PUYALLUP, WASH. — Los Angeles-based Hyperion Realty Capital, formerly known as Portal Investment Management, has purchased Meridian Place Shopping Center in Puyallup. Terms of the transaction were not released. Built in 1979, Meridian Place offers 127,429 square feet of retail space. Current tenants include Grocery Outlet and Michaels. Sean Tufts and Kevin Adatto of CPX handled the deal.
KATY, TEXAS — CarSquad, a sister brand of Florida-based preowned car dealership Off Lease Only, has opened a 21,000-square-foot lot at the northwest corner of I-10 and U.S. Highway 99 in the western Houston suburb of Katy. The dealership houses an array of cars, trucks, vans and sport utility vehicles and also features kiosks on the sales floor. CarSquad built the facility but leased the land from Smithco. CBRE negotiated the ground lease.
WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.
HINESVILLE, GA. — Marcus & Millichap has brokered the $10.3 million sale of Hinesville Central, a 41,800-square-foot retail center located at 755 Oglethorpe Highway in Hinesville. The property is shadow-anchored by a Walmart Supercenter. Al Taf of Marcus & Millichap’s Atlanta office represented the seller, a 104-year-old private company based in Georgia, in the transaction. Brian Munn, also with Marcus & Millichap’s Atlanta office, procured the buyer, a private investor. Both parties requested anonymity. Hinesville Central’s tenant roster includes Hibbett Sporting Goods, Kay Jewelers, GameStop, Bath & Body Works, Shoe Show, Luxor Nails, Hong Kong Restaurant, 1st Franklin Financial Corp., High Life Tobacco and Vape, General Nutrition Corp., Surcheros, Polar Sweets and Golden Beauty Supply.
OMAHA, NEB. — Northmarq has arranged a $5.3 million loan for the refinancing of Clocktower Village in Omaha. The retail strip center spans 44,000 square feet and is located at 605 N. 98th St. John Reed of Northmarq arranged the fixed-rate loan, which features a 10-year term and a 25-year amortization schedule. A local credit union provided the loan.
WOODCLIFF LAKE, N.J. — Party City Holdco Inc. (NYSE: PRTY) has filed for Chapter 11 bankruptcy. The restructuring process is expected to substantially reduce the company’s debt and optimize its capital structure and liquidity. The company expects to complete the restructuring process in the second quarter of this year. Party City’s more than 800 stores will remain open during the bankruptcy process. The company says it will continue to advance its key initiatives underway, such as converting stores to next-generation prototypes, evolving Halloween City pop-up stores, building out its online shopping experience, establishing localized marketplaces and delivering more compelling assortments and innovation for customers. Party City and some of its domestic subsidiaries filed voluntary Chapter 11 petitions for relief in the U.S. Bankruptcy Court for the Southern District of Texas. The company’s subsidiaries outside of the U.S., its franchise stores and its Anagram foil balloon business are not part of the Chapter 11 proceedings. The Woodcliff Lake-based party-goods retailer has entered into an agreement with a group holding more than 70 percent of the company’s senior secured first lien notes to support an expedited restructuring. Party City has secured a $150 million commitment from the group in debtor-in-possession financing. Party …
Legal covenants often cause excessive property taxation for mall owners that are looking to redevelop. By Morris Ellison The repurposing of malls and anchor stores is a popular topic in community development circles, but legal restrictions make redevelopment extremely difficult. Often locked into their original use by covenants, malls and anchor stores are often grossly overvalued for property tax purposes. In pursuing a redevelopment, taxpayers should ensure the properties are fairly assessed and taxed. Debilitating obsolescence It is difficult to overstate the plight of malls and department store anchors. Gone are the halcyon days when the mall was everyone’s shopping destination. There is even a website, www.deadmalls.com, devoted to failed malls. Credit ratings of most anchor store operators have fallen below investment grade. Commentators usually blame the retail apocalypse on e-commerce and shifting consumer spending habits. COVID-19 exacerbated these trends and mall foot traffic has been slow to recover. Some chains, including Neiman Marcus and JCPenney, have filed bankruptcy. E-commerce volume surged in 2020 and 2021 before tapering in 2022. To date, e-commerce and brick-and-mortar sales have not yet reached an equilibrium. One in five American malls have fully closed and remain “zombies” without a redevelopment plan, estimates Green Street …
THE WOODLANDS, TEXAS — Dallas-based Kobalt Investment Co. has acquired Creekside Park Village Green, a 74,670-square-foot shopping center in The Woodlands, about 30 miles north of Houston. Built in 2014, the center was 88 percent leased at the time of sale to tenants such as Fielding’s Local, Crust Pizza, Levure Bakery & Patisserie, Club Pilates and Cyclebar. The seller and sales price were not disclosed.
DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.
EVERETT, WASH. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail building located at 1031 SE Everett Mall Way in Everett. An Orange County, Calif.-based private investor company sold the asset to a Seattle-based private investor for $2.8 million. Pacific Dental Services and Coldwell Banker occupy the two-tenant 3,816-square-foot building, which was built in 1975 and renovated in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell, represented the seller, while Michael Finch of CenturyPacific represented the buyer in the deal.
