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AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $3.5M Sale of 7-Eleven-Anchored Retail Center in Los Angeles

by Amy Works

LOS ANGELES — Progressive Real Estate Partners has brokered the $3.5 million sale of a 6,300-square-foot retail strip center located at 728 E. Vernon Ave. in Los Angeles. The center is anchored by 7-Eleven, with Boost Mobile and a laundromat serving as the other tenants at the property, which was built in 2000. The buyer and seller were both Los Angeles County-based private investors that requested anonymity. Brad Umansky and Lance Mordachini of Progressive Real Estate represented both parties in the deal.

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Company NewsNortheastPennsylvaniaRetail

Reports: Rue21 to Close All Stores Following Bankruptcy Filing

by Taylor Williams

WARRENDALE, PA. — Rue21, an apparel and accessories retailer based in the Pittsburgh area, has filed for bankruptcy and will close all its stores in the coming months, according to reports from multiple news organizations such as CNN, Reuters and The Business Journals. All three of those media outlets report that this is the third bankruptcy filing in the history of Rue21, which operates about 540 stores nationwide, down from more than 1,000 at the height of its existence. Following Rue21’s 2017 bankruptcy filing, the company closed some 400 stores. The Warrendale-based retailer also shed about $700 million in debt at that time, according to Reuters. However, subsequent growth in e-commerce, along with the COVID-19 pandemic, continued to create operational struggles for the retailer. Today, Rue21 has about $200 million in outstanding debt, according to reports from the aforementioned media groups.

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Leasing ActivityNortheastPennsylvaniaRestaurantRetail

Simon Welcomes Five Food-and-Beverage Concepts to King of Prussia Mall in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Simon Property Group has welcomed five new food-and-beverage concepts to King of Prussia mall in metro Philadelphia. Vietnamese restaurant Saigon Eats and confectionary Neuhaus Belgium Chocolate recently debuted their eateries. Chinese restaurant Nan Xiang Xiao Long Bao and New York-based Gregory’s Coffee will open in the coming weeks. Chicken Guy!, a concept from celebrity chef Guy Fieri, opened in March.

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Leasing ActivityNew JerseyNortheastRetail

Sportime Pickleball to Open 50,000 SF Facility in Wayne, New Jersey

by Taylor Williams

WAYNE, N.J. — Regional operator Sportime Pickleball will open a 50,000-square-foot facility in the Northern New Jersey community of Wayne. The facility at 77 Willowbrook Blvd. will feature 18 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball in the lease negotiations. Curtis Nassau and Patrick Brake of RIPCO Real Estate represented the landlord, Kimco Realty. The opening is slated for the first quarter of 2025.

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Leasing ActivityNortheastPennsylvaniaRetail

Simon Welcomes Seven New Retailers to King of Prussia Mall in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Simon Property Group has welcomed seven new retailers to King of Prussia mall in metro Philadelphia. Four new retailers — fashion chains Mango and Abercrombie Kids and jewelry concepts Grand Jewelers and Little Words Project — opened stores over the past three months. Women’s clothing retailer Evereve also just debuted its store. Two other lifestyle retailers — accessories provider Rothy’s and activewear brand Vuori — will open in the coming days.

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AcquisitionsColoradoRetailWestern

IPA Brokers $26.6M Sale of Promenade at Highlands Ranch Retail Center Near Denver

by Amy Works

HIGHLANDS RANCH, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Promenade at Highlands Ranch, a 136,521-square-foot community shopping center in Highlands Ranch, approximately 15 miles south of Denver. JCR Cos. acquired the asset from a California-based private seller for $26.6 million. Ryan Bowlby and Drew Isaac of IPA represented the seller and procured the buyer in the transaction.

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AcquisitionsCaliforniaRetailWestern

DRA Advisors, Paragon Commercial Sell 162,380 SF Shopping Center in Rancho Mirage, California

by Amy Works

RANCHO MIRAGE, CALIF. — A partnership between DRA Advisors and Paragon Commercial Group has sold Rancho Las Palmas, a 162,380-square-foot shopping center in Rancho Mirage, about 120 miles east of Los Angeles. The center sits on 15 acres and was 96.5 percent leased at the time of sale to tenants such as CVS, Hobby Lobby, Starbucks, In-N-Out Burger and a soon-to-be-open Amazon Fresh grocery store. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Tess Berghoff of JLL represented the partnership in the transaction. Albanese Cormier acquired the asset for an undisclosed price.

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CaliforniaLoansOfficeRetailWestern

PSRS Arranges $7M Loan for Refinancing of Retail, Office Building in Pasadena, California

by Amy Works

PASADENA, CALIF. — Locally based financial intermediary PSRS has arranged a $7 million loan for the refinancing of The Superior Building, a 43,916-square-foot historic retail property in Pasadena. Built in 1896 and renovated in 1990, The Superior Building features ground-floor retail space and office suites on the upper two floors. Michael Tanner and Tony Messiah of PSRS arranged the financing for the borrower, Edgewood Realty Partners. The direct lender was not disclosed.

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Subdued Retail Demand Persists Throughout Los Angeles

by Jeff Shaw

— By Gary Baragona, Vice President of Research, Kidder Mathews — Home to an eclectic mix of local retailers, award-winning restaurants and the world’s most prestigious brands, Los Angeles has long been one of the most dynamic retail markets in the country. However, sector dynamics significantly shifted during the pandemic as retailers began to rely heavily on their online sales to stay in business and remain profitable. While consumer preferences further evolved in 2022 and 2023, there has been a noticeable slowdown in consumer spending, largely due to ongoing economic challenges, reduced buying power, decreased savings and increased credit card debt.  On the surface, overall market fundamentals within the commercial real estate retail sector appear to be relatively stable. Some key indicators illustrate market resiliency, but other trends demonstrate the recent struggles felt by the retail sector and the challenges that may lie ahead. For example, total leasing activity across the Los Angeles region was down 15 percent in 2023 compared to the previous year, and down 25 percent compared to pre-COVID averages.  The total vacancy rate across Los Angeles increased to 5.3 percent during the first quarter of 2024 and has consistently hovered between 5 percent and 5.3 percent …

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AcquisitionsRetailSoutheastVirginia

Continental Realty Corp. Acquires 160,830 SF Gayton Crossing Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Gayton Crossing, a 160,830-square-foot retail center located at 9782 Gayton Road. in Richmond. Tenants at the property, which was developed in 1981, include Bank of America, Gold’s Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC and The UPS Store. Kroger shadow-anchors the center, which is situated on a 15.6-acre site within 15 miles of the University of Richmond and Virginia Commonwealth University. CRC purchased the property with funds from the Continental Realty Opportunistic Retail Fund I LP, a closed-end fund. Jordan Lex, Dean Sands and Danny Naughton of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed.

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