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CaliforniaLoansRetailWestern

HFF Arranges $125M Refinancing for Plaza El Segundo in Metro Los Angeles

by Nellie Day

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.

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CaliforniaRetailWestern

BCBG Considers Sale of All Assets to Marquee, Global Brands

by Nellie Day

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.

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FloridaRetailSoutheast

DDR, Madison International Realty Close $1.05B Recapitalization of DDR Domestic Retail Fund I

by John Nelson

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.

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RetailTexas

Acre Construction to Build 46,000 SF Shopping Center in McAllen, Texas

by Taylor Williams

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.    

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IllinoisMidwestRetail

Marcus & Millichap Arranges $9.8M Sale of Retail Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has arranged the sale of Ashland Wellington Plaza in Chicago for $9.8 million. The 19,979-square-foot retail property is located at 2862-2928 N. Ashland Ave. Jewel-Osco shadow anchors the property. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a St. Louis-based investor.

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NevadaRetailWestern

RCG Ventures Buys Sparks Crossing Shopping Center Near Reno for $40.2M

by Nellie Day

SPARKS, NEV. — RCG Ventures has acquired Sparks Crossing, a 335,981-square-foot shopping center located roughly four miles outside Reno in Sparks, for $40.2 million. The property is home to tenants including Ross Dress for Less, Bed Bath & Beyond, Cost Plus World Market, Best Buy, Michaels, PetSmart, Ulta Beauty and Dollar Tree. Peter Bethea and Rob Ippolito of Newmark Grubb Knight Frank represented the undisclosed seller in the transaction.

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ArizonaRetailWestern

Sterling Acquires Palm Valley Marketplace in Metro Phoenix for $22.5M

by Nellie Day

GOODYEAR, ARIZ. — Sterling Organization has acquired Palm Valley Marketplace, a 107,633-square-foot shopping center located roughly 16 miles outside Phoenix in Goodyear. Safeway anchors the center, which is also home to Subway, H&R Block, Domino’s Pizza, AAA, Great Clips, The UPS Store, Nationwide Vision, GNC, FastFrame, Oreck, Elements Massage and PurTone Hearing Centers. A subsidiary of Regency Centers sold the asset on behalf of Sterling Organization’s institutional core fund, Sterling United Properties I LP.

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GeorgiaLoansRetailSoutheast

Cohen Financial Secures $14.5M Loan for Retail Property in Metro Atlanta

by John Nelson

DORAVILLE, GA. — Cohen Financial, a division of SunTrust Bank based in Chicago, has arranged a $14.5 million acquisition loan for Doraville Plaza, a 190,000 square-foot retail complex in Doraville, a suburb of Atlanta in DeKalb County. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the 10-year, fixed-rate loan with a 30-year amortization schedule through Citigroup Global Markets Inc. on behalf of the borrower, The Equinox Group Inc., a commercial real estate owner/operator in Atlanta and a longtime client to Cohen Financial. Situated on Buford Highway, Doraville Plaza is anchored by Burlington.

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RetailTexas

Marcus & Millichap Arranges Sale of 87,900 SF Retail Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Sublett Corners Shopping Center, a five-building, 87,900-square-foot retail center located at 5900-5912 S. Cooper St. in Arlington. Situated on 10 acres and shadowed-anchored by Albertson’s, the Stein Mart-anchored center was 94 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller and procured the buyer, both of whom are private investors.

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