TEMPE, ARIZ. – F21 red, the newest retail concept by Forever 21, will soon open at Tempe Marketplace. This will be the new iteration’s first store to open in Arizona. F21 red will debut inside a 13,000-square-foot space this fall. The F21 red brand will offer a larger merchandise selection and lower prices than the typical Forever 21 store. Tempe Marketplace is owned by Vestar.
TOTOWA, N.J. — Rochelle Park, N.J.-based Tulfra Real Estate has purchased Totowa Business Center, a 225,000-square-foot, Class A mixed-use building at 930 North Riverview Dr. in Totowa from a New York-based investment group for $13 million. The property was constructed in 1962 and redeveloped in 1998. It is located on 17.38 acres at Interstate 80 and routes 46 and 23. Tulfra plans more than $5 million of improvements for the property, which includes the 105,000-square-foot, two-story mixed-use portion fronting on Riverview Drive and a 120,000-square-foot section facing on Taft Road, as well as 800 parking spaces. The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants. According to the company, the 65,000-square-foot first floor encompasses four units of that would work for tenants such as child and adult daycare, a gym or fitness center, kids’ amusements, or other retail-type recreational uses. The 40,000-square-foot second floor would work well for training, trade and polytechnic schools, an art gallery, or mini-storage. The one-story section of the building houses tenants Tyco, RDD and Passaic County.
New York City — Lev Mavashev of Alpha Realty represented both the seller and buyer in the $5.6 million sale of 3315 and 3401 Avenue H in the Flatbush Section of Brooklyn. The corner buildings are located across the street from each other at the intersection of Avenue H and East 34th Street. The two properties together total 14,350 square feet with a total of 10 commercial units. Total buildable space for the two lots is 52,000 square feet, making the properties a future development play.
DETROIT — Olga’s Kitchen, a Mediterranean restaurant chain headquartered in Troy, Mich., has filed for Chapter 11 bankruptcy court protection in the U.S. Bankruptcy Court in Detroit. Olga’s owes millions in debt to several different creditors, including $2.4 million to Citizen’s Bank and $1.2 million to Sysco Corp., according to Crain’s Detroit Business. The bankruptcy filing came after Olga’s began implementing a strategy to open up to 105 new fast-casual Olga’s locations. Olga’s has closed eight different underperforming locations in the last year alone, reports the Detroit Free Press. Olga’s COO Michael Kosloski states that the company’s 28 remaining locations will stay open throughout the bankruptcy process. “We have had some problems with profitability in the restaurants that we have now fixed,” Kosloski told the newspaper. “The reason we filed for bankruptcy protection is to restructure the debt or to potentially sell the business.”
NORTHVILLE, MICH. — PF Michigan Group, a Michigan-based Planet Fitness area developer owned and operated by Bryan and Laura Rief, has opened two new 30,000-square-foot Planet Fitness clubs located at 8260 23 Mile Road in Shelby Township and 6650 Telegraph Road in Bloomfield Township near Detroit. The franchisee of both locations is based in Northville. “These full-size clubs showcase our massive selection of top-of-the-line cardio and strength equipment, 30-minute workout area and PF Spa,” says Laura Rief. Both new clubs will feature over 120 pieces of high-quality cardio equipment including treadmills, ellipticals, stairclimbers, arc trainers and stationary bikes. Planet Fitness also offers a full complement of upper- and lower-body strength machines, a 30-minute PF Express circuit, 12-minute abdominal circuit, and new PF360 multi-function training unit. Planet Fitness is open and fully staffed 24 hours, seven days a week, and has a certified fitness trainer on site during the work week to help members with workout programs free of additional charge. Planet Fitness plans to open 10 to 15 additional properties in the Detroit area over the next 36 to 48 months. Most recently, PF inked a lease for a 35,000-square-foot club located in Chesterfield that will open this fall. Founded …
VENTURA, CALIF. – A 43,138-square-foot building in Thousand Oaks that is triple-net leased to Orchard Supply Hardware has sold to Oppidan Investment Company for $16.7 million. The building is located at 1934 E. Avenida de Los Arboles. Christopher Maling, David Maling and Stephen Algermissen of Colliers represented both the buyer and seller, a local private investment firm, in this transaction.
STRONGSVILLE, OHIO — Marcus & Millichap has brokered the sale of Strongsville Shopping Center, a 30,750-square-foot retail property in Strongsville, a suburb of Cleveland. The asset, which is anchored by Tutor Time, sold for $3.9 million. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Florida- and Ohio-based joint venture, in the transaction.
LAFAYETTE, IND. — Chicago-based Baum Realty Group has arranged the sale of a single-tenant, net-leased Goodrich Quality Theaters property. Located at 3525 McCarty Lane in Lafayette, the property sold for $2.4 million. The 18,000-square-foot property has three years remaining on the original 20-year lease with two five-year extension options. Goodrich Quality Theaters is a Michigan-based operator with 30 theater locations across four states. Brad Teitelbaum and Patrick Forkin of Baum represented the undisclosed seller in the transaction. The buyer was a Michigan-based private investor.
LANSING, MICH. — Signature Associates, an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of a self-storage facility, located at 4724 Creyts Road in Lansing. Storage Pros Acquisitions purchased the 71,900-square-foot property for an undisclosed price. Jack Johns of Cushman & Wakefield | Signature Associates represented the seller, Westland Storage LLC, in the transaction.
DECATUR, ALA. — Colliers International’s Southeast retail investment sales team has brokered the $10.9 million sale of The Market Shoppes, a power retail center located at 2407 6th Ave. in Decatur. Built in 2012, the Class A center was fully leased at the time of sale to tenants such as Kohl’s, Ulta Beauty, Lane Bryant and Mattress Firm. A family trust based in California purchased The Market Shoppes from Birmingham-based Blackwater Resources. Tony D’Ambrosio and Joe Montgomery of Colliers represented the seller in the transaction.
