EDISON, N.J. — NAI DiLeo-Bram has brokered the $5.5 million sale of a 21,929-square-foot retail center in Edison, located roughly midway between Newark and Trenton. The center at 1825 Route 27 consists of a 13,769-square-foot plus vacant basement space and an 8,160-square-foot building whose three units are fully leased. Marc Shein and Robert DiLeo of NAI DiLeo-Bram represented the seller, Sam Ash Properties Corp., in the transaction. Remax represented the buyer, an undisclosed, out-of-state grocer that also plans to occupy the building.
SANDY, UTAH — Pacific Retail Capital Partners (PRCP) has completed the sale of The Shops at South Town in Sandy to Smith Entertainment Group (SEG) for an undisclosed price. SEG plans to develop a state-of-the-art practice and training facility for its incoming National Hockey League franchise on the 111-acre site to create a mixed-use destination. PRCP plans to use the proceeds from the sale to pay off the outstanding balance of the loan in full and reinvest elsewhere in its portfolio. PRCP will continue to manage and lease The Shops at South Town to ensure continuity with the ownership transition and minimize disruption for consumers. PRCP will lead SEG’s leasing efforts for The Shops at South Town, in partnership with Woodley Real Estate.
GREAT FALLS, MONT. — SSG Realty Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of Westwood Plaza, a regional shopping center in Great Falls. A Michigan-based private investor sold the asset to an East Coast-based private investment firm for an undisclosed price. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, Bill Asher and Beau Velten of Hanley Investment Group and Scott Reid of ParaSell Inc. represented the seller, while the buyer was self-represented in the transaction. Built in 2017, Westwood Plaza features 69,909 square feet of fully occupied retail space. Current tenants include TJ Maxx, Staples, Dollar Tree, ULTA Beauty and Mattress Firm. The asset is located at 135-209 Northwest Bypass.
By Taylor Williams Heath Ledger, squaring off against Batman as The Joker, observed, “so this is what happens when an unstoppable force meets an immoveable object.” The late great actor’s metaphor for the stalemate that ensues when entities of equal and opposing power collide could almost be used to describe the current state of the Boston retail market. For while the sector continues to see high levels of tenant demand and the locale retains an array of proven demand drivers, the lack of new supply means that a ceiling of sorts on the growth of the market as a whole is taking shape. And the factors that form the foundation of this ceiling are very unlikely to bend, much less break. Minimal gains in new inventory have long plagued the Boston retail market, and the current scenario is no exception. According to data from CoStar Group, the market added 518,000 square feet of new space in the 12-month period that ended June 30 but absorbed approximately 1 million square feet of space during that time. Vacancy thus remains extremely tight at 2.3 percent. In formulating its latest report on the Boston retail market, CoStar noted that Beantown retailers would “largely …
LENEXA, KAN. — Block & Co. Inc. Realtors has completed the lease-up of a former Stein Mart anchor space at Orchard Corners shopping center in Lenexa near Kansas City. Petco leased the remaining 18,500-square-foot endcap space and will join Sierra in backfilling the 37,000-square-foot space formerly occupied by Stein Mart. David Block of Block & Co. represented ownership in the leases with Petco and Sierra. Anchor tenants at Orchard Corners include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels.
MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed five new tenants at Avenue West Cobb in Marietta, roughly 20 miles northwest of downtown Atlanta. The Peach Cobbler Factory has opened a 1,400-square-foot restaurant at the property, with restaurant Le’ Zia scheduled to open later this month in a 9,580-square-foot space. Additionally, lifestyle brand J.Jill has signed a 3,840-square-foot lease and is scheduled to open this fall, along with Spirit Halloween, which will occupy 9,980 square feet at the center on a temporary basis. Jim ‘N Nick’s Community Bar-B-Q will also join the tenant lineup, opening a 5,874-square-foot restaurant this winter. JLL manages the property on behalf of Poag. Existing tenants at Avenue West Cobb include Barnes & Noble, Bob Steele Salon, GameStop, Jos. A. Bank, Panera Bread and Ted’s Montana Grill.
SAN LEANDRO, CALIF. — Colliers Mortgage’s California structured finance group has arranged a $33 million bridge loan on behalf of B3 & Gaw to refinance the Bayfair Mall in the Bay Area city of San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with more suitable tenants for the market. Additionally, B3 & Gaw is transforming a one third of the property into an R&D campus. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions. The loan features a fully nonrecourse structure with no interest, carry or completion guarantees.
FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the sale of a retail property located at 35914 Winchester Road in French Valley, located in the Inland Empire region. A Southern California-based private developer sold the recently developed building to a Southern California-based private investor for $13.3 million in a 1031 exchange. EoS Fitness occupies the 38,000-square-foot building under a 20-year, absolute triple-net, corporate-guaranteed lease. The gym, which is the anchor tenant at French Valley Marketplace, is slated to open in late August. Additional tenants at the 78,400-square-foot shopping center includes Grocery Outlet, McDonald’s, Chipotle and 7-Eleven. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Capital Markets represented the seller in the deal.
BH Properties Receives $3M Bridge Loan for Acquisition of Olympic Block Mixed-Use Complex in Seattle
SEATTLE — Gantry has arranged a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a downtown Seattle mixed-use complex. The borrower is BH Properties. Located at 101 Yesler Way, the 75,000-square-foot property offers creative office space and ground-floor retail space. Acquired through a deed in lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Mark Ritchie and Alicia Sabanero of Gantry secured the three-year, fixed-rate loan through one of Gantry’s correspondent insurance company lenders. The financing features interest-only payments for the entirety of its duration.
ORLANDO, FLA. — Orlando-based Italian dining chain Buca di Beppo has voluntarily filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. USA Today reports that the restaurant chain claimed it owed 30 separate creditors approximately $50 million at the time of filing. The restructuring will involve 44 core restaurants, as well as a new store currently being opened. According to a press release issued by the company, it is “committed to ensuring that the restaurants operate as usual.” Gray Reed & McGraw LLP is serving as legal advisor to the company, and CR3 Partners LLC is acting as financial advisor, as well as providing corporate leadership as the chief restructuring officer. Stout Capital is acting as investment banker on behalf of the brand. “By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future,” says Rich Saultz, president of Buca di Beppo.