PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of an 8,700-square-foot industrial building in Pewaukee, north of Waukesha. The building is located on Joseph Road. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of the Dickman Co. represented the undisclosed seller. Chris Etmanczyk of Lee & Associates represented the buyer, Joseph Road LLC.
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. (NYSE: CBL) has closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL-owned malls for $72.5 million. The five locations acquired include the Sears parcels at Cross Creek Mall in Fayetteville, N.C.; Brookfield Square in Brookfield, Wis.; Hamilton Place Mall in Chattanooga, Tenn.; Eastgate Mall in Cincinnati, Ohio; and Jefferson Mall in Louisville, Ky. The two acquired Sears Auto Centers are located at Northgate Mall in Chattanooga, Tenn., and Volusia Mall in Daytona, Fla. Sears will continue to operate the department stores under new 10-year leases, with CBL receiving an aggregate base rent of approximately $5.1 million. CBL will have the right to terminate each Sears lease at any time — except for November through January — with six months’ advance notice. In addition to CBL’s termination right, after a lock-out period of four years for the Sears store at Jefferson Mall, two years for the other four Sears stores and one-year for the two Sears Auto Centers, Sears may terminate each store lease upon six months’ notice. “We are proactively transforming our market-dominant shopping centers to meet the changing preferences of consumers,” says Stephen …
Recognizing that today’s retail environment stresses experience over shopping, developers of mixed-use communities in Texas are more frequently signing entertainment-oriented tenants to spaces that traditionally would have been reserved for department stores and inline soft goods retailers. Developers pursue different types of entertainment tenants, depending on the projects, their locations and their audience. All of the projects leverage a growing number of new options in the food and beverage category, including food halls, artisan markets and re-imagined restaurants and bars. Boutique movie theaters and bowling lounges — concepts that also strive to give patrons a unique food-and-beverage experience — are in demand, and are in expansion mode. Many landlords are adding specialty gyms or health-oriented services like yoga venues. And when it comes to pure retail, developers are enlisting operators that provide a differentiated customer experience across all categories, from beauty supply to sporting goods. For example, in 2015 beauty goods retailer Sephora launched in-store technology and education initiatives to enhance the customer experience, while newer Scheels sporting goods locations typically feature an indoor Ferris wheel, aquarium and other interactive attractions. Mixed-use developers are also creating Wi-Fi accessible public spaces with artistic and landscaping elements where customers, residents or workers …
SACRAMENTO, CALIF. — AMCAL Equities LLC has closed financing for and broken ground on The Crossings, a 750-bed student housing community located near the California State University, Sacramento campus. The $75 million community is being built within the Sacramento Center for Innovation, an area that has been designated by the city to foster the exchange of technical knowledge and expertise between students, faculty, innovative businesses and technology companies. The project will include an 11,000-square-foot Center for Innovation, to be used by students and faculty. Community amenities will include fully furnished units, a 14,800-square-foot clubhouse with an outdoor basketball court and a resort-style swimming pool. The developers received $22.5 million in funding from Anchor Real Estate Capital, and a $50 million construction loan from JPMorgan Chase. Humphreys & Partners Architects LP designed the project, and AMCAL General Contractors Inc. will oversee construction. Asset Campus Housing will manage the property upon completion. The project is scheduled for delivery in August 2018.
LAS VEGAS — A joint venture between TH Real Estate and Fairbourne Partners has acquired Town Square, a 1.1 million-square-foot lifestyle center comprised of 26 buildings in Las Vegas. The property is 90 percent occupied by tenants including Apple, Whole Foods Market, H&M, Victoria’s Secret, Saks Off 5th and The Container Store. Solar City, a company led by Elon Musk, also leases approximately 113,000 square feet of office space at the property. TH Real Estate will be the majority holder, taking an 85 percent stake in the property.
CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.
SAN FRANCISCO — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand. Since joining Gap Inc. in 1991, Owen has held a variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores. San Francisco-based Gap Inc. oversees the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Gap Inc. has approximately 3,300 company-operated stores, 450 franchise stores and e-commerce sites.
SAN FRANCISCO — The Gymboree Corporation’s current CEO, Mark Breitbard, will assume the role of chairman of the board of directors, effective Feb. 1, 2017, and will step down as chief executive officer once a successor has been appointed. The board of directors will initiate a search to identify a CEO to lead the San Francisco-based company. As of Oct. 29, 2016, The Gymboree Corporation operated a total of 1,300 children’s apparel stores: 591 Gymboree stores (541 in the United States, 49 in Canada and one in Puerto Rico); 174 Gymboree Outlet stores (173 in the United States and one in Puerto Rico); 150 Janie and Jack shops (149 in the United States and one in Puerto Rico); and 385 Crazy 8 stores in the United States.
SAN ANTONIO — H.I.G. Realty Partners, an affiliate of H.I.G. Capital, has purchased Windsor House Apartments, an apartment complex located in San Antonio, for an undisclosed price. Built in 1997, the property features 322 apartments. The name of the seller was not released.
FORT WORTH, TEXAS — Holt Lunsford has brokered the sale of an industrial property located at 4200 Lubbock Ave. in Fort Worth. TMM Lubbock Avenue LLC acquired the 90,000-square-foot property for an undisclosed price. Donnie Rohde and George Jennings of Holt Lunsford Commercial represented the undisclosed seller in the transaction.
