RENO, NEV. — Lee & Associates has arranged the $25.5 million sale of South Creek, a 66,834-square-foot, 29-unit shopping center located in Reno. Lyle Chamberlain of Lee & Associates represented the seller, Horseshoe Bend LLC, and Chad Coons of Gilmore Coons Commercial Real Estate represented the buyer, Alves South Creek, in the transaction.
LOS ANGELES — American Apparel, a manufacturer, distributor and retailer of branded fashion-basic apparel, has emerged from Chapter 11 as a private company after successfully implementing its plan of reorganization, approved by the Delaware bankruptcy court on Jan. 27, 2016. Under the reorganization plan, the company also converted its corporate form from a Delaware corporation to a Delaware limited liability company and, therefore, is now known as American Apparel LLC. American Apparel’s legal advisor in connection with the restructuring was Jones Day. FTI Consulting served as its restructuring advisor and Moelis & Company served as its investment banker for the restructuring. Milbank, Tweed, Hadley & McCloy LLP was the legal advisor to the bondholders and Ducera Partners LLC served as restructuring advisor. As of Feb. 1, 2016, American Apparel LLC operated 202 retail stores in 19 countries including the United States and Canada.
INDIO, CALIF. — Dickey’s Barbecue Pit is set to open its 100th California location. Dickey’s already has more than 530 locations in 43 states. After Texas, California has the most Dickey’s locations. Owner/operators Michael and Margarita Tucker currently own the Dickey’s Barbecue Pit location in La Quinta and have signed a development agreement to open three more stores in Indio, Moreno Valley and Redlands in 2016.
NEW YORK CITY — Affiliates of American Realty Capital (ARC) Hospitality Trust have purchased a six-property hotel portfolio from Summit Hotel Properties (NYSE: INN) for $108.3 million. The portfolio contains a total of 707 Marriott- and Hilton-branded rooms throughout the states of Washington and Colorado. Properties included in the transaction are the 84-room Fairfield Inn & Suites in Spokane and the 144-room Fairfield Inn & Suites in Bellevue, Wash.; the 120-room Hilton Garden Inn and 75-room Hampton Inn in Fort Collins, Colo.; and the 160-room Fairfield Inn & Suites and 124-room SpringHill Suites in Denver. The latest six-property portfolio acquisition brings ARC’s lodging holdings to 142 hotels totaling 17,351 rooms across 32 states. Crestline Hotels and Resorts and Interstate Hotels & Resorts will manage the new acquisitions. ARC drew on its term loan facility to finance the transaction. Deutsche Bank AG New York Branch and Deutsche Bank Securities arranged that portion of the financing. Summit also provided a $27.5 million loan to ARC, which included $7.5 million for earnest money. The remaining balance was applied toward the six-hotel purchase price. The loan has an initial maturity date of Feb. 11, 2017, with two, one-year extension options. Proceeds from the latest sale …
Despite a bump in big-box inventory in the wake of the A&P bankruptcy, the New Jersey retail real estate market continues to gain strength. Leasing activity remains robust, with strong suburban markets augmented by heightened urban activity. The inventory of properties for sale remains tight, while new development is highlighted by large-scale projects. This year’s major headline has been A&P’s bankruptcy. The sell-off of the grocer’s stores is ongoing, with Stop & Shop and Acme key bidders. Still, the stores remaining unsold are forcing landlords to think outside the box and/or redevelop their shopping centers, providing the opportunity to improve tenant mix and increase lease rates. Meanwhile, these immediate opportunities could slow down nearby projects in the works, including developments that could have come out of the ground in 2016 or 2017. Hot markets include Paramus, a perennial favorite. Also in the north, the redevelopment of Wayne Town Center has attracted Costco, Nordstrom Rack, Saks Off 5th, Dick’s Sporting Goods, and ULTA. In Bridgewater, Whole Foods signed a lease at Bridgewater Crossing, and negotiations are progressing with several major off-price and full-price specialty retailers. In Union County, Clark Commons opened with Whole Foods, LA Fitness, Home Goods, Michaels, Petco, ULTA, …
HOUSTON — United Equities has commenced construction on Phase II of Harms Road Industrial Park in northwest Houston near Highway 290 and the Beltway. The single-tenant manufacturing buildings will each be between 16,000 and 30,000 square feet, with build-to-suit opportunities up to 60,000 square feet. Bank of Texas arranged construction financing for the project, and Powers Brown Architecture did architectural work. Travis Land of NAI Houston is leasing the project.
AUSTIN, TEXAS — CBRE Global Investors’ U.S. Managed Accounts Group has acquired The Mosaic at Mueller, a Class A, 441-unit apartment community in Austin, on behalf of Allstate. The Mosaic was 96 percent occupied at the time of sale. The community is located at 4600 Mueller Road in East Austin, a residential area two miles from the University of Texas and four miles from Austin’s central business district. Mosaic is part of the 711-acre mixed-use Mueller Redevelopment. When completed, Mueller Redevelopment will consist of more than 4 million square feet of office and retail, 5,700 residences and 140 acres of recreational amenities. The Mosaic at Mueller’s interiors include granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes. Property amenities include an 1,800-square-foot fitness center, two pools, five courtyards with grilling areas, garage parking and 8,669 square feet of fully leased ground-floor retail. Minor cosmetic updates are planned for the common areas.
PLANO, TEXAS — Mainstreet, a skilled nursing developer based in Indiana, has opened The Healthcare Resort of Plano, a 100-bed skilled nursing and rehabilitation facility in the Dallas suburb of Plano. Construction started in March 2014. Mainstreet developed the property and The Ensign Group Inc. will operate it. The 68,203-square-foot project costed $16 million to develop.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Marbach Business Center, a 33,175-square-foot industrial property located in San Antonio. Joshua Murphy and Jon Danklefs of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Danklefs secured the buyer, a private investor. Marbach Business Center is located at 9207 Marbach Road in a growing corridor of western San Antonio. Built in 2006, the facility includes three buildings with stucco exteriors, garage-style roll-up doors and asphalt drives. There are 22 total units that range in size from 559 to 1,602 square feet.
KATY, TEXAS — Preparations are underway to launch a new concept of Hungry’s Café & Bistro, a dining venue with locations around Houston. Neima Sharifi and Sherbim Sharifi, nephews of Hungry’s original founder, are planning a mid-March opening for Local Table by Hungry’s in Villagio Town Center, where the company has leased 4,558 square feet of restaurant space. The Sharifi brothers have leased the last retail vacancy in Villagio Town Center, which is located at 22756 Westheimer Parkway in Katy. The 107,119-square-foot project’s office component is nearly 100 percent leased, with just 2,000 square feet of shell space available. Rachael Keener of NewQuest Properties represented the landlord, Villagio Investment Holdings, and also served as Hungry’s tenant representative. The prototype restaurant will include an inside bar plus a patio that opens to the courtyard. The Local Table site search had concentrated on Katy and The Woodlands. Local Table will include take-out and delivery service at lunch and casual dinner dining.
