OAKWOOD VILLAGE, OHIO — The Palomar Group has brokered the $3.3 million sale of Hawthorne Shops in Oakwood Village, a southern suburb of Cleveland. The 50,957-square-foot retail center, built in 1991, is shadow anchored by Sam’s Club. Palomar Group represented the seller, Dallas-based Tabani Group. New York-based Z.E.A. Capital Realty Holdings was the buyer.
TROY, MICH. — International franchise chain Jazzercise Fitness Co. has signed a five-year lease to open an 1,800-square-foot location at Troy Sports Center in Troy. The property is located at 1819 E. Big Beaver Road. Barry Landau of Dominion Real Estate Advisors represented both the tenant and the undisclosed landlord. Jazzercise, founded in 1969, operates 5,800 locations in 25 countries.
CHERRY HILL, N.J. — Federal Realty Investment Trust has signed leases with three new tenants at Ellisburg Shopping Center, a 260,000-square-foot retail destination located outside of Philadelphia in Cherry Hill. Wren Kitchen will open a 14,346-square-foot store and showroom this winter. Childcare franchise Adventure Kids Playcare will debut its 8,564-square-foot facility this fall, and fast casual eatery BurgerFi will open a 3,000-square-foot restaurant in early September. Other tenants at Ellisburg Shopping Center include Whole Foods Market, Buy Buy Baby and Restoration Hardware Outlet.
DEPTFORD AND TOMS RIVER, N.J. — New Jersey-based brokerage firm Jeffery Realty has negotiated two retail leases totaling 3,400 square feet in the Southern New Jersey communities of Deptford and Toms River. Shane Wierks and Alan Walker of Jeffery Realty represented the tenant, health supplements provider GNC, in both sets of lease negotiations. Joe Allegro, Giorgio Vasilis and Justin Goodman of Sitar represented the landlord in the Deptford deal. Shane Hart and Joe Dougherty of Metro Commercial represented the landlord in the Toms River deal.
HUNTINGTON PARK, CALIF. — Stan Johnson Co. has brokered the purchase of a freestanding retail property located at 5731 Bickett St. in Huntington Park, just southeast of downtown Los Angeles. A New York-based private investor acquired the asset for $48.7 million. Principal Life provided acquisition financing. Developer Shane Cos. is slated to complete the 56,000-square-foot building in January 2023. Target has leased the property under a long-term, triple-net lease. Situated on 4.1 acres, the site will feature a Starbucks Coffee, Tesla charging station and an urban-format Target. Jason Maier of Stan Johnson Co. represented the buyer, while Alvin Mansour of The Mansour Group at Marcus & Millichap represented the undisclosed seller in the transaction.
COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a restaurant property located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant, signed a 15-year, triple-net ground lease for the property. Construction is almost complete on the restaurant, which is slated to open at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of customers, drive growth and profitability, and improve its balance sheet and cash flows. “We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” says Sue Gove, director and interim CEO. Bed Bath & Beyond has retained national firm Russell Reynolds in its search for a permanent CEO. The retailer is also readjusting its inventory, bringing back popular national brands. The company will discontinue three of its nine private brands, including Haven, Wild Sage and Studio 3B. In its second fiscal quarter that ended Saturday, Aug. 27, Bed Bath & Beyond reported comparable sales decline of approximately 26 percent compared …
GERMANTOWN, TENN. — PEBB Enterprises has sold Germantown Village Square, a 199,142-square-foot mixed-use property located at 7670 Poplar Ave. in the Memphis suburb of Germantown. Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in its $35.5 million sale of the property to Hendon Properties LLC. Germantown Village Square includes 138,995 square feet of ground-floor retail space and 60,147 square feet of second-floor office space occupied primarily by West Clinic, a subsidiary of Baptist Memorial Health Services. Built in 1975 and renovated in 2000, the center was 90 percent leased at the time of sale to tenants including T.J. Maxx, DSW, Ulta Beauty, Old Navy and Five Below.
MOUNT PROSPECT, ILL. — RPT Realty has sold Mount Prospect Plaza, a 227,690-square-foot shopping center in the Chicago suburb of Mount Prospect. LBX Investments LLC purchased the grocery-anchored asset for an undisclosed price. Tenants include Aldi, Marshalls, Burlington, Ross Dress for Less and LA Fitness. Walmart shadow anchors the property. George Good and Christian Williams led a CBRE team that represented RPT Realty.
CHICAGO — Marcus & Millichap has negotiated the sale of a 6,000-square-foot retail property net leased to Just Tires in Chicago for $4.2 million. The asset is located at 4809 N. Broadway St. in the Uptown neighborhood. Nicholas Kanich of Marcus & Millichap brokered the transaction between the Chicago-based seller and Delaware-based buyer.
