Retail

CBRE, NewMark Merrill Sign Tenants to 96,000 SF Rialto Village Retail Development in California

by Jeff Shaw April 24, 2023

RIALTO, CALIF. — CBRE and NewMark Merrill Cos. have completed the preleasing of Rialto Village, a 96,000-square-foot shopping center currently under construction in the Inland Empire city of Rialto. Everytable will occupy the final, 1,400-square-foot space at the development, which the companies broke ground on in August of last year. Other tenants include Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental. Brian McDonald, Walter Pagel and Hannah Curran of CBRE and Greg Giacopuzzi of NewMark Merrill led leasing efforts for the property.

April 24, 2023

Acquisitions Iowa Midwest Nebraska North Dakota Restaurant Retail Wisconsin

Marcus & Millichap Brokers $35.1M Sale of Midwest Arby’s Portfolio

by Kristin Harlow April 24, 2023

IOWA, MONTANA, NORTH DAKOTA, NEBRASKA AND WISCONSIN — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.

April 24, 2023

Leasing Activity Midwest Minnesota Retail

Riddle’s Jewelry to Open New Store at Eden Prairie Center in Suburban Minneapolis

by Kristin Harlow April 24, 2023

EDEN PRAIRIE, MINN. — Riddle’s Jewelry has signed a 1,732-square-foot lease to open a new store at Eden Prairie Center in the Twin Cities suburb of Eden Prairie. Opened in 1976, Eden Prairie Center totals 1.4 million square feet and features more than 100 shops and restaurants. Slated to open in May, Riddle’s Jewelry will occupy space on the upper level near the center court. In addition to the company’s U.S.-made jewelry, the Eden Prairie Center location will also feature a Pandora counter that will open at a later date. Riddle’s Jewelry is a family-owned and operated company with locations across nine states.

April 24, 2023

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Taylor Williams April 24, 2023

UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …

April 24, 2023

Leasing Activity Restaurant Retail Texas

LEVCOR Signs Four Tenants to Retail Leases at Post Oak Plaza in Houston

by Taylor Williams April 21, 2023

HOUSTON —Locally based developer LEVCOR has signed four new tenants to leases at Post Oak Plaza, a shopping center in Houston. Restaurants Rakkan Ramen and Tacodeli will occupy 1,856 and 2,833 square feet, respectively. Additionally, Kohler will open a 4,038-square-foot kitchen and bath showroom, and Bassett Furniture has committed to 9,597 square feet. Previously announced tenants that are also scheduled to open this year include Nando’s Peri Peri, Balboa Surf Club and Bosch/Thermador/Gaggenau.

April 21, 2023

Acquisitions Loans Midwest Ohio Retail

Eastern Union Arranges $10.9M in Acquisition Financing for Two Shopping Centers in Metro Cleveland

by Kristin Harlow April 21, 2023

MENTOR, OHIO — Eastern Union has arranged $10.9 million in acquisition financing for two neighborhood shopping centers in the Cleveland suburb of Mentor. The properties include the 232,386-square-foot Erie Commons and the 80,480-square-foot Great Lakes Plaza. Marc Tropp of Eastern Union arranged the loan on behalf of the borrower, Baltimore-based America’s Realty LLC. First Bank provided the loan, which features a loan-to-value ratio of 75 percent. The overall purchase price was $14.6 million. With this acquisition, the holdings of America’s Realty in the state of Ohio amount to 18 retail centers totaling 3.4 million square feet.

April 21, 2023

Loans New York Northeast Retail

Northmarq Arranges $22M Loan for Refinancing of Staten Island Shopping Center

by Taylor Williams April 21, 2023

NEW YORK CITY — Northmarq has arranged a $22 million loan for the refinancing of Village Greens Shopping Center, a 75,697-square-foot retail property in Staten Island’s Arden Heights neighborhood. Grocer Key Food anchors the center, which was originally built in 1989, and other tenants include CVS Pharmacy and JP Morgan Chase Bank. Robert Delitsky and Dylan Hamer of Northmarq arranged the fixed-rate loan through insurance giant Nationwide on behalf of the undisclosed borrower.

April 21, 2023

Development Florida Multifamily Restaurant Retail Southeast Top Stories

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Illinois Leasing Activity Midwest Retail

Steinhafels Signs 70,737 SF Retail Lease in Schaumburg, Illinois

by Kristin Harlow April 20, 2023

SCHAUMBURG, ILL. — Steinhafels, a Milwaukee-based furniture and mattress retailer, has signed a 70,737-square-foot retail lease at 915 E. Golf Road in the Chicago suburb of Schaumburg. Steinhafels will occupy space formerly home to Bed Bath & Beyond. Joe Parrott and Sean McCourt of CBRE represented building ownership, Necessity Retail REIT. Steinhafels currently operates three stores in Chicagoland and 14 overall.

April 20, 2023

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