COVINA, CALIF. — CBM has arranged a 10-year lease with Ross Stores Inc. at a community shopping center located at the intersection of Arrow Highway and Azusa Avenue in Covina. Ross Dress for Less will occupy a 26,000-square-foot former Office Depot location. El Super is a co-anchor of the shopping center. Dave O’Connell completed the transaction.
FRESNO, CLOVIS AND KERMAN, CALIF. — Retail California has arranged four retail leases totaling 5,430 square feet. In Fresno, Lori Semas, dba Allstate Insurance leased 953 square feet of retail space at 8034 N. Cedar Ave. from J&V Fresno LLC. Nick Frechou and John Lee of Retail California brokered the transaction. Also in Fresno, Fiesta Insurance leased 1,107 square feet of retail space at 3064 N. Cedar Ave. from Ducket-Wilson Development Co. Michael Arfsten of Retail California and Jon Cox of Commercial Retail Associates brokered the deal. Clovis Black Belt signed a lease for 1,620 of retail space at 840 Herndon Ave. in Clovis from DN Clovis LLC and Rich North Freeway LLC. Peter Orlando and Lewis Smith of Retail California handled the transaction. In Kerman, Metrocom MDB Inc., dba Metro PCS, leased 1,750 square feet of retail space at 15010 Whitesbridge Ave. from Kerman Shopping Plaza LLC. Nick Frechou of Retail California, along with Brett Todd and Ted Fellner of Colliers International, brokered the transaction.
LUBBOCK, TEXAS — Coldwell Banker Commercial Capital Advisors has arranged the sale of South Plains Plaza Shopping Center, a 108,326-square-foot retail property located at 6703 Slide Road in Lubbock. The center is currently leased to tenants such as Michaels, Office Max, Mattress Firm and Wing Stop. Eric Eberhardt and Alex Eberhardt of Coldwell Banker represented the buyer in the transaction. Other terms of sale were not released.
CUYAHOGA FALLS, OHIO — Colliers International has arranged the sale of Cuyahoga Falls Market Center in Cuyahoga Falls, about five miles north of Akron, for $11.5 million. The 76,358-square-foot retail center includes tenants such as PetSmart, Big Lots, Five Below, Chipotle, Verizon Wireless and Starbucks. Kevin James and Grant Chaney of Colliers arranged the sale on behalf of the seller, Cuyahoga Falls LLC. A New York City-based private investor purchased the property.
LOWELL, MICH. — NAI Wisinski of West Michigan has negotiated a third Michigan location for Fettig Employment Agency in Lowell, about 18 miles east of Grand Rapids. The agency began occupying the 1,087-square-foot retail storefront at 11635 Fulton St. last month. The company, founded in 1995, also maintains locations in Rockford and Grand Rapids. Todd Leinberger and Doug Taatjes of NAI Wisinski negotiated the two-year lease on behalf of Fettig. Tri-Cord Enterprises is the building landlord.
SEATTLE — Online retail giant Amazon (NASDAQ: AMZN) has agreed to acquire high-end grocery chain Whole Foods Market Inc. (NASDAQ: WFM) for $13.7 billion. The all-cash transaction amounts to $42 per share and includes the Austin, Texas-based grocer’s net debt. Whole Foods Market will continue to operate stores under the Whole Foods Market brand. John Mackey will remain CEO of Whole Foods Market, and the company’s headquarters will remain in Austin. “This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” says Mackey. Completion of the transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017. “It seems that Amazon, after all, is one of brick and mortar’s biggest believers — and for good reason. The grocery sector has been in major growth for some time now, and Amazon’s entry into the space will be a game changer,” says Rafael Romero, vice president on the retail team at Coral Gables, Florida-based CREC, an independent real estate firm. “It will be interesting to see how other high-end and organic …
EL SEGUNDO, CALIF. — HFF has arranged a $125 million refinancing for Plaza El Segundo, a 380,558-square-foot shopping center located roughly 20 miles outside Los Angeles in El Segundo. The center is 97 percent leased and comprises 13 buildings in three shopping districts: The Plaza, The Collection and The Edge. Tenants at the center include Whole Foods Market, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill. Kevin MacKenzie and Matthew Stewart of HFF worked on behalf of the borrower, Federal Realty, to secure the 10-year, fixed-rate loan through PGIM Real Estate Finance.
LOS ANGELES — BCBG Max Azria Group LLC (BCBG) and some of its affiliates have agreed on a comprehensive restructuring that will consider the sale of substantially all the assets of the company to Marquee Brands LLC and Global Brands Group Holding Limited through a Chapter 11 bankruptcy plan. Consummation of the transactions with Marquee and Global Brands is expected to immediately follow approval by the United States Bankruptcy Court for the Southern District of New York with an expected closing date no later than July 31. According to BCBG, Marquee and Global Brands intend to continue to operate a substantial majority of BCBG’s core businesses. Marquee will acquire the intellectual property associated with the BCBG brand and Global Brands will acquire certain of the assets associated with the operation of the BCBG business. Global Brands will operate the wholesale operations, select retail stores and e-commerce platform of the BCBG brands. Founded in 1989, BCBG Max Azria Group is a label sold online, in freestanding boutiques and partner shops at top department stores across the globe. Marquee Brands is a brand acquisition, licensing and development company. Global Brands Group Holding Limited is a branded apparel, footwear and fashion accessories companies.
BEACHWOOD, OHIO — Beachwood-based DDR Corp. and an affiliate of Madison International Realty have closed the $1.05 billion recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I. Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80 percent of the common equity of the joint venture and an affiliate of DDR retained 20 percent. The portfolio, totaling 7 million square feet, consists primarily of grocery-anchored shopping centers located predominantly in Florida and the Southeastern U.S., and was originally formed in 2007. Three properties previously held by the partnership have been excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I, including DDR. The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership with a new $707 million mortgage loan secured by the 52 assets. DDR will continue to provide leasing and management services.
MCALLEN, TEXAS — Acre Construction will build a 46,000-square-foot shopping center along the Expressway 83 frontage west of McColl Road in McAllen. Branded Premier Plaza Retail Center, the project’s first phase of construction, which is set to break ground in July, will deliver 25,000 square feet and Phase II will deliver 21,000 square feet. Completion dates are slated for late 2017 and early 2018, respectively. The property will also feature Class A medical space on the second floor.