BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …
HAYWARD, CALIF. — Marcus & Millichap has arranged the $6.7 million sale of Mt. Eden Shops, a 10,184-square-foot retail property located at 25965-26250 Industrial Blvd. in the San Francisco suburb of Hayward. The property consists of two freestanding buildings on one parcel anchored by Starbucks Coffee and 7-Eleven. Vincent Schwab and Jeffrey Ida of Marcus & Millichap’s San Francisco office marketed the property on behalf of the seller, an undisclosed limited liability company.
LAKEWOOD, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.2 million sale of The Plaza at Gordon Ranch, a 9,939-square-foot retail center located in the Los Angeles suburb of Lakewood. Scott Hook of Coldwell Banker Commercial represented the seller and buyer in the transaction. Both parties were undisclosed. 7-Eleven anchors the center, which consists of eight units.
FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.
ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,215-square-foot retail building for $3.4 million. iFLY, an indoor skydiving facility, occupies the building, which is located at 800 W. Scott St. in Chicago. A Chicago-based private real estate investor acquired the property from a Chicago-based developer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.
CAROL STREAM, ILL. — NorthPoint Capital Funding Inc. has arranged a $1.3 million acquisition loan for a 16,300-square-foot retail center in Carol Stream, approximately 30 miles west of Chicago. Elk Trail Center was built in 1984 and was fully occupied by 11 tenants at the time of funding. The center is located at 257-281 W. Elk Trail Road. NorthPoint Capital placed the 20-year, fully amortizing loan with Farm Bureau of Michigan. The undisclosed borrower was in a 1031 exchange.
NEW YORK CITY — XIN Development International has acquired the iconic RKO Keith’s Theater, located at 135-35 Northern Blvd. in the Flushing neighborhood of Queens. JK Equities sold the property in an all-cash transaction valued at $65.8 million. The property features fully approved and permitted plans for an approximately 389,746-square-foot mixed-use project featuring residential, retail and community facility components. Bob Knakal, Stephen Preuss and Jonathan Hageman of Cushman & Wakefield represented the seller, while Albert Benalloul of RLTY NYC represented the buyer.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 477 Amsterdam Ave. in Manhattan’s Upper West Side. Herliem Amsterdam LLC acquired the five-story, 9,500-square-foot property from 477 Amsterdam Avenue for $17.1 million, or $1,800 per square foot. The building features eight residential apartments and two commercial units. Hall Oster, Teddy Galligan and Bryan Smadbeck of Cushman & Wakefield represented the seller, while Dylan Pichulik of XL Real Property Management represented the buyer in the deal.
LANSDOWNE, PA. — CBRE has arranged the sale of a retail property located at 2 W. Baltimore Ave. in Lansdowne. Moreland Development LLC sold the property to an undisclosed buyer for $9.5 million, or $643 per square foot. Converted from a historic bank branch in 2016, the 14,800-square-foot property is occupied by Walgreens. Matthew Gorman, Michael Shover, Marc Mandel and Stephen Schrenk of CBRE represented the seller in the transaction.