Retail

CBRE|Triad Brokers Land Sale in Kernersville for Planned Lightning McClean Car Wash

by Alex Tostado April 15, 2020

KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.

April 15, 2020

Acquisitions Oregon Retail Western

Neville & Butler Commercial Negotiates Sale of 47,000 SF Former Toys R Us in Salem, Oregon

by Amy Works April 15, 2020

SALEM, ORE. — Neville & Butler Commercial Real Estate has brokered the sale of a retail building located in Salem. Raider Hill Advisors sold the asset for an undisclosed price. Located at 1200 Lancaster Drive NE, the former Toys R Us property features 47,000 square feet of retail space. Steven Neville and Natalie Butler of Neville & Butler Commercial Real Estate represented the seller in the deal. The name of the buyer was not released.

April 15, 2020

California Company News Retail Western

Jean Retailer True Religion Files for Chapter 11 Bankruptcy Amid Pandemic-Related Retail Closures

by Amy Works April 14, 2020

MANHATTAN BEACH, CALIF. — True Religion, a premium jeans retailer based in Manhattan Beach, filed papers in Delaware bankruptcy court on Monday, April 13. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and retail industry generally, [True Religion] simply could not afford to do so,” according to the filing. The company, which was founded in 2002, stated in its bankruptcy filings that it has just north of 1,000 employees, 92 percent of them currently furloughed. The Chapter 11 petition listed between $100 million and $500 million in liabilities.

April 14, 2020

Company News Florida Georgia North Carolina Retail Southeast Tennessee Virginia

A&G Negotiates Sale of Leasehold Interest in 10 Former Earth Fare Grocery Stores in Five States

by Alex Tostado April 14, 2020

MELVILLE, N.Y. — A&G Real Estate Partners has negotiated the sale of the leasehold interest in 10 grocery stores previously occupied by organic specialty grocery chain Earth Fare. The grocer filed for Chapter 11 bankruptcy reorganization in early February and the final leasehold sale closed Friday, April 10. The 10 stores averaged 26,000 square feet. Southeastern Grocers’ Winn-Dixie chain acquired four stores in Boynton Beach, Jacksonville, Lakewood Ranch and Viera, Fla. Austin, Texas-based Whole Foods Markets acquired two stores in south Asheville, N.C., and Chattanooga, Tenn, and Aldi acquired one store in Tallahassee, Fla. An investor group that includes one of Earth Fare’s founders and several of the chain’s former executives acquired three stores, which are located in Athens, Ga.; Roanoke, Va.; and Asheville. The group also acquired Earth Fare’s trade name and other intellectual property. Joseph McKeska led an A&G team that represented Earth Fare in the transactions. The sales contributed a total of more than $6 million to the estate of Earth Fare. A&G, an asset disposition advisory firm based in Melville, also negotiated the lease terminations of nine Earth Fare locations. The agreements with landlords were in Gainesville, Ocala and Palm Beach Gardens, Fla.; Columbia and Rock Hill, S.C.; …

April 14, 2020

Company News Retail Texas

Cinemark Theatres to Sell $250M in Senior Debt

by Taylor Williams April 14, 2020

PLANO, TEXAS — Cinemark Theatres (NYSE: CNK), an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement on Monday. The offering on senior secured notes that are due in 2025 is expected to close on April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark is laying off 17,500 hourly employees and furloughing about half its corporate staff. As of September 2019, Cinemark operated 344 theaters totaling 4,630 screens in 41 U.S. states. Movie theaters were among the first categories of retailers to close their doors in response to the outbreak of COVID-19.

April 14, 2020

Acquisitions Retail Texas

STRIVE Arranges Sale of 15,064 SF Stonebrook Square Retail Strip Center in Frisco

by Taylor Williams April 14, 2020

FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.

April 14, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado April 14, 2020

LILBURN, GA. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch Properties LLC purchased the asset for an undisclosed amount.

April 14, 2020

Acquisitions Indiana Midwest Restaurant Retail

Hanley Investment Group Brokers $2.4M Sale of Burger King Ground Lease in Suburban Indianapolis

by Kristin Harlow April 14, 2020

WESTFIELD, IND. — Hanley Investment Group Real Estate Advisors has brokered the sale of a Burger King ground lease in suburban Indianapolis for $2.4 million. The newly constructed, 3,245-square-foot building is located at 819 East State Road 32 in the northern suburb of Westfield. The property sits on 1.3 acres and is part of the larger Monon Crossing retail development. Burger King is scheduled to open this month. Franchisee Carrols Restaurant Group will operate the restaurant. Dylan Mallory of Hanley represented the seller and developer, Midland Atlantic Properties. Ryan Chakroff of Marcus & Millichap represented the buyer, a Denver-based private investor. The sales price represents a cap rate of 5 percent, the lowest cap rate for a single-tenant Burger King in the state of Indiana, according to Hanley.

April 14, 2020

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9M Sale of Walgreens-Occupied Retail Property in Lowell, Massachusetts

by Alex Patton April 13, 2020

LOWELL, MASS. — Marcus & Millichap has brokered the $9 million sale of a retail property in Lowell, located approximately 25 miles northwest of Boston. The 14,820-square-foot property was fully leased to Walgreens at the time of sale. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the seller, a West Coast-based private investor. Adam Friedlander of Marcus & Millichap represented the buyer, a New York City-based private investor.

April 13, 2020

Leasing Activity Retail Texas

Security National Bank of Texas to Open 4,146 SF Branch at The Union Dallas

by Taylor Williams April 13, 2020

DALLAS — Security National Bank of Texas will open a 4,146-square-foot branch at 2300 N. Field St. to become the exclusive banking center of The Union Dallas, a mixed-use destination by RED Development. Services will include personal, business and private banking, treasury management, trust services, investment management and mortgages. The opening is slated for some time this spring.

April 13, 2020

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