DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …
CHICAGO — Sedgwick Properties has completed the development of a 43,000-square-foot LA Fitness in Chicago’s Gage Park neighborhood. The building is located at 55th Street and Kedzie Avenue. Other retailers in the surrounding area include Walgreens, Wendy’s, Marquette Bank, Pete’s Fresh Market, T-Mobile, McDonald’s and a Bank of America branch. This LA Fitness facility features free weights, a cardio center, swimming pool, basketball court, fitness studios, indoor cycling, a childcare service and locker rooms with saunas and whirlpool spas. The project is located near the Chicago Transit Authority’s Orange Line and is the retailer’s 13th location in Chicago. Sedgwick served as the designer, developer and general contractor for the facility.
DWIGHT, ILL. — The Boulder Group has arranged the $2.1 million sale of a building net leased to Shopko Hometown in Dwight, approximately 80 miles southwest of Chicago. A Midwest-based private investor sold the 26,254-square-foot property, located at 110 Watters Drive, to an individual based on the East Coast in a 1031 exchange. Shopko Hometown’s lease expires in May 2024 and features three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. Shopko Hometown offers housewares, apparel, toys and electronics
ANN ARBOR, MICH. — Brixmor Property Group has added three new anchor tenants to Maple Village shopping center in Ann Arbor. Stein Mart, Sierra Trading Post and HomeGoods are set to occupy 76,232 square feet of space previously occupied by Kmart. Stein Mart will open a 33,582-square-foot location; Sierra Trading Post will open a 22,250-square-foot location; and HomeGoods will open a 20,400-square-foot location. All stores are expected to open in the third quarter of this year.
CLOVIS, PISMO BEACH AND ATWATER, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 6,605 square feet. In Clovis, Kevin Cameron leased 1,810 square feet of retail space at 300 W. Shaw Ave. from Nevada Deanza Family Limited Partnership. Michael Kennedy of Retail California brokered the transaction. In Pismo Beach, Brooks Restaurant Group Inc. signed a deal for 1,820 square feet of retail space at 220 Five Cities Drive from Richard Shih and Linda Lee. Kennedy, along with Colliers International, arranged the transaction. In Atwater, Styles For Less Inc. leased 2,975 square feet of retail space at Applegate Ranch Shopping Center from BRE Throne, Applegate Ranch LLC. Nick Frechou of Retail California represented the tenant in the transaction.
POTTSTOWN, PA. — Deerwood Real Estate Capital has closed a $15.5 million loan to finance the acquisition and redevelopment of an enclosed mall in Pottstown. The property features 700,000 square feet of retail space. The loan, provided by a balance sheet lender, was structured with a construction facility to accommodate upgrades and repositioning. Abe Katz and Aaron Rosenfeld of Deerwood negotiated the financing for the undisclosed borrower.
BURLINGTON, MASS. — The Stubblebine Company/CORFAC International has arranged the sale of a health club facility at 12 A St. in Burlington. Academy of Creative Arts acquired the property from Burlington Recreation Group for $1 million. The buyer, which is currently located at 217 Middlesex Turnpike, plans to relocate to the facility. Built in 1977, the 17,500-square-foot facility has been the site of several health clubs, including Gold’s Gym, Mad Maggie’s and Empire Fitness. David Stubblebine, James Stubblebine and Alan Ringuette of The Stubblebine Company procured the buyer and represented the seller.
WAUKESHA, WIS. — Siegel-Gallagher has arranged a 1,600-square-foot retail lease in Waukesha, approximately 20 miles west of Milwaukee. The Richards Group Inc., a branding agency, will occupy space at Meadowbrook Marketplace, located at 601-921 Meadowbrook Road. Meadowbrook Marketplace LLC is the landlord. Devin Tessmer of Siegel-Gallagher brokered the transaction.
ALPHARETTA, GA. — North American Properties (NAP), developer of the 86-acre, $600 million Avalon development in Alpharetta, has announced nine retailers coming to Phase II of Avalon, which is set to open in spring 2017. The new merchants include Hop City and The Spotted Trotter, which will work together to form a beer garden; Rumi’s Kitchen; Brine Fish House; The Boardroom Salon for Men; Lucky Brand; Brooks Brothers; Levi’s; and Urban Outfitters. In addition to the retailers, Phase II will include 550,000 square feet of office space, 276 multifamily units, a 330-key hotel and a 74,000-square-foot conference center. Five new retailers are set to open in Phase I of Avalon within the next six months: Tesla, AYA Med Spa, Farm to Ladle, Parisian Nail Salon and Café Intermezzo. Phase I of Avalon is fully leased and Phase II is 80 percent preleased, according to NAP.
DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.