Retail

Retail Properties of America Acquires Towson Square in Metro Baltimore for $39.7M

by John Nelson November 18, 2015

TOWSON, MD. — Retail Properties of America Inc. (RPAI), a shopping center REIT, has purchased Towson Square, a 138,000-square-foot, entertainment-based retail center anchored by a newly constructed Cinemark Theatre in Towson, roughly 12 miles north of Baltimore. RPAI purchased the center on an unencumbered basis for $39.7 million. Towson Square includes national and regional restaurant concepts such as BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill and Nando’s Peri-Peri. Opened in 2014, Towson Square is currently 96.6 percent leased and is located adjacent to the RPAI’s existing center, Towson Circle. RPAI expects to integrate both centers into one property as part of the larger planned redevelopment. Year to date, RPAI has completed $463.1 million of unencumbered acquisitions.

November 18, 2015

Florida Retail Southeast

Crossman & Co. Arranges $3.7M Sale of Pensacola Retail Center

by John Nelson November 18, 2015

PENSACOLA, FLA. — Crossman & Co. has arranged the $3.7 million sale of the Shoppes at Milestone, a 19,700-square-foot retail strip center in Pensacola. Bruce Lyons and Brian Carolan of Crossman & Co. worked on behalf of the undisclosed seller in the transaction. Westwood Financial Corp. acquired the fully occupied center. Tenants at Shoppes at Milestone include shadow-anchor Publix, Jersey Mike’s, Hot Heads Burritos, H&R Block, Cricket Wireless, Papa Murphy’s and Enterprise Rent-a-Car.

November 18, 2015

California Retail Western

Gelson’s to Purchase Six Haggen Properties in Southern California

by Nellie Day November 18, 2015

ENCINO, CALIF. — Encino-based supermarket chain Gelson’s Markets has won final approval to buy six Haggen grocery/pharmacy properties in Southern California. Acquisitions will include 2627 Lincoln Blvd., Santa Monica; 25636 Crown Valley Parkway, Ladera Ranch; 36-101 Bob Hope Drive, Rancho Mirage; 2707 Via De La Valle, Del Mar; 730 Turquoise St., San Diego; and 1736 Avenida De Los Arboles, Thousand Oaks. Haggen filed for Chapter 11 bankruptcy this past September. Gelson’s plans to relaunch the acquisitions early next year under its own brand with initial improvements to product selection and merchandising, followed several months later by redesign and construction. Existing pharmacies will remain open during the transition.

November 18, 2015

California Loans Retail Western

Thorofare Capital Funds $7.7M Loan for Acquisition of LA Retail Property

by Nellie Day November 17, 2015

LOS ANGELES — Thorofare Capital has provided a $7.7 million bridge loan to a partnership between Cadence Capital Investments and Oakwood Real Estate Partners for the off-market acquisition of a retail property located near The Grove on Beverly Boulevard in Los Angeles. The non-recourse, one-year, interest-only loan features a fixed rate. The borrower plans to reposition the 12,500-square-foot property, which was 56 percent leased at the time of closing.

November 17, 2015

California Retail Western

Marcus & Millichap Arranges $4.1M Sale of Retail Property in San Leandro

by Nellie Day November 17, 2015

SAN LEANDRO, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at E. 14th St. in San Leandro. A limited liability company bought the 22,520-square-foot property, which is occupied by CVS/pharmacy, for $4.1 million. Fabio Sangiorgi of Marcus & Millichap’s Palo Alto office represented the buyer in the transaction. The name of the seller was not released.

November 17, 2015

Nevada Retail Western

Conn’s Opens 100th Store in Las Vegas

by Nellie Day November 17, 2015

NORTH LAS VEGAS, NEV. — Conn’s Inc., a Houston-based furniture and specialty home goods retailer, has opened its 100th store. The new, 52,000-square-foot centennial Conn’s HomePlus store is located in North Las Vegas. The company is on schedule to open between 15 and 18 stores in its current fiscal year, which ends on Jan. 31. Conn’s plans to open as many as 25 stores in its 2017 fiscal year. Conn’s is a furniture and specialty retailer currently operating 100 retail locations in 12 states: Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.

November 17, 2015

Retail Washington Western

Amazon Opens First Bookstore in Seattle

by Nellie Day November 17, 2015

SEATTLE — Online retail giant Amazon has opened its first brick-and-mortar bookstore, Amazon Books, at University Village in north Seattle. The store opens 20 years after Amazon began selling books — severely discounted compared to traditional retailers — over the Internet. The 5,500-square-foot store, which offers as many as 6,000 titles and an additional 2,000 square feet of storage, is a physical extension of the company website, combining the benefits of online pricing with traditional book shopping, the company told the Associated Press in a statement. Inside the store, shoppers will find book displays that contain cards with ratings and reviews. Shoppers can buy the book now, or save the review card and purchase the book online later. The store will not be a location to pick up Amazon orders. While the store will showcase Amazon’s Kindle e-readers, Fire tablets and Fire TV streaming-media devices, it will focus first on being a bookstore. All books will face outward, displaying their entire covers rather than only the spines showing.

November 17, 2015

California Retail Western

Ross Appoints President & Chief Merchandising Officer of dd’s Discounts

by Nellie Day November 17, 2015

DUBLIN, CALIF. — Ross Stores, Inc. has appointed Brian Morrow as president and chief merchandising officer of dd’s Discounts, effective Dec. 7. Morrow will report directly to Barbara Rentler, the company’s CEO, and be responsible for directing all aspects of merchandising at dd’s Discounts. Morrow has more than 30 years of merchandising management experience including roles with Macy’s West, Mervyn’s, Macy’s North/Marshall Field’s and May Company. Most recently, he served as president and chief merchandising officer for Stein Mart Inc.

November 17, 2015

99-Ranch-Market-Carrollton-Town-Center-Texas

Retail Texas

NewQuest to Expand Carrollton Town Center in Metro Dallas

by Haisten Willis November 17, 2015

CARROLLTON, TEXAS — NewQuest Properties is set to expand the 154,863-square-foot Carrollton Town Center, where a $7 million redevelopment is attracting the first stores in Texas for several Asian brands. NewQuest bought the shopping center at 2540 Old Denton Road in spring 2014 and began redevelopment in June of the same year. The Houston-based developer has acquired 4.7 acres across the street for a second phase. Engineering work has begun for the shopping center’s expansion at the intersection of President George Bush Turnpike and Old Denton Road. New tenants include California-based 99 Ranch Market, a specialty grocer catering to the Asian-American community, Gen Korean BBQ House and Kula, a revolving sushi bar which will total 3,111 square feet.

November 17, 2015

Retail Texas

Cabela’s to Open New Location Near Fort Bliss

by Haisten Willis November 17, 2015

EL PASO, TEXAS — Freedom Crossing at Fort Bliss, the first open-air shopping center on a military installation, will be opening a Cabela’s seasonal store in time for holiday shopping. The 10,000-square-foot store will also include access to the full spectrum of Cabela’s products in-store via Cabelas.com. The Freedom Crossing Cabela’s location will offer soft goods, shoes, hunting gear, outdoors equipment and gifts. In addition to Freedom Crossing at Fort Bliss, Cabela’s will open seasonal locations this year with The Army & Air Force Exchange Service (AAFES) at Fort Hood, Texas and Fort Leonard Wood, Mo.

November 17, 2015

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