of sale. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.
LONE TREE, COLO. — Legend Investment Group, a division of Legend Partners, has arranged the purchase of Bridge Center, a mixed-use retail and office property located at 9233 Park Meadow Drive in Lone Tree. A local real estate investment group acquired the property for $6.1 million, or $215 per square foot. At the time of sale, the 28,325-square-foot property was 98 percent occupied by a variety of tenants, including Panera Bread, Office Evolution and RE/MAX. The property was built in 1999 and renovated in 2003. The name of the seller was not released.
ROBBINSVILLE, N.J. — LBA Logistics has acquired a single-tenant warehouse and manufacturing facility in Robbinsville for $13.5 million. Located at 8 Applegate Drive, the 30-acre property was built in 2001 and includes six loading docks and a drive-in door. The facility is currently fully occupied by adhesive manufacturing company Nordson. John Plower of JLL Capital Markets represented the seller, HB4 LLC, in the transaction.
WORCESTER, MASS. — Marcus & Millichap has arranged the sale of a nine-unit apartment building in Worcester. The property sold for $710,000. Located at 148-152 Millbury St., the three-story property was built in 1920. Matthew Pierce of Marcus & Millichap’s Boston office represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 11,505-square-foot building also includes ground-floor retail that is currently occupied by Three G’s Sportsbar.
Editor’s Note: This story has been updated to reflect new developments. HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLDQ) has reached a temporary deal to avoid liquidation and keep 425 of its stores open, according to media sources. After it was widely speculated that Sears Chairman Eddie Lampert’s $4.4 billion bid to save the company would be rejected, representatives of Sears agreed Tuesday to a revised bid from Lampert’s hedge fund, ESL Investments, that gives the 126-year-old company another small shot at survival. Liquidation remains a possibility for Sears. According to USA Today, ESL Investments has until 4 p.m. Wednesday to come up with a $120 million deposit to keep the deal alive. In addition, the company’s assets will be auctioned off on Monday, Jan. 14. The original bid by Lampert, the man behind the retailer’s merge with Kmart in the 2000s, would have theoretically saved 50,000 of the retail chain’s 68,000 jobs nationwide, per the network. CNBC reported that Hoffman Estates-based Sears considered the bid by Lampert’s hedge fund, ESL Investments, to be insufficient, particularly with regard to covering fees and payments owed to vendors. In October 2018, Sears filed for Chapter 11 bankruptcy after it failed to …
The Orange County retail real estate market remains resilient despite continued pressure from growing ecommerce sales and a new tranche of retailer bankruptcies. Sears is the latest retailer to file for bankruptcy in the Amazon era. Toys“R”Us, Fallas Paredes and Mattress Firm have all declared bankruptcy, while Lowe’s announced it would close all Orchard Supply Hardware stores. In comparison, ecommerce sales continue to experience double-digit increases year-over-year and analysts are quick to conclude the so-called “retail apocalypse” is imminent. Does this mean it’s time to panic if you are in the retail real estate business? Definitely not, but it does mean the edge belongs to those who are proactive and adaptable in their decision making. We are also seeing many retailers and developers step up their game in the wake of ecommerce popularity. Retailers like Walmart and Ralph’s/Kroger are offering free same-day delivery and, in the case of groceries, food delivery in as little as one hour. Retailers like Best Buy are not only price matching but offering better product education and experience via what the company calls a “stickier” relationship. Developers are getting better at placemaking, the multi-faceted approach to planning, design and management of space, giving people more …
SAN ANTONIO — Hartman vREIT XXI Inc. has purchased the Spectrum Building, a 10-story office asset located at 613 N.W. Loop 410 in San Antonio’s North Central submarket, for $16.5 million. The sales price, which included a buyer’s auction premium, equates to about $94 per square foot. The 175,314-square-foot office building was 87.7 percent leased at the time of sale. The seller was not disclosed.
SAN ANTONIO — Dwight Capital has provided a $18 million HUD 223(f) loan for the refinancing of Cadillac Lofts, a Class A apartment community located at 317 Lexington Ave. in San Antonio’s central business district. Originally built in 1922 and substantially rehabilitated in 1998, the property features 152 loft apartment residences. The undisclosed borrower renovated unit interiors in 2015 and 2016 and added a rooftop pool, terrace and fitness area. Cadillac Lofts is listed on the National Register of Historic Places as the former Goad Motor Company Building.
NORTH ARLINGTON, TEXAS — The Praedium Group has purchased Arlington Commons, a 353-unit apartment community in North Arlington. The seller and sales price were not disclosed, but The Dallas Morning News reports Nehemiah Co. was the developer. Built in 2018, the four-story building features an attached parking garage, swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on-demand, valet trash, elevators, dog park with dog wash station, electronic parcel lockers and a lounge deck with barbecue grills. Arlington Commons’ unit mix consists of one- and two-bedroom residences ranging from 580 to 1,418 square feet. Unit interiors include 10- to 12-foot ceilings, granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full-size washers and dryers and balconies or patios.