NEW YORK CITY — Cushman & Wakefield has arranged the sale of a retail condominium located at 37 Warren St., also known as 136 Church St., in Manhattan’s Tribeca neighborhood. HUBB NYC Properties acquired the corner property for $11.2 million, or $3,934 per square foot, in an all-cash transaction. The property features 2,847 square feet on the ground level and 1,364 square feet on the lower-level space. The property was vacant at the time of sale. Will Suarez of Cushman & Wakefield arranged the transaction.
DALLAS — Texas Health Surgery Center has renewed its lease of 8,285 square feet and expanded to another 5,546 square feet at Preston Plaza in Dallas. An affiliate of Caddo Holdings LLC owns Preston Plaza, a retail center. Kyle Jacobs of Rubicon Representation LLC represented the tenant. Heather Shover and Sean Dalton at Younger Partners represented the landlord.
FRANKLIN, MASS. — Faris Lee Investments has brokered the sale of Franklin Shops, a newly developed retail property located at 648 Old W. Central St. in Franklin. A private investor acquired the property from a private developer for $6.6 million. Starbucks Coffee, Noodles Co. and MedPost Urgent Care occupy the 8,911-square-foot property, which was completed in 2015. All three tenants have new, 10-year net leases in place. Matthew Mousavi and Patrick Luthre of Faris Lee Investments represented the seller in the transaction.
BRUNSWICK, MAINE — Katz Properties has acquired Cook’s Corner Shopping Center, a 302,000-square-foot shopping center in Brunswick, for $13.2 million. Situated on 32.5 acres, the property is occupied by a diverse tenant mix including Sears, Regal Cinema, Big Lots, TJ Maxx, Staples, Dollar Tree, Applebee’s, Dunkin’ Donuts and Five Guys Burgers & Fries. At the time of sale, the property was 84 percent occupied. Acquisition financing was provided by Blue Hills Bank of Massachusetts and arranged by Tim Breda and Peter Kenn of Goedecke & Co. Geoffrey Millerd and Justin Smith of Newmark Grubb Knight Frank represented the undisclosed seller in the transaction.
ORLAND PARK AND NAPERVILLE, ILL. — The Missner Group will construct two retail spaces totaling 14,000 square feet in suburban Chicago. In the first project, The Missner Group will build a 10,000-square-foot facility in Orland Park, about 26 miles southwest of Chicago. Two existing buildings will be demolished to make room for the new building, which will house a Mattress Firm store and restaurant State & Main. The center, which will be located at 29 E. Orland Square Drive, will be an outlot of Orland Square Mall. Ireland Architects is serving as the architect for the project. In the second project, The Missner Group will demolish an existing building in Naperville, about 35 miles southwest of Chicago, to construct a 4,000-square-foot, freestanding building for a Mattress Firm. Oliveri Architects is providing the architectural services for this project. The Missner Group will also construct a parking lot and complete landscaping and utilities for both projects. United Growth is the developer for the retail properties, which will be completed this spring.
DOWNERS GROVE, ILL. — SVN | Chicago Commercial has brokered the $1.6 million sale of an 11,919-square-foot retail property in Downers Grove, approximately 23 miles west of Chicago. Drendel Commons, built in 2008, is located at 2561-2593 Ogden Ave. and features tenants such as Hertz, National Guard, Downers Grove Chiropractic & Acupuncture and NY Pizza Pie. Tim Franz of SVN | Chicago Commercial was the sole broker in the transaction. Both the buyer and seller in the deal were undisclosed.
RENO, NEV. — Lee & Associates has arranged the $25.5 million sale of South Creek, a 66,834-square-foot, 29-unit shopping center located in Reno. Lyle Chamberlain of Lee & Associates represented the seller, Horseshoe Bend LLC, and Chad Coons of Gilmore Coons Commercial Real Estate represented the buyer, Alves South Creek, in the transaction.
LOS ANGELES — American Apparel, a manufacturer, distributor and retailer of branded fashion-basic apparel, has emerged from Chapter 11 as a private company after successfully implementing its plan of reorganization, approved by the Delaware bankruptcy court on Jan. 27, 2016. Under the reorganization plan, the company also converted its corporate form from a Delaware corporation to a Delaware limited liability company and, therefore, is now known as American Apparel LLC. American Apparel’s legal advisor in connection with the restructuring was Jones Day. FTI Consulting served as its restructuring advisor and Moelis & Company served as its investment banker for the restructuring. Milbank, Tweed, Hadley & McCloy LLP was the legal advisor to the bondholders and Ducera Partners LLC served as restructuring advisor. As of Feb. 1, 2016, American Apparel LLC operated 202 retail stores in 19 countries including the United States and Canada.
INDIO, CALIF. — Dickey’s Barbecue Pit is set to open its 100th California location. Dickey’s already has more than 530 locations in 43 states. After Texas, California has the most Dickey’s locations. Owner/operators Michael and Margarita Tucker currently own the Dickey’s Barbecue Pit location in La Quinta and have signed a development agreement to open three more stores in Indio, Moreno Valley and Redlands in 2016.
Despite a bump in big-box inventory in the wake of the A&P bankruptcy, the New Jersey retail real estate market continues to gain strength. Leasing activity remains robust, with strong suburban markets augmented by heightened urban activity. The inventory of properties for sale remains tight, while new development is highlighted by large-scale projects. This year’s major headline has been A&P’s bankruptcy. The sell-off of the grocer’s stores is ongoing, with Stop & Shop and Acme key bidders. Still, the stores remaining unsold are forcing landlords to think outside the box and/or redevelop their shopping centers, providing the opportunity to improve tenant mix and increase lease rates. Meanwhile, these immediate opportunities could slow down nearby projects in the works, including developments that could have come out of the ground in 2016 or 2017. Hot markets include Paramus, a perennial favorite. Also in the north, the redevelopment of Wayne Town Center has attracted Costco, Nordstrom Rack, Saks Off 5th, Dick’s Sporting Goods, and ULTA. In Bridgewater, Whole Foods signed a lease at Bridgewater Crossing, and negotiations are progressing with several major off-price and full-price specialty retailers. In Union County, Clark Commons opened with Whole Foods, LA Fitness, Home Goods, Michaels, Petco, ULTA, …