CALIFORNIA — A $6.25 million joint-bid between Menomonee Falls, Wis.-based Kohl’s Corp. and Los Angeles-based Forever 21 Inc. has taken 46 former Mervyns LLC locations. Kohl’s will assume ownership of 31 locations and Forever 21 will assume 15, pending bankruptcy court approval. “This is a mutually beneficial relationship wherein combining resources provides for the most optimal real estate portfolio selection and highly competitive pricing,” explains Vicki Shamion, vice president of public relations and community relations at Kohl’s. Kohl’s purchased locations in numerous cities, including Salt Lake City; Henderson, Nev.; and Whittier, San Rafael, Downey, Eureka, Monrovia, Hayward, Redondo Beach, Rancho Cordova and Capitola, Calif. Forever 21’s locations include Glendale and Tucson, Ariz.; Sandy, Utah; Albuquerque and Santa Fe, N.M.; Laredo and Harlingen, Texas; and Lakewood, Cerritos, Montebello, Victorville and Calexico, Calif. “Kohl’s assessed the Mervyns’ portfolio and strategically selected locations that would benefit our under-penetrated markets,” says Shamion. “We feel that these locations would be hard to duplicate in a ground-up environment and provide opportunities to more convenient to our customers. Forever 21 did their own analysis. Ultimately, we combined both lists and did a joint bid.” Kohl’s plans to open approximately 50 new locations in 2009, including the majority …
BLOOMINGTON, MINN. — United Kingdom-based The Merlin Entertainments Group has purchased Underwater Adventures Aquarium located underneath the 4.2 million-square-foot Mall of America in Bloomington. The Minnesota Aquarium LLC sold the attraction to Merlin Entertainments for an undisclosed amount. Merlin Entertainments is the world’s leading operator of aquaria through its SEA LIFE brand, which includes 28 sites. The company, which has an existing portfolio of six United States attractions, plans to invest $5 million to improve the property that holds more than 1.2 million gallons of water. Los Angeles-based Samuels & Co. is exclusively representing Merlin Entertainments in its expansion in the North American market.
LYNN, MASS. — Quincy, Mass.-based Marcone Capital has secured a $9.5 million loan for Harbor Place, a 47,662-square-foot retail center located at 395 Lynnway in Lynn. Situated on 2.61 acres, the retail center comprises three buildings. The first building contains a 30,972-square-foot Price Rite grocery store. The second building totals 7,390 square feet and is leased to Tello’s clothing store. The third building totals 9,300 square feet and is leased to a variety of tenants, including Verizon FIOS, T-Mobile and PCS Wireless. The property is approximately 99 percent leased. Mike Marcone of Marcone Capital originated the financing for the borrower, 395 Lynnway LLC, which completed the center last spring. The lender was a Connecticut-based mutual bank. Terms of the loan were not disclosed.
WEST WINDSOR, N.J. — Renovations are currently under way at Marketfair, a 240,000-square-foot retail center located along Route 1 in West Windsor. Designed by Michael Graves & Associates, the project includes new tiled flooring, modern furniture, new lighting schemes, improved indoor and outdoor signage, and new interior landscaping and paint. Most of the project will be completed in 2009. In addition, the food court will be updated in 2010 with a new configuration and new restaurants. The program was initiated by Marketfair’s owner, New York City-based TIAA-CREF. The program will be managed by Washington, D.C.-based Madison Marquette, which also provides property management and leasing services for Marketfair. Marketfair is anchored by Barnes & Noble and United Artists Theatres. Additional tenants include Anthropologie, Pottery Barn, Restoration Hardware, Smith & Hawkin, White House | Black Market and Williams Sonoma.
PITTSFIELD, MASS. — Pittsfield-based toy retailer KB Toys has filed for Chapter 11 bankruptcy. The chain intends to liquidate all of its stores, and has begun going-out-of-business sales to capitalize on the last two weeks of the holiday shopping season. This marks the second time the retailer has filed for bankruptcy in the past 4 years. KB Toys filed for Chapter 11 bankruptcy in 2004, and emerged in 2005 when it was purchased by Prentice Capital Management LP.
PATTERSON, CALIF. — Bob Sanner, Rick Sanner and Tom McMullan of NAI BT Commercial’s Leased Investment Group represented the undisclosed seller in the disposition of a Long’s Drugs-occupied retail building in Patterson. Located at 1080 Sperry Ave., the 15,789-square-foot property sold for $7.09 million or nearly $405 per square foot. The buyer was not disclosed.
SAN DIEGO — Ground has broken for the development of Bay View Village, a retail/office building located at Clairemont Drive and Denver Street in San Diego. The 11,160-square-foot project will feature 5,549 square feet of ground-floor retail space that is divisible to 690 square feet and 5,220 square feet of upper level office space that is divisible to 557 square feet. The project is a development of Makena Great American.
MEMPHIS, TENN. — Best Buy has inked a 30,000-square-foot lease to become a co-anchor in Weingarten Realty Investors’ Ridgeway Trace Shopping Center. Further details of the lease were not announced. Located at the intersection of Poplar Avenue and Interstate 240 in Memphis, the 335,000-square-foot center is also anchored by Target. Target is scheduled to open in the spring, and Best Buy will open in spring 2010.
COSTA MESA, CALIF. — Donahue Schriber has completed two financial transactions: a $121 million bank syndication loan and a $187 million refinancing of nine retail properties. The $121 million loan was made by a syndication of lenders led by Bank of America and including Wells Fargo Bank, PNC Bank and US Bank. Additionally, Teachers Insurance and Annuity Association of America (TIAA) provided $187 million in fixed-rate financing for the refinancing of a nine-center retail portfolio. The Costa Mesa-based company will use the additional monies to fund future developments and acquisition opportunities in the western United States.
RENO, NEV. — Phillips Edison & Co. has purchased Silver State Plaza, a retail center in Reno, for an undisclosed price. Fresh & Easy Neighborhood Market and Dollar Tree anchor the 155,647-square-foot center. The seller was not disclosed. This transaction is the company’s second acquisition in Nevada.