Retail

SRS Real Estate Partners Negotiates $5.3M Sale of Harbor Pacific Court Retail Center in Costa Mesa

by Amy Works March 25, 2020

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the sale of the Harbor Pacific Court, a multi-tenant retail center located in Costa Mesa. A Los Angeles-based private investor sold the property to an Orange County, Calif.-based private investor for $5.3 million, or $454.50 per square foot, in an all-cash transaction. Located at 2346 Newport Blvd., the property features 11,771 square feet of retail space. At the time of sale, the property was 91 percent occupied by eight tenants, including Circle K as the anchor. Michael Walseth of SRS’ National Net Lease Group represented the seller and buyer in the deal.

March 25, 2020

Development Multifamily Retail Seniors Housing Utah Western

Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah

by Amy Works March 25, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.

March 25, 2020

Midwest Ohio Retail

Washington Prime Group to Temporarily Shutter Enclosed Retail Assets

by Kristin Harlow March 25, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has temporarily closed its enclosed retail assets that feature an indoor common area in order to help contain the spread of coronavirus. The measure took effect on Monday and will end on March 29 or at a date in compliance with applicable federal, local or state mandates. In the Midwest, these affected assets include Lincolnwood Town Center and Northwoods Mall in Illinois; Markland Mall and Muncie Mall in Indiana; Lindale Mall and Southern Hills Mall in Iowa; Maplewood Mall and Northtown Mall in Minnesota; and Dayton Mall, Great Lakes Mall, Indian Mound Mall, Lima Mall, New Towne Mall, Polaris Fashion Place, Southern Park Mall and The Mall at Fairfield Commons in Ohio. Exceptions for enclosed centers include exterior-facing restaurants with carryout and delivery services and other tenants that have exterior-facing entrances and may remain open for offering essential goods. In addition, Washington Prime anticipates that a portion of its open-air centers, which represent approximately 40 percent of total net operating income, will remain open to continue offering essential goods and services to the extent permitted by law. The company has also offered to applicable governmental agencies all of its open-air and …

March 25, 2020

Acquisitions Illinois Midwest Restaurant Retail

Stan Johnson Co. Brokers Sale of Property Net Leased to Andy’s Frozen Custard in Suburban Chicago

by Kristin Harlow March 25, 2020

GLEN ELLYN, ILL. — Stan Johnson Co. has brokered the sale of a single-tenant retail property net leased to Andy’s Frozen Custard in Glen Ellyn, a western suburb of Chicago. Although the sales price was undisclosed, the property was listed at $2.75 million. Constructed in 2019, the 1,255-square-foot building is located at 415 Roosevelt Road. Mack Wolfgram, Tom Fritz, Brandon Duff and Matt Spangenberg of Stan Johnson represented the seller, Illinois-based LM Commercial Real Estate. A New York-based private investor purchased the asset in a 1031 tax-deferred exchange.

March 25, 2020

Michigan Midwest Retail

Detroit’s Bedrock to Offer Rent Forgiveness for Restaurants, Small Businesses in Wake of COVID-19

by Kristin Harlow March 24, 2020

DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, comes as businesses across the state temporarily suspend in-person operations unless they are deemed essential. Michigan Gov. Gretchen Whitmer issued a “Stay Home, Stay Safe” executive order on Monday in response to the coronavirus outbreak. The order will be in effect through April 13. Bedrock recognizes that many of its small restaurant and retail tenants have taken a big hit financially due to lost business during the crisis and want to enable these tenants to use their resources to pay bills and meet payroll commitments. Qualification as a small business is based on criteria established using industry and governmental standards.

March 24, 2020

Midwest Retail Wisconsin

All Duluth Trading Stores to Temporarily Close

by Kristin Harlow March 24, 2020

MOUNT HOREB, WIS. — As a result of the COVID-19 pandemic, Duluth Holdings Inc. has temporarily closed all of its stores nationwide. There are more than 60 locations of Duluth Trading Co. The company did not disclose a timeline for when the stores will reopen. The Wisconsin-based retailer of casual wear and workwear will support sales associates with two weeks of pay. Approximately 50 percent of Duluth Trading’s sales are generated through its website and shipped directly to customers from its distribution centers. The company plans to keep these facilities open with “heightened concern for employee health and safety.”

March 24, 2020

Santa-Monica-La-Cienega-Blvds-Los-Angeles-CA

California Development Mixed-Use Retail Western

CBRE Brokers $22.5M Sale of Development Site in West Hollywood

by Amy Works March 24, 2020

LOS ANGELES — CBRE has arranged the sale of a 30,146-square-foot development site, located at the intersection of Santa Monica and La Cienega boulevards in the West Hollywood area of Los Angeles. A Los Angeles-based real estate development firm acquired the asset from a private family for $22.5 million. The property currently features three commercial structures on several parcels. The asset is zoned for an array of uses, including mixed-use, multifamily, hotel and other commercial functions. Matthew Greenberg, Alex Kozakov and Pat Wade of CBRE represented the seller, while Chris Tresp, also of CBRE, represented the buyer in the deal.

March 24, 2020

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Marcus & Millichap Negotiates $6.2M Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Amy Works March 24, 2020

SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.

March 24, 2020

Acquisitions Multifamily New Jersey Northeast Retail

JLL Arranges $29.6M Sale of Residential, Retail Property in Metuchen, New Jersey

by Alex Patton March 24, 2020

METUCHEN, N.J. — JLL has arranged the $29.6 million sale of The Hub at Metuchen, a Class A residential and retail property located southwest of New York City. Located at 656-660 Middlesex Ave., the property includes 79 apartment units and 11,203 square feet of retail space. Residential amenities include a fitness center and a resident lounge. Jose Cruz, Steve Simonelli and Michael Oliver led a JLL team that represented the seller, Renaissance Properties. A private buyer purchased the asset.

March 24, 2020

Company News Retail Texas

Studio Movie Grill Temporarily Closes All Venues

by Taylor Williams March 23, 2020

DALLAS — Texas-based entertainment concept Studio Movie Grill will temporarily close all locations nationwide in an effort to combat the spread of COVID-19. The company, which has 14 venues in Texas, said it would refund pre-purchased ticket sales and suspend billing on all subscription plans until its theaters have fully reopened. The company also pledged to actively maintain health insurance benefits for employees and to create a fund to support team members’ in dire financial circumstances.

March 23, 2020

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