Retail

Rent-A-Center Stock Rebounds Following News of Buyout

by Taylor Williams June 21, 2018

PLANO, TEXAS — After announcing on Monday, June 18, it had entered into an agreement to be acquired by Vintage Capital Management, Rent-A-Center Inc. (NASDAQ/NGS: RCII) has seen its stock price increase steadily throughout the week. The company’s stock price opened at $14.78 per share on Thursday, June 21. This figure represents a nearly 23 percent increase in the span of just one week, but remains a far cry from the peak price of $40 per share in summer 2013. Vintage Capital agreed to acquire Rent-A-Center for $15 per share in a transaction that is valued at approximately $1.4 billion and which will take the Plano-based retailer private. The deal is expected to close before year’s end. The price represents a premium of approximately 49 percent over Rent-A-Center’s closing stock price of $10.07 per share on Oct. 30, 2017. According to one retail analyst, Rent-A-Center’s struggles stemmed from several factors, including a high number of new competitors in the home goods sector and the lack of financial resources to establish robust online sales. “Rent-A-Center is an interesting case because it kind of bleeds into that personal services category, yet it’s not especially resistant to e-commerce because of the physical goods …

June 21, 2018

Acquisitions Northeast Pennsylvania Retail

The Stro Companies Acquires 26,500 SF Retail Building in New Jersey

by David Cohen June 20, 2018

LODI, N.J. — The Stro Companies has acquired 240 Route 17, a 26,500-square-foot retail building in Lodi for $4 million. The property was home to a local party good store for decades but was vacant at the time of the sale. Stro purchased the property from the former owner occupant and has plans to upgrade and reposition the asset. The Bank of New Jersey provided acquisition financing.

June 20, 2018

Acquisitions Office Retail Southeast Virginia

Westport Capital, Galaxy Investments Acquire Office, Retail Building in Metro D.C.

by Camren Skelton June 20, 2018

ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.

June 20, 2018

Acquisitions California Office Retail Western

Ocean West Capital Partners Acquires 124,000 SF Office/Retail Building at Hollywood and Vine

by Amy Works June 20, 2018

LOS ANGELES — Ocean West Capital Partners has purchased the Taft Building, a 12-story office and retail building located at the intersection of Hollywood Boulevard and Vine Street in Hollywood, for an undisclosed price. Originally built in 1923, the historic property features 124,000 square feet of space. The building, which was the first high-rise office building in Hollywood, recently underwent an extensive renovation. The buyer plans to complete capital upgrades to the lobby and common areas, convert the ground-floor basement space into an entertainment-focused use, and provide a high-touch level of service to its entertainment industry-focused clientele. The name of the seller was not released.

June 20, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $6.4M Sale of Two-Tenant Retail Property in Southern California

by Amy Works June 20, 2018

COVINA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a two-tenant retail property located within Covina Shopping Center in the Southern California community of Covina. Tenants at the 39,159-square-foot building include dd’s Discounts and Stars Gymnastics. Bill Asher, Ed Hanley and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of the seller, an Orange County-based family partnership. Moon Lim of Marcus & Millichap represented the buyer, Cecelia LLC. Other tenants at Covina Shopping Center include Smart & Final Extra and CVS/pharmacy.

June 20, 2018

Acquisitions Hospitality Louisiana Restaurant Retail Southeast

VICI Properties to Acquire Margaritaville Resort Casino in Louisiana for $261M in Cash, Lease to Penn National

by Camren Skelton June 19, 2018

BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 million and an initial term of 15 years with four, five-year renewal options. In addition, Penn National will acquire the operating assets of the Margaritaville Resort Casino for approximately $115 million in cash. Constructed in 2013, the casino includes four acres of fee land and 30 acres of leased land. The hotel and casino built on the fee land include 26,500 square feet of casino space with 1,215 slots and 50 tables; 395 hotel rooms; an island-style escape theme; six restaurants and food and beverage outlets; and a 1,000-seat theater. The leased land includes 1,500 parking spaces. The transaction is expected to close in the second half of the year, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. …

June 19, 2018

Connecticut Loans Maine Northeast Retail

Fantini & Gorga Secures $2.1M in Financing for Two Dollar General Stores in Maine and Connecticut

by David Cohen June 19, 2018

VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. Terms of the non-recourse loan included a thirty-year amortization schedule.

June 19, 2018

Development Illinois Midwest Retail

Summit Design + Build Completes Renovation of 13,000 SF Retail Building in Chicago

by Kristin Harlow June 19, 2018

CHICAGO — Summit Design + Build LLC has completed the renovation of a 13,000-square-foot retail building located at 1504 N. Fremont St. in Chicago. The project added space for up to three retail tenants and the creation of 11 new openings for storefront windows. Summit also poured new concrete floors for a future retail tenant and completed landscaping with a new sidewalk. L3 Capital LLC is the property owner. OKW Architects served as project architect.

June 19, 2018

Kansas Leasing Activity Midwest Restaurant Retail

Taqueria Signs Lease to Open Second Location in Metro Kansas City

by Kristin Harlow June 19, 2018

LENEXA, KAN. — Rudy’s Tenampa Taqueria has signed a lease to open its second location at 8710 Lackman Road in Lenexa. The Mexican restaurant will occupy 4,678 square feet at Country Hill Shopping Center. Other tenants at the property include Rimann Liquors, Ace Hardware, Panera Bread and Sherwin Williams. The original Rudy’s opened in Kansas City in 1993. The opening for the new restaurant is scheduled for mid-August. David Block and Rob Epstein of Block & Co. Inc. Realtors negotiated the lease transaction. Block & Co. is the leasing and property management company for the shopping center.

June 19, 2018

California Features Industrial Retail Western Western Feature Archive

Retail Drives Industrial Growth Through Much of the Western U.S.

by David Cohen June 19, 2018

The industrial market is enjoying a moment in the sun throughout the West. Much of this is due to the retail sector’s continued technological advances, which have placed increasing demand on speedy delivery as manufacturing, distribution and warehousing needs are more important now than ever. “The market fundamentals for industrial properties are the best they have ever been,” says Bob O’Neill, senior vice president of acquisitions at CapRock Partners in Newport Beach, Calif. “Industrial absorption, lease rates and sales prices are at all-time highs, while market vacancies are at historic lows and construction in the Western United States remains in check.” Michael Collins, vice chairman of DAUM Commercial Real Estate Services in Los Angeles, has witnessed a similar trend in his market. He notes industrial assets in LA typically sell for $140 per square foot to $200 per square foot, with a vacancy rate of less than 2 percent in Southern California. “Developable land is becoming more scarce and the Los Angeles County industrial marketplace remains very vibrant,” he notes. “Lease rates throughout Southern California have reached an all-time high and sales values are at unprecedented highs, with actual prices based on building age, location, functionality and amenities.” Those looking …

June 19, 2018

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