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.
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.
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.
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.
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.
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.
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.
SOMERS POINT, N.J. — Target will open a 101,000-square-foot store at Somers Point Plaza, a 279,026-square-foot retail power center in Southern New Jersey. The Minneapolis-based retailer will backfill a space formerly occupied by Kmart. Richard Soloff of Soloff Realty & Development Inc. represented the landlord, Philadelphia-based Brahin Properties Inc., in the lease negotiations. Other tenants at Somers Point Plaza include CME Markets, PetSmart, West Marine, Big Lots, Verizon Wireless and Chipotle Mexican Grill.
MONTICELLO, MINN. — Upland Real Estate Group has brokered the $20 million sale of a 188,000-square-foot retail property occupied by Fleet Farm in Monticello, about 40 miles northwest of Minneapolis. The single-tenant, net-leased building is situated near I-94. Fleet Farm has 19 years remaining on its lease. The retailer operates 45 stores in five states and sells a variety of sports and outdoor equipment, appliances, automotive goods, apparel, hardware, tools and farm supplies. Keith Sturm, Deborah Vannelli, Amanda Leathers and Ed Engler of Upland brokered the sale. Buyer and seller information was not disclosed.
PFLUGERVILLE, TEXAS — Cowboys Fit, a concept that brings the fitness equipment and programs of the Dallas Cowboys to regular users, has opened a 57,000-square-foot facility in the northern Austin suburb of Pflugerville. The space is located at 1401 Town Center Drive and features a basketball court, indoor pool, outdoor training area and a childcare area. Members also have access to boutique-style fitness classes like yoga, spin, barre and circuit training.