Sunday, November 24, 2024
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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $3.1M Sale of Andy’s Frozen Custard-Occupied Property in Illinois

by Kristin Harlow

SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.1 million sale of a 2,090-square-foot property net leased to Andy’s Frozen Custard in Saint Charles, about 45 miles west of Chicago. The single-tenant building is located at 2630 E. Main St. and serves as an outparcel to the Foxfield Commons shopping center. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based development firm, and the buyer, a local real estate group. The asset features a 15-year lease that commenced in 2023 following the completion of construction.

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AcquisitionsHealthcareRetailSoutheastTennessee

Boulder Group Negotiates $2.7M Sale of Retail Property in Bartlett, Tennessee Leased to Fast Pace Health

by John Nelson

BARTLETT, TENN. — The Boulder Group has negotiated the $2.7 million sale of a retail property in Bartlett leased to Fast Pace Health. The medical services provider operates more than 235 healthcare clinics in the Southeast and Midwest and has more than 14 years remaining on its lease for the Bartlett location. The 3,700-square-foot, freestanding clinic was built in late 2023 at 3082 Kirby Whitten Road, about 15 miles northeast of Memphis. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investor, in the transaction. The undisclosed buyer purchased the property in a 1031 exchange.

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AcquisitionsMassachusettsNortheastOfficeRetailTop Stories

Azora Acquires Office, Retail Building in Boston’s Back Bay Neighborhood for $101M

by Kristin Harlow

BOSTON — Azora has acquired an office and retail building located at 149 Newbury St. in Boston for $101 million. The property offers 45,495 rentable square feet across five floors. Certified LEED Gold, the building is situated along the Newbury Street commercial corridor, surrounded by luxury shops and restaurants in the city’s Back Bay neighborhood. The asset was 81 percent leased at the time of sale. The ground floor is fully occupied by two tenants: Google, which operates its first high-tech store in New England; and Alo, an athletic apparel retailer. The third floor offers 9,586 square feet available for lease. Azora plans to convert this space into “ready to move in” offices, citing demand for this type of product in the area. Ignacio Gil-Casares, managing partner of Azora Exan, says the acquisition aligns with a strategy that the company began implementing in the U.S. last year. “We continue to believe in the value of trophy office assets in major U.S. cities, and 149 Newbury is the perfect example, combining an excellent location, high occupancy by top-tier tenants and the potential to achieve higher returns by leasing the remaining space through the creation of speculative spaces,” he says. “We are …

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AcquisitionsRetailTexas

JLL Negotiates Sale of 114,982 SF Shopping Center in North Houston

by Taylor Williams

HOUSTON — JLL has negotiated the sale of Little York Plaza, a 114,982-square-foot shopping center in North Houston. Anchored by Hispanic grocer Sellers Bros., the center was built on 11.4 acres in 1987. Other tenants include Dollar Tree, Melrose Family Fashions and Aaron’s Appliances. Ryan West and John Indelli of JLL represented the undisclosed seller in the transaction. The buyer was The Criterion Fund, a retail investment firm with offices in Fort Worth and Owasso, Okla.

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AcquisitionsCaliforniaRetailWestern

Faris Lee Investments Brokers $5.3M Presale of Single-Tenant Retail Property in Fresno, California

by Amy Works

FRESNO, CALIF. — Faris Lee Investments has arranged the $5.3 million presale of a newly constructed, single-tenant retail property in Fresno. The Learning Experience daycare occupies the property on a long-term 20-year net-lease basis. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction. The names of the buyer and seller were not released.

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IllinoisMidwestRetail

Walgreens Plans to Close 1,200 Stores Over Three Years

by Kristin Harlow

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (Nasdaq: WBA) unveiled in its fiscal year 2024 earnings report that it plans to close 1,200 stores over the next three years, including approximately 500 closures in fiscal 2025. “In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” says Tim Wentworth, CEO. “Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.” In its fourth quarter, the Deerfield-based company posted a $3 billion loss, which was mostly derived from tax charges related to opioid liabilities and a write down of an investment in a Chinese pharmacy chain. Fourth-quarter sales increased 6 percent from the same period a year ago to $37.5 billion. Sales in fiscal 2024 were $147.7 billion, an increase of 6.2 percent from the same period a year ago. Net loss in fiscal 2024 was $8.6 billion, an increase of 180.4 percent over the …

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AcquisitionsRetailSoutheastVirginia

Haverford Retail Partners Acquires 176,698 SF Shopping Center in Springfield, Virginia

by John Nelson

SPRINGFIELD, VA. — Haverford Retail Partners has acquired Springfield Center, a 176,698-square-foot shopping center located at 6646 Loisdale Road in in Springfield, 14 miles south of Washington, D.C. The seller and sales price were not disclosed. Springfield Center was fully leased at the time of sale to eight tenants, including Barnes & Noble, DSW, Marshall’s and Bob’s Discount Furniture. The retail center represents Pennsylvania-based Haverford’s third property in the metro D.C. area.

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Leasing ActivityMarylandMixed-UseRestaurantRetailSoutheast

New Tenants Open at Collection at Chevy Chase Mixed-Use Center in Metro DC

by John Nelson

CHEVY CHASE, MD. — A new wave of tenants have opened at The Collection at Chevy Chase, an upscale, multi-story mixed-use development in metro Washington, D.C.’s Friendship Heights district. Located on Wisconsin Circle in Chevy Chase, The Collection’s new tenants include Porsche Studio (3,756 square feet), Brooks Brothers (5,722 square feet), Bright Horizons (11,638 square feet) and a kiosk for Dunkin’ (400 square feet). The Chevy Chase Land Co. is the owner and landlord of The Collection. Built in 2006, the center is home to tenants including Tiffany & Co., Amazon Fresh, Capital One Bank, Giorgetti, Capital Laser & Skincare, Clyde’s Restaurant, The Hunter’s Hound, Junction Bistro, Bar & Bakery, Joy by Seven Reasons and Merritt Gallery, among others.

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AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers Sale of New Retail Property in Leland, North Carolina Leased to Jiffy Lube

by John Nelson

LELAND, N.C. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 4,042-square-foot, freestanding retail property in Leland. Jiffy Lube fully occupies the property at 8962 Ocean Highway E on a 15-year, corporate-guaranteed lease that features rent increases in the initial term. The store was built in 2023 on a 1.3-acre lot roughly nine miles west of downtown Wilmington, N.C. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, an undisclosed developer, and the buyer, an institutional investor, in the transaction. The sales price was also not disclosed. “Since the [Federal Reserve’s interest] rate cut, we are seeing institutions become more active and competitive buyers as their stock prices are going up and their cost of capital are coming down,” says McMinn.

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True Value
AcquisitionsCompany NewsRetailTop Stories

Hardware Retailer True Value Files for Bankruptcy, Enters Into $153M Sales Agreement with Do it Best Corp. 

by Hayden Spiess

CHICAGO — Hardware retailer True Value Co. LLC has initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.  The Chicago-based retailer has also entered into an agreement to sell substantially all of its business operations to Do it Best Corp., another entity within the home improvement retail sector and former rival. According to Reuters, Do it Best will serve as the stalking horse bidder for True Value with an acquisition price set at $153 million in cash and the assumption of $45 million in contracts and other obligations.  “After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future,” said Chris Kempa, CEO of True Value. “We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step.” True Value stores — of which there are roughly 4,500 — are independently owned, aside from one company-owned store in Palantine, Ill. …

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