PENSACOLA, FLA. — Cullinan Properties has acquired Tradewinds Shopping Center, a retail center located in Pensacola, for $25 million. Totaling 178,000 square feet, the property was 95 percent leased at the time of sale to tenants including T.J. Maxx/HomeGoods, Jo-Ann Fabrics and Shoe Station. The seller was not disclosed.
WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement compared with the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines the holiday season as Nov. 1 through Dec. 31, 2022. “We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” says Jack Kleinhenz, NRF’s chief economist. “The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.” According to the Washington, D.C.-based organization, retail sales were down 0.6 percent in December relative to November, but up 5 percent year-over-year. Overall growth for the year met NRF’s forecast, reaching 7 percent. On Wednesday, the United States Department of Commerce reported that retail sales, including automobile, …
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property, which is located at 3422 Freedom Drive. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc. Buyer information was not provided.
PINOLE, CALIF. — Balboa Retail Partners has purchased Pinole Square, a community shopping center at 1201-1577 Tara Hills Drive in Pinole. A private family sold the asset for an undisclosed price. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years.
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 …
