PLANO, TEXAS — Retail giant J.C. Penney Co. Inc. has announced plans to close 130 to 140 stores, as well as a distribution center in Lakeland, Fla., over the next several months. The company is also in the process of selling its supply chain facility in Buena Park, Calif. The total store closures represent between 13 and 14 percent of the company’s current store portfolio. A list of locations to be shut down will be released in mid-March.
SUGAR LAND, TEXAS — Capital One has secured a $27.5 million Fannie Mae adjustable-rate loan to refinance The Retreat at Riverstone, a multifamily complex in Sugar Land, roughly 20 miles southwest of Houston. The property, a 249-unit, master-planned community located at 18545 University Blvd, features a resort-style pool with cabanas, fitness center and a resident lounge with a cyber café. Clay Wright of Capital One’s Commercial Real Estate Group originated the 10-year loan, which has a 30-year amortization schedule and one year of interest-only payments.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of Two Mission Park, a 77,449-square-foot property, Class B office space in Richardson, a northern suburb of Dallas. Located at 1202 Richardson Drive near Central Expressway, the four-story building, built in 1980, was 63 percent occupied at the time of sale. Ron Hebert of Marcus & Millichap represented the seller and procured the buyer. Both parties requested anonymity.
IRVING, TEXAS — Lee & Associates has completed a lease renewal transaction for a 335,480-square-foot industrial space at 9400 N. Royal Lane in Irving, a city within the Dallas-Fort Worth metroplex. Tom Walrich of Lee & Associates represented the tenant, KGP Telecommunications Inc., a Minnesota-based distributor of telecommunications equipment and solutions. Mitchell Pruitt of Prologis represented the landlord internally in the lease deal.
MILWAUKEE — The Chase Tower parking garage, located at 525 N. Water St. in downtown Milwaukee, has undergone renovations in excess of $5 million and is now under the management of Secure Parking USA. The Farbman Group, based in Southfield, Mich., owns the garage, which consists of 738 parking spaces and covered walkways that connect it to The Shoppes of Grand Avenue, Marriott Residence Inn, Riverside Theater and a number of eateries. As part of the revitalization, the parking garage received structural upgrades; a brand new parking access system; new and improved lighting; as well as new signage, including updated A frames, direction signs, entrance signs and exterior signs. Directly connected to the parking garage, Chase Tower is currently undergoing renovations as well. The common areas on the first and second floor will include all new seating areas.
DALLAS — Colliers International Group Inc. has arranged a new 17,000-square-foot lease at 717 Harwood, a 34-story office building in downtown Dallas. The tenant, Quorum Business Solutions, a Texas-based technological consulting company, will use the space as its new corporate headquarters. David Quisenberry, John Conger and Lindsey Wolcott of Colliers represented the property owner, World Class Capital Group. Kyle Kelley and Frank McCafferty of Savills Studley represented Quorum Business Solutions in the deal
CREST HILL, ILL. — Dougherty Mortgage LLC has arranged a $13 million Fannie Mae loan for the refinancing of Willow Run of Crest Hill, located just north of Joliet. The apartment property, built in 1972, consists of 211 units. The 10-year loan includes a 30-year amortization schedule. Dougherty’s office in Oak Brook, Ill. arranged the loan.
ROMEOVILLE, ILL. — CBRE has arranged the sale of a 188,166-square-foot freezer cooler facility in Romeoville. The sales price was not disclosed. The facility is located at 1020 W. Airport Road. Completed in August 2016, the building is made of reinforced concrete and features 72-foot clear heights. The property is fully leased to Aryzta LLC and supports the company’s adjacent baking facility. Lexington Realty Trust purchased the facility. CBRE’s Andrew Sandquist, JC Asensio and Briggs Goldberg of Chicago and Chris Bosworth, Will Pike and Brian Pfohl of Atlanta represented the undisclosed seller.
JENNINGS, MO. — Store Here Self Storage has acquired a climate-controlled, self-storage facility in Jennings, about 10 miles north of St. Louis. The purchase price was not disclosed. The multi-story building, located at 8319 Jennings Station Road, was formerly a Schnuck’s grocery store before being converted into a self-storage facility in 2016. The building consists of two loading docks and 600 self-storage units, and a total net rentable area of 64,315 square feet. Steve Mellon and Brian Somoza of JLL represented the seller, Jennings Storage Solutions LLC.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 56,077-square-foot industrial building in Milwaukee. The sales price was not disclosed. The building is located at 7630-7664 North 81st St. Ryan 3 Industrial Properties LLC purchased the building from Chili Pepper Properties LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of the Dickman Co. represented both the buyer and seller in the transaction.