Retail

Invesco Completes Phase I Redevelopment of Former LA Times Facility in Orange County

by Amy Works November 17, 2020

COSTA MESA, CALIF. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved outdoor space, as well as accessibility to John Wayne Airport and the residential markets of Newport Beach and Irvine. Jay Nugent and George Thomson of Newmark are handling office leasing for the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are serving as leasing agents for the retail portion of the asset.

November 17, 2020

Loans Multifamily Oregon Retail Western

McBride Capital Secures $7.8M Bridge Refinancing for Mixed-Use Property in Portland

by Amy Works November 17, 2020

PORTLAND, ORE. — McBride Capital has secured $7.8 million in bridge debt for the refinancing of Kaya Camilla, a mixed-use property located in Portland’s Overlook neighborhood. The property features 36 residential units and 4,000 square feet of ground-floor retail space. The two-year loan refinanced the construction debt and provided additional loan proceeds for tenant improvements and leasing commissions. Danny Natsch of McBride Capital placed the loan on behalf of the undisclosed borrower with a national bridge lender.

November 17, 2020

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $6.2M Sale of Shell Gas Station, Circle K Property in Southern California

by Amy Works November 17, 2020

BLOOMINGTON, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2128 S. Riverside Ave. in Bloomington. Shell Gas Station and Circle K Convenience Store occupy the property, which was built in 2001. A Corona-based private investor sold the property to a Riverside County-based private investor for $6.2 million. The acquisition included both the business and the real estate. The buyer operates multiple ARCO gas stations throughout California. The asset features a Shell Gas Station offering eight dispensers with 20 fueling positions and a 2,900-square-foot Circle K featuring a variety of groceries, including snacks, to-go fresh food and beverages. Victor Buendia of Progressive Real Estate Partners represented the seller, while Mahlon Tobias of Tobias Commercial represented the buyer in the deal.

November 17, 2020

Company News Retail Texas

Apparel, Accessories Retailer Francesca’s to Close 140 Stores, May Pursue Bankruptcy

by Taylor Williams November 17, 2020

HOUSTON — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Monday. According to The Wall Street Journal, the 140 shuttered stores represent about 20 percent of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share on Tuesday, Nov. 17, down from $15.91 per share a year ago.

November 17, 2020

Midwest Retail Wisconsin

Kohl’s Reports 13.3 Percent Decline in Quarterly Net Sales

by Kristin Harlow November 17, 2020

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported that comparable sales decreased 13.3 percent in its third quarter, which ended Oct. 31, compared with the same period a year ago. That said, third-quarter sales and earnings exceeded company expectations, according to a news release. Shoppers are spending less on apparel during the pandemic, but Kohl’s says that its digital sales growth remains strong. The Menomonee Falls-based retailer says it has entered the holiday season with more omnichannel conveniences in place for its customers. Kohl’s stock price closed at $26.18 per share on Monday, Nov. 16, down from $58.40 per share one year ago. The retailer operates roughly 1,150 stores nationwide.

November 17, 2020

Acquisitions Indiana Midwest Retail

Thompson Thrift Retail Group Sells Fully Leased Center Near Indianapolis for $3M

by Kristin Harlow November 17, 2020

AVON, IND. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold Rockville Pointe in Avon near Indianapolis for $3 million. The 10,500-square-foot retail center is fully leased to Tropical Smoothie Café, The Good Feet Store, Spectrum, Papa Murphy’s and Family Allergy & Asthma. TTRG has owned the property since completing construction in 2009. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. C.F. Rockville LLC, a private investor from Bloomington, purchased the asset.

November 17, 2020

Leasing Activity Michigan Midwest Retail

Shopping Center in Sterling Heights, Michigan Reaches Full Occupancy with New Lease from Hanna’s Market

by Kristin Harlow November 17, 2020

STERLING HEIGHTS, MICH. — Brookside Village in Sterling Heights is now fully leased. Hanna’s Market signed a lease for the final 10,220-square-foot space at the Planet Fitness-anchored shopping center located about 25 miles north of Detroit. Hanna’s Market, which offers bakery items and fresh produce, plans to open in early 2021. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Earlier this year, Gerdom represented the landlord in leases with Rehab Without Walls and Luma’s Fashion at the property.

November 17, 2020

Acquisitions NAI Retail Texas

NAI Partners Acquires 22,606 SF Blanco Crossing Shopping Center in San Antonio

by Taylor Williams November 17, 2020

SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has acquired Blanco Crossing, a 22,606-square-foot shopping center in north-central San Antonio. The property was 84 percent leased at the time of sale to tenants such as Sake Café, The Mailing Spot, Kennedy’s Public House and KC Pet Products. Andrew Pappas and Adam Hawkins of the Partners Capital team worked with Philip Levy and Jack Newman of Marcus & Millichap to close the deal. Veritex Bank provided acquisition financing. Partners Capital targets commercial real estate properties in Texas in the $5 million to $30 million range.

November 17, 2020

Loans New York Northeast Office Retail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams November 17, 2020

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

November 17, 2020

Leasing Activity New Jersey Northeast Retail

Newmark Arranges $34M Sale of Retail Property Leased to Home Depot in Paterson, New Jersey

by Taylor Williams November 17, 2020

PATERSON, N.J. — Newmark has arranged the $34 million sale of a 120,000-square-foot retail building leased to Home Depot in the Northern New Jersey city of Paterson. The property is situated on 10 acres at 75 McLean Blvd. Matt Berres, Samer Khalil and Steven Schultz of Newmark represented the seller, a private family office, in the transaction. The name and representative of the institutional buyer were not disclosed.

November 17, 2020

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