TUCSON, ARIZ. — Mister Car Wash has purchased a property, located at 5523 E. Grant Road in Tucson, from Nam Nguyen Inc. for $1.2 million. The buyer plans to redevelop the property into a new car wash location, scheduled to open in late 2024. Aaron LaPrise of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
UNION, N.J. — Automotive repair company Caliber Collision has signed an 11,815-square-foot retail lease in the Northern New Jersey community of Union. According to LoopNet Inc., the single-tenant property at 2260 Route 22 E was originally built in 2000. Neil Goldstein and John Ostrowski of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Sean Pyle and Justin Korinis of Sabre Real Estates Advisors represented Caliber Collision.
ROME, N.Y. — BWE, the commercial lending firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged an $8 million acquisition loan for Freedom Plaza, a 197,397-square-foot shopping center located in the upstate New York city of Rome. Current tenants at the property include Grand Union, Dollar Tree, Domino’s and Marshalls, and Hobby Lobby will open in the coming months. Alan Tapie of BWE arranged the financing through an undisclosed life insurance company on behalf of the borrower, metro Atlanta-based owner-operator Octave Holdings & Investments.
SOUTHERN PINES, N.C. — BWE has arranged a $24.3 million construction loan for Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJs Wholesale Club. Phase I of Morganton Park South includes tenants such as Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a fixed interest rate and an 80 percent loan-to-cost ratio.
NEW YORK CITY — Butterfield Market will open a 10,000-square-foot grocery store in Queens. The space is located on the ground floor of RISE LIC, an apartment complex in the borough’s Long Island City area with more than 100 units. Charles Rapuano of Winick Realty Group represented the tenant in the lease negotiations. Thomas Galo, also with Winick Realty Group, represented the landlord, a joint venture between The Davis Cos., SB Development and Hazelton Capital. An opening date has not yet been established.
NEW YORK CITY — Discount retailer Five Below has debuted a 9,500-square-foot store at Parkchester, a mixed-use development located in the central part of The Bronx. A 170,000-square-foot Macy’s anchors the retail portion of the development, which also features office and residential units. Olshan Properties owns Parkchester and was self-represented in the lease negotiations. JLL represented Five Below.
CHICAGO — Kinship PACE of Illinois LLC has signed a 15,310-square-foot retail lease at Bricktown Square shopping center in Chicago. Kinship PACE of Illinois is a program of all-inclusive care for the elderly (PACE). The lease marks Kinship Health’s first location in Illinois. Donna Korn and Beau Ladwig of Cushman & Wakefield represented the tenant. Campbell Wickland, Liz Krebs and Kate Ruzevich of Mid-America Real Estate Group represented the undisclosed landlord.
SURPRISE, ARIZ. — ORION Investment Real Estate has brokered the purchase of a multi-tenant retail pad building at the southeast corner of Litchfield and Waddell roads in Surprise, a suburb northwest of Phoenix. Fox Properties Surprise LLC acquired the asset form Parkview Realty Investments LLC for $2.4 million, or $300 per square foot. Built in 2009 on 3.17 acres, the 8,009-square-foot property is situated within Boulevard at Surprise Pointe, a 290-acre development with more than 200,000 square feet of retail space. Tenants at the Boulevard include AMC Theatres, Uptown Alley, Walgreens, Dutch Bros., Cold Stone Creamery, Tap House Sports Grill, Tropical Smoothie Café and Quick Quack Car Wash. Nick Miner of ORION represented the buyer, while Paul Blum of West USA represented the seller in the deal.
NEW YORK CITY — Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. Other elements of the retailer’s real estate optimization strategy, which it is naming “A Bold New Chapter” in its investor materials, includes reinvesting in its remaining 350 stores. “Over the past several years, we have taken proactive actions to fortify our operations, including strengthening our balance sheet, managing expenses and tightening inventory controls,” says Adrian Mitchell, chief operating officer and chief financial officer of Macy’s. “The dedicated work of our teams delivered a solid close to 2023 and provides a strong foundation for us to execute A Bold New Chapter.” As part of the plan, Macy’s will open at least 30 Bluemercury stores, the company’s smaller footprint …
WASHINGTON, D.C. — The Federal Trade Commission (FTC), a U.S. government entity that enforces consumer protection laws, has sued to block Kroger Co.’s (NYSE: KR) proposed $24.6 billion acquisition of Alberstons Cos. (NYSE: ACI). Announced in late 2022, the deal would mark the largest supermarket merger in U.S. history. Kroger’s current portfolio includes thousands of stores across 36 states, including stores that operate under the regional banners Fred Meyer, Fry’s, Harris Teeter, King Soopers and Quality Food Centers (QFC), in addition to its Kroger flagship. Albertsons likewise operates thousands of stores across 35 states under names including Haggen, Jewel-Osco, Pavilions, Safeway and Vons, in addition to the eponymous Alberstons shops. According to the FTC, the merger — which, if completed, would result in a portfolio of more than 5,000 stores and roughly 4,000 retail pharmacies — is “anticompetitive.” The commission alleges that executives for both supermarket chains have conceded that Kroger’s acquisition of Albertsons is anticompetitive, with one executive saying the merger is “basically creating a monopoly.” The FTC is also alleging that the deal would “lead to lower quality products and services” and threaten “the ability of employees to secure higher wagers, better benefits and improved working conditions,” according …