Retail

Bridal Boutique to Open at City Center Lenexa in Kansas

by Kristin Harlow June 25, 2020

LENEXA, KAN. — The One Bridal will open at City Center Lenexa in Kansas beginning late this summer. The boutique will occupy 5,012 square feet on the ground floor of Penn III at The District. The One will offer one of the largest selections of bridal designers in metro Kansas City, as well as in-house alterations, complimentary dress storage and steaming, custom dress design, private bridal suites and a separate area for bridesmaid, mother of the bride and flower girl dresses. Prior to opening, the boutique will offer virtual bridal appointments. Ashley Jones is the owner of The One. Erin Johnston of Copaken Brooks represented the landlord, Copaken Brooks, in the lease transaction. When fully developed, City Center Lenexa will consist of more than 2 million square feet, including nearly 1 million square feet of office and retail space.

June 25, 2020

Northeast Pennsylvania Retail

Penn National Gaming Reopens 73 Percent of Casino Properties Across National Portfolio

by Alex Patton June 24, 2020

WYOMISSING, PA. — Penn National Gaming, a Pennsylvania-based casino owner and operator, has reopened 73 percent of its casino properties across its national portfolio. The company closed all 41 of its casino properties across 19 states following the COVID-19 outbreak. The company has implemented property-specific safety practices based on the various state laws, including social distancing and the requisition of masks in some venues. In February 2020, the company acquired a 36 percent interest in online sports and entertainment platform Barstool Sports for $163 million. The acquisition introduced an omni-channel approach to the business, including mobile casinos and online retail. The company’s stock price closed at $33.97 per share on June 23, compared with $18.85 per share at the same time last year.

June 24, 2020

Acquisitions Georgia Retail Southeast

CIM Group Sells Retail Property in Loganville, Georgia for $15.6M

by Alex Tostado June 24, 2020

LOGANVILLE, GA. — CIM Group has sold North Logan Commons, a 175,969-square-foot retail property in Loganville, for $15.6 million. The asset was 83 percent leased at the time of sale to tenants including anchors TJ Maxx, Dick’s Sporting Goods, OfficeMax and PetSmart. Co-tenants include Five Guys Burgers & Fries, Anytime Fitness and Sally Beauty. North Logan Commons is situated at 4022 Atlanta Highway, 37 miles east of downtown Atlanta. Fred Victor of Transwestern represented the Los Angeles-based seller in the transaction. New York City-based Big V Group acquired the property.

June 24, 2020

Company News Retail Texas

J.C. Penney to Close 13 Additional Stores As Chapter 11 Bankruptcy Continues

by Taylor Williams June 24, 2020

PLANO, TEXAS — J.C. Penney Co. has revealed the locations of 13 additional stores it will permanently close, including seven in Michigan, as part of its Chapter 11 bankruptcy filing. The Plano-based retailer says the other six locations set to close include two in Washington state, two in New York, one in California and one in Maryland. J.C. Penney filed for Chapter 11 protection on May 15 and unveiled a list of 154 stores in late May that were set to close. Multiple news outlets report that going-out-of-business sales at the 13 locations are expected to begin on or around July 3. According to The Wall Street Journal, mall owner Simon Property Group is teaming up with shopping center owner Brookfield Property Partners to explore the possibility of acquiring J.C. Penney Co. According to Business Insider, the 13 stores closing include: 201 S. Washington St, Owosso, Michigan; 125 S. Michigan Ave, Big Rapids, Michigan; Bay City Town Center, 4129 E Wilder Road, Bay City, Michigan; Greenville West Mall, 300 Greenville W. Drive, Greenville, Michigan; Meridian Mall, 1982 W. Grand River Ave., Okemos, Michigan; Mt. Pleasant Shopping Center, 2231 S. Mission Road, Mt Pleasant, Michigan; Northtown Village, 1680 Wright Ave., Alma, Michigan; …

June 24, 2020

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Brokers $7.9M Sale-Leaseback of Gas Station Portfolio in Minnesota

by Kristin Harlow June 24, 2020

MINNESOTA — Marcus & Millichap has brokered the sale-leaseback of a six-property gas station portfolio in Minnesota for $7.9 million. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller. The properties, which were recently converted from Murphy USA to BP, all serve as outparcels to Walmart supercenters throughout the state.

June 24, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Negotiates $1.6M Sale of Property Net Leased to BMO Harris Bank in Wisconsin

by Kristin Harlow June 24, 2020

SUPERIOR, WIS. — The Boulder Group has arranged the $1.6 million sale of a 4,566-square-foot property net leased to BMO Harris Bank in Superior in northwest Wisconsin. The single-tenant building is located at 1425 Tower Ave. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based investor. The buyer, a private investor, completed a 1031 tax-deferred exchange. There are 13 years remaining on BMO’s lease.

June 24, 2020

Northeast Pennsylvania Retail Top Stories

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 Stores

by Kristin Harlow June 24, 2020

PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy to close underperforming stores, while investing further in alternatives to in-store sales, such as e-commerce. With the Chapter 11 filing, GNC expects to accelerate the closure of 800 to 1,200 stores. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Additionally, GNC has reached an agreement with its lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC’s largest shareholders, for the sale of the company’s business. The sale transaction has a $760 million purchase price and “would be executed through a court-supervised auction process at which higher and better bids may be presented.” The company expects to either complete the sale or the bankruptcy process this fall. GNC’s largest vendor and a joint venture partner, IVC, is working with the company to ensure a continued supply of products. Looking ahead, …

June 24, 2020

Northeast Pennsylvania Retail

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Patton June 23, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.

June 23, 2020

Acquisitions California Retail Western

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Acquisitions Midwest Minnesota Retail

Upland Brokers $2.7M Sale of Property Occupied by Big O Tires in West St. Paul

by Kristin Harlow June 23, 2020

WEST ST. PAUL, MINN. — Upland Real Estate Group Inc. has brokered the sale of a retail property occupied by Big O Tires in West St. Paul for $2.7 million. Constructed in 2001, the 7,554-square-foot building is located at 1973 S. Robert St. Buyer and seller information was not disclosed. West St. Paul is a first-ring suburb of St. Paul. There are more than 450 independently owned and operated Big O Tires locations in 23 states.

June 23, 2020

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