Retail

Gantry Arranges $38M Loan for Rodeo Drive Retail Property in Beverly Hills

by Amy Works March 4, 2022

BEVERLY HILLS, CALIF. — Gantry has secured $38 million in financing for the fee-simple interest in a parcel located at the corner of Rodeo Drive and Brighton Way in the Golden Triangle neighborhood of Beverly Hills. The fee-simple parcel is subject to a long-term ground lease with improvements consisting of an 18,380-square-foot high-street retail structure, which is occupied by Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.

March 4, 2022

Acquisitions Colorado Restaurant Retail Western

Monfort Cos. Sells Retail Property in Denver’s LoDo Neighborhood for $24M

by Amy Works March 3, 2022

DENVER — Monfort Cos. has completed the sale of 1946 Market Street, a retail building located in Denver’s LoDo neighborhood. Jim Blumenthal, a local real estate investor, acquired the asset for $24 million. Monfort Cos. and Riot Hospitality Group will continue to lease and operate Dierks Bentley’s Whiskey Row, which recently opened in the 22,000-square-foot property following a renovation of the original building, including a 6,000-square-foot addition. Whiskey Row opened in New Year’s Eve.

March 3, 2022

California Loans Office Retail Western

PSRS Arranges $30M in Financing for Office/Retail Property in Encinitas, California

by Amy Works March 3, 2022

ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.

March 3, 2022

Acquisitions Florida Georgia Retail Southeast

Retailers Merge: Aaron’s to Acquire BrandsMart USA for $230M

by Julia Sanders March 3, 2022

ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million. Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022. Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments. BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.

March 3, 2022

Florida Leasing Activity Retail Southeast

SJC Ventures Signs Whole Foods to Anchor Boynton Beach Marketplace in South Florida

by Julia Sanders March 3, 2022

BOYNTON BEACH, FLA. — Atlanta-based SJC Ventures has signed a new lease with Whole Foods Market at Boynton Beach Marketplace, a 69,204-square-foot shopping center underway in Boynton Beach. Located at 7499 W Boynton Beach Blvd., Boynton Beach Marketplace is expected to house sit-down restaurants, fast-casual eateries, service establishments and boutique fitness options. The property is 11.4 miles away from Delray Beach and 15.1 miles from Boca Raton.

March 3, 2022

Georgia Leasing Activity Retail Southeast

Bealls Outlet Signs 17,000 SF Lease at Shopping Center in Northeast Georgia

by Julia Sanders March 3, 2022

ELBERTON, GA. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Atlanta-based Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in August. Other tenants at the property include Cricket Wireless, LA Nails and World Finance. Located at 709 Elbert St., the property is prominently situated along the main traffic artery in the city of Elbert. The property is also near retailers and restaurants including Cobo Auto Sales, Elberton Animal Hospital, Dunkin’, Taco Bell, Woodson Florist & Vintages and Dollar General.

March 3, 2022

Acquisitions Midwest Ohio Retail

Mid-America Brokers Sale of 116,707 SF Shopping Center in Columbus

by Kristin Harlow March 3, 2022

COLUMBUS, OHIO — Mid-America Real Estate Corp. has brokered the sale of Market at Stelzer in Columbus for an undisclosed price. Giant Eagle anchors the 116,707-square-foot shopping center. Other tenants include Subway, Wingstop, WellNow Hometown Urgent Care, El Rodeo Mexican restaurant, The UPS Store and Marco’s Pizza. Joe Girardi and Emily Gadomski of Mid-America, along with Andrew Montooth of Newmark, represented the seller, Continental Real Estate Cos. The asset sold to a private buyer.

March 3, 2022

Kansas Leasing Activity Midwest Retail

Topcoat Nail Bar Opens 2,000 SF Nail Salon in Lenexa City Center

by Kristin Harlow March 3, 2022

LENEXA, KAN. — Topcoat Nail Bar has opened at The District at Lenexa City Center in Kansas. Topcoat’s new space spans 2,000 square feet and is located on the south side of City Center Drive. Topcoat provides a full suite of nail and waxing services. Erin Johnston of Copaken Brooks represented ownership on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa; nearly 1 million square feet of office and retail space; and 375 residential units.

March 3, 2022

Acquisitions Massachusetts Northeast Retail

Linear Retail Acquires Two Buildings Totaling 17,000 SF in Wellesley, Massachusetts

by Taylor Williams March 3, 2022

WELLESLEY, MASS. — Linear Retail Properties LLC has acquired two buildings totaling 17,000 square feet in Wellesley, located west of Boston in Norfolk County, for a combined price of $12.2 million. The two-story building at 25-35 Central St. houses 8,500 square feet of retail space that is leased to Footstock, Laurel Grove, Marika’s Salon, Skinscapes and Winston Flowers, as well as 2,500 square feet of residential space. The building at 53-61 Central St. spans 6,000 square feet of retail space that is leased to Cocobeet, Eileen Fisher, Lacrosse Unlimited, O’Neil Jewelers and Wellesley Toy Shop. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed sellers in the transactions.

March 3, 2022

Acquisitions Company News Northeast Retail Southeast Top Stories

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2B

by Katie Sloan March 3, 2022

MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers. In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …

March 3, 2022

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