PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.
SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …
TALLAHASSEE, FLA. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate Development Florida LLC, which is affiliated with an investment firm based in California, acquired the asset.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Strawberry Plaza, a 13,753-square-foot retail center located in the eastern Houston suburb of Pasadena. The asset was listed for $1.7 million. Riley Sharman of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
HARTFORD, CONN. — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $15.2 million permanent refinancing loan for Charter Oak Marketplace, a 309,800-square-foot shopping center located in Hartford. An undisclosed direct lender provided the seven-year, nonrecourse loan, which features a fixed interest rate of 3.5 percent. Walmart anchors the shopping center along with tenants including Marshall’s and Dollar Tree, as well as several restaurants. The borrower was Paramount Realty. Morris Dweck of ABS Altman Warwick originated the loan.
EVERGREEN PARK, ILL. — Valore Ventures has sold Evergreen Park Towne Center in Evergreen Park, about 15 miles south of Chicago. The sales price was undisclosed. The 7,784-square-foot retail property is located at 8730 S. Kedzie Ave. It is fully leased to tenants such as Boost Mobile and Edible Arrangements. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Valore in the sale. The buyer was undisclosed.
WEST HOLLYWOOD, CALIF. — Kidder Mathews has facilitated the sale of a high-street retail property located at 8532 Melrose Ave. in West Hollywood. Blatteis & Schnur, a Century City, Calif.-based real estate investor, acquired the property from a New York-based investor for $20.5 million. Situated in a top-tier commercial corridor of Los Angeles, the building features 4,946 square feet of retail space. The current tenant is Lululemon Athletica. Imperial Capital represented the buyer, while Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the transaction.
GILBERT, ARIZ. — CBRE has arranged the sale of a single-tenant retail ground lease at 6278 S. Higley Road in Gilbert. Arizona-based STF Retail Partners 1 sold the asset to Honggie Kim, a California-based private investor, for an undisclosed price. AutoZone occupies the 7,370-square-foot building, which is located within Chandler Heights Village shopping center. Joe Compagno of CBRE’s Net Lease Property Group in Phoenix represented the seller and buyer in the deal.
FLORENCE, KY. — The Cotsworld Group has acquired Turfway Plaza, a 134,000-square-foot retail center in Florence. At the time of sale, the property was 96 percent leased to tenants including Big Lots, Party Town, Office Depot, Rent-A-Center, Family Dollar, Cosmo Prof, Check ’n Go and H&R Block. The property is situated at 167 Lloyd Ave., 12 miles south of downtown Cincinnati. Jeff Johnston and Chris Prosser of Colliers International represented the undisclosed seller in the transaction. The Harrison, N.Y.-based buyer purchased the property for an undisclosed amount.
FREDERICKSBURG, VA. — Big Lots has signed a lease to anchor The Shops at England Run, a retail center in Fredericksburg. The Big Lots store will span 36,815 square feet and is expected to open this fall. England Run is located at the intersection of Warrenton Road and Plantation Drive, 50 miles south of Washington, D.C. The landlord, MTH Management, has also signed leases with Goodwill, PNC, H&R Block, Taco Bell, Pancho Villa Mexican Restaurant and Skrimp Shack.