MESA, ARIZ. — Orion Investment Real Estate has arranged the acquisition of a neighborhood retail center in Mesa. Superstition Marketplace LLC sold the asset to Electric Ave. LLC for $11.6 million, or $211 per square foot. Nick Miner of Orion represented the buyer, while the seller was self-represented in the off-market transaction.
TORRANCE, CALIF. — PSRS has arranged $9.6 million in refinancing for Southwood Village, a retail property in Torrance. Trevor Blood of PSRS originated a non-recourse, five-year loan with a 30-year amortization and two years of interest only through a life insurance company. The borrower was not disclosed. Built in the 1950s and renovated in 2003, Southwood Village offers 67,302 square feet of multi-tenant retail space. Current tenants include Ace Hardware, Goodwill, Dollar Tree and Embroidme.
NEW YORK CITY — Vornado Realty Trust has completed the Plaza33 project in Midtown Manhattan. Plaza33 is the centerpiece of a $65 million development by Vornado to make the streetscape around Penn Station greener and more pedestrian friendly. The project introduced 16,000 square feet of reclaimed public space, replete with new landscaping, seating and transit mechanisms, as well as spaces for new food-and-beverage operators.
MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …
FORT WORTH, TEXAS — Wilks Development is underway on the redevelopment of the historic Fort Worth Public Market. Located just outside the downtown area, the property was originally built in 1930 and has been vacant since 2002. The redevelopment includes fire, water and asbestos remediation; removal of nonoriginal architectural elements such as gutters, lighting and roofing tiles; foundation, plumbing and masonry upgrades; and improvements or replacements of windows, elevators and utility systems. The development team, which includes architecture firm BOKA Powell and historical preservation consultant Nancy McCoy, expects to complete the project by next August, bringing more than 15,000 square feet of leasable space to market. The new marketplace will also connect via a courtyard to The Harden, a 199-unit, age-restricted seniors housing complex that is under construction behind the site. Wilks has partnered with The Woodmont Co. to lease the renovated space.
HAGERSTOWN, MD. — Meritus Health has joined the tenant roster at Valley Mall, a 900,000-square-foot enclosed shopping development in Hagerstown owned and operated by mall giant PREIT. Meritus Health opened a new physical and therapy and sports medicine practice, called Meritus Sports Medicine, within a 10,000-square-foot space at the mall yesterday. The health system also plans to open a family medicine clinic at the mall in 2025. Other tenants at Valley Mall include Black Rock Bar & Grill, Red Robin, Regal Cinemas, H&M, Dick’s Sporting Goods and Victoria’s Secret.
PONTIAC, MICH. — The Jonna Group of Colliers Detroit has arranged the sale of a 92,509-square-foot retail property located at 600 N. Telegraph Road in Pontiac for an undisclosed price. Simon Jonna and Raymond Jonna of the brokerage firm represented the seller, a property management company from New York. The new owner, CNS Healthcare, is currently leasing the retail space to Value World Inc. and Harbor Freight Tools USA Inc.
JEFFERSON CITY, MO. — Marcus & Millichap has negotiated the $4.2 million sale of a 14,820-square-foot retail property occupied by Walgreens in Jefferson City. The net-leased building, constructed in 2010, is located at 900 Eastland Drive. Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, an investor from Kansas City. A local broker procured the buyer, a local group completing a 1031 exchange. Walgreens has operated at the property for more than 14 years and has over 10 years remaining on its lease. Neighboring retailers include Gerbes Supermarket, Dollar General, McDonald’s and Taco Bell.
GLASSBORO, N.J. — Marcus & Millichap has brokered the $3.4 million sale of a 21,750-square-foot retail building in Glassboro, about 25 miles south of Philadelphia. The property is located on the campus of Rowan University at the base of the Whitney Center, a five-story student housing complex. At the time of sale, the property was 93 percent leased to 10 tenants, including 7-Eleven and Pizza Hut. Alan Cafiero, Brent Hyldahl, Seth Goldberg and Brad Nathanson of Marcus & Millichap represented the seller, Kinsley Properties LLC, and procured the buyer, JJU Properties LLC.
SOUTH JORDAN, UTAH — Capstone Advisors has entered the Utah market with the acquisition of Trail Crossing Shopping Center, a retail property at 5414 W. Daybreak Parkway in South Jordan, a suburb south of Salt Lake City. Wright Development Group sold the asset for an undisclosed price. Completed in 2017, Trail Crossing Shopping Center offers 38,397 square feet of retail space across five buildings. At the time of sale, the property was fully occupied, with Smith’s Food and Drug as the anchor tenant.
