HANOVER, PA. — Colliers International has brokered the sale of a restaurant property located at 81 Wilson Ave. in Hanover. An undisclosed 1031 buyer acquired the 5,437-square-foot property for $2.1 million. The property is double-net corporate-leased to Buffalo Wild Wings on a 15-year basis. Larry Kostelac, William Aiello, George Lulos of Colliers were the sole brokers in the transaction. The name of the seller was not disclosed.
WINDER, GA. — Franklin Street has arranged the $2.3 million sale of Mill Shoppes of Winder, a 19,019-square-foot, two-building retail development in Winder. The property is located at 105 and 111 E. May St. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I LLC, in the transaction. An unnamed Atlanta-based private investor purchased the property, which is currently 79 percent leased to tenants such as Subway, Titlemax of Georgia and Little Caesars Pizza.
HOUSTON — Tailored Brands Inc. (NYSE: TLRD), the recently formed parent company of the Men’s Wearhouse and Jos. A. Bank menswear brands, plans to close approximately 250 of its stores in fiscal year 2016, according to the company’s fourth-quarter earnings report released March 9. The store closures will include 80 to 90 Jos. A. Bank stores, all 58 of its outlet locations and 100 to 110 of its MW Tux stores. Houston-based Tailored Brands ended fiscal year 2015 on Jan. 31, 2016, with a $1 billion net loss. According to the earnings report, the generally accepted accounting principles (GAAP) operating loss includes a $1.15 billion “goodwill and intangible asset impairment charge,” which was related to Jos. A. Bank’s poor sales performance, as well as a store reorganization program that Tailored Brands initiated in the fourth quarter of fiscal 2015. Jos. A. Bank’s comparable sales in the fourth quarter decreased 31.9 percent from fourth-quarter 2014 due to a decline in average transactions per store. Men’s Wearhouse’s fourth-quarter comparable sales increased 4.3 percent in that same time period. “While our fourth-quarter and full-year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results,” says …
ATLANTA — Amazon has signed an agreement with Georgia Tech to open a staffed pickup location on the school’s campus at 86 Fifth St. N.W. in Midtown Atlanta. Known as Amazon@GeorgiaTech, the 2,500-square-foot space in the school’s Technology Square area will be used by patrons to pick up and return Amazon orders. Amazon Student and Prime members will be able to receive free same-day pickup for Amazon orders placed by noon and free one-day pickup for orders placed by 10 p.m. This is Amazon’s first staffed pickup location in the state of Georgia. Since 2015, Amazon has opened staffed pickup locations at the following universities: Purdue University, University of Massachusetts Amherst and University of California, Berkeley, as well as in the college communities of University of California, Santa Barbara, and University of Cincinnati. Amazon will open four more locations in 2016 at the University of Pennsylvania, University of California, Davis, and The University of Texas at Austin, as well as in the college community of University of Akron.
GAITHERSBURG, MD. — Elion Partners has inked long-term lease renewals with CVS and McDonald’s at Goshen Plaza, a 45,654-square-foot shopping center in Gaithersburg. Rappaport manages Goshen Plaza’s leasing strategy, physical plant and construction activities on behalf of Elion Partners. Goshen Plaza has recently undergone a capital improvement program that included upgrades to the shopping center’s exterior, landscaping and parking lots.
HUNTLEY AND HAZEL CREST, ILL. — CBRE has brokered the $14.8 million sale of two retail properties located in the suburbs of Chicago. In the first deal, Interstate Partners sold a 43,361-square-foot shopping center known as Regency Square to Hamilton Partners for $10.8 million. The center was 97 percent leased at the time of sale and is located at 12200-12300 Princeton Drive in Huntley. Aldi anchors the shopping center, and other tenants include Athletico, Jimmy John’s, Little Caesar’s and SportClips. In the second transaction, Baceline Investments acquired The Commons of Hazel Crest for $4 million from an undisclosed seller. The 51,222-square-foot strip center is located at 18220-18244 Kedzie Ave. in Hazel Crest. Dollar Tree anchors the retail property, which was 76 percent occupied at the time of sale. Other tenants at The Commons of Hazel Crest include CSL Plasma, Allstate Insurance and H&R Block. Derrick Almassy and Rich Frolik of CBRE represented the seller in both transactions.
LAKEMOOR, ILL. — Woodman’s Food Market Inc. has agreed to acquire a 74-acre parcel of land from Inland for an undisclosed price. Woodman’s Food Market, an employee-owned and-operated grocery company, plans to develop a 240,000-square-foot grocery store on the site located in Lakemoor, approximately 50 miles northwest of Chicago. Woodman’s Food Market also has plans to build a fuel center and automotive station. The deal is expected to close this summer and is slated for completion in late 2017.
SHERMAN, TEXAS — Pierson Retail Advisors has arranged the sale of Sherman Crossroads, a 37,088-square-foot shopping center located in Sherman. Pierson Retail Advisors represented the seller, T Sherman Crossing TX LLC, in the sale of the property to Dallas-based Tava Property LLC for an undisclosed price. The center was fully occupied at the time of sale by tenants including Anytime Fitness, Shogun Japanese Steakhouse, Jalapeno Tree and the Armed Forces Career Center.
WASHINGTON, ILL. — The Boulder Group has arranged the $1.3 million sale of a building net leased to PNC Bank. The facility, located at 1996 Freedom Parkway in Washington just east of Peoria, is an outparcel to a Walmart Supercenter. The seller was a West Coast-based private investor, and the buyer was a Midwest-based 1031 exchange investor. PNC Bank’s lease expires in December 2028 and features 14 percent rental escalations every five years.
POWAY, CALIF. — The Heritage Group has arranged the $6 million sale of Old Poway Village, a 27,453-square-foot retail and office property located in the San Diego suburb of Poway. The center features four multi-tenant retail and office buildings, home to tenants including the Poway Chamber of Commerce, Pomerado News, Countryside Barn, Lily Café, Hagan Chiropractic, San Diego Pond & Garden and Poway Pilates. Old Poway Village Center LLC acquired the property in a 1031 Exchange. Mark Hoekstra and Rocco Cortese of The Heritage Group represented the buyer in the transaction. The Heritage Group will also manage and lease the property.
