NEW YORK CITY — Gracious Home has retained A&G Realty Partners to manage the sale of the lease of its 17,000-square-foot retail property in Manhattan’s Chelsea neighborhood. The retailer is selling the lease on the property due to its recent Chapter 11 bankruptcy filing. Located between Broadway and Sixth Avenue, the property features 8,500 square feet of street-level space and 8,500 square feet of lower level space.
STILLWATER, OKLA. — Marcus & Millichap has brokered the sale of a Walmart outparcel located at 621 S. Country Club Road in Stillwater. The 40,075 square feet of commercial land is situated adjacent to a Walmart Supercenter and offers utilities and road frontage. Tom Mann and Derek Wilson of Marcus & Millichap represented the seller, a limited liability company, and secured the buyer, a bank/financial institution, in the deal. The acquisition price was not released.
HAMMOND, IND. — DealPoint Merrill and SVN International have acquired Gateway Promenade in Hammond, located about 25 miles south of downtown Chicago. The 110,000-square-foot shopping center is anchored by Aldi and Planet Fitness. David Frank of DealPoint Merrill negotiated the transaction, while Sterling McGregor handled the due diligence for the sale. Jason Limbert, Shane Gonzales and Andro Torres of DealPoint Merrill completed the acquisition and underwriting. Wayne Caplan of SVN Chicago Commercial represented the property. The seller was Sabal Financial.
CANTON, MICH. — Dental One Partners and Sport Clips have joined the Shops of Canton. The 3,200-square-foot dental office and 1,740-square-foot men’s hair salon are located in the shopping center on Ford Road across from IKEA. With the new leases, the center is now fully leased. Other tenants include Starbucks, Sprint, Tom+Chee and MOD Pizza. Tjader Gerdom and Larry Siedell of Gerdom Realty represented the owner and procured the new tenants.
GREENFIELD, WIS. — Total Wine & Spirits has signed a 25,000-square-foot retail lease at 84South in Greenfield, a suburb of Milwaukee. The mixed-use development is being built on 48 acres near Interstate 894, according to the Milwaukee Journal Sentinel, the local newspaper. Phase I is slated to open this summer. Scott Satula and Dan Rosenfeld of Mid-America Real Estate represented the landlord in the transaction.
REISTERSTOWN, MD. — Greysteel has arranged the $19.9 million sale of Chartley Park-Landmark Shopping Center, a 144,000-square-foot retail property located at 1 Chartley Drive and 501 Main St. in Reisterstown. Gil Neuman of Greysteel represented the seller, Chartley and Landmark Shopping Center LLLP, and procured the buyer, MD Equities LLC. Situated in Baltimore County, Chartley Park-Landmark was 94 percent leased at the time of sale to tenants such as Brick Bodies, M&T Bank, Family Dollar, Boost Mobile, Citgo, ATI Physical Therapy and Metro PCS.
WINCHESTER, VA. — An affiliate of Baltimore-based Klein Enterprises has purchased Pleasant Valley Shopping Center, a 104,703-square-foot shopping center located at 2021-2065 S. Pleasant Valley Road in Winchester, for $15.9 million. Pleasant Valley’s tenant roster includes Hobby Lobby, Dollar Tree, Cici’s Pizza, Jimmy John’s, Staples and Verizon Wireless. The seller was undisclosed. The center is Klein Enterprises’ second venture in Virginia, joining a shopping center the developer built in Stafford in 2014.
CINCINNATI AND HOFFMAN ESTATES, ILL. — Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) both announced on Wednesday plans to close a large number of department stores in an effort to improve their long-term operating performance. Macy’s will close 68 stores and Sears will close 150 non-profitable stores comprising 109 Kmart and 41 Sears locations. “We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” says Edward Lampert, chairman and CEO of Sears Holdings. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.” Jeff Green, president of Jeff Green Partners, a retail consultancy based in Phoenix that works with retailers and shopping center owners, suspects that the footprint of these department stores has contributed to the recent woes of Macy’s and Sears. “Department stores, by sheer definition, are oversized for this changing retail environment and may be a critical factor, though only one factor, in deciding which stores to close,” says Green. “It is interesting to see just how large some of the older stores on the Macy’s store closure list are. For example, two suburban stores to be …
MORENO VALLEY, CALIF. — HFF has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot shopping center located in the Inland Empire community of Moreno Valley. Tenants at the center include 99 Cents Only, Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Jeff Sause of HFF worked on behalf of the borrower, an undisclosed private investor, to place the 10-year, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.
OCALA, FLA. — RD Management LLC has signed Earth Fare, a specialty grocer that sells natural and organic products, to a 29,618-square-foot lease at its Shady Oaks Shopping Center located at 2401-2499 S.W. 27th Ave. in Ocala. The grocer is expected open its store at the 260,419-square-foot shopping center in the spring, joining other newcomers such as Tuesday Morning, Mattress One and Pushti Eyebrows. Front Street Commercial Real Estate Group represented RD Management in the lease deal with Earth Fare.