CORPUS CHRISTI, TEXAS — EDGE Realty Capital Markets has negotiated the sale of Padre Commons, a 19,851-square-foot retail center in Corpus Christi. Shadow-anchored by Lowe’s, the property houses tenants such as T-Mobile, Cicis Pizza, Leslie’s Pool Supplies, HoneyBaked Ham and Sportsclips. Micha van Marcke and Chace Henke of EDGE represented the seller in the transaction. Additional terms of sale were not disclosed.
PAPILLION, NEB. — Darland Construction Co. is underway on a new Chrysler, Dodge, Ram and Jeep dealership near I-80 and Highway 370 in Papillion, a southwest suburb of Omaha. The project spans more than 59,000 square feet, including a showroom, service center, customer lounge, car wash and storage. The dealership will be one of the first in the area to include a hail protection system. The 135,000-square-foot hail netting is designed to protect inventory from hail, heat and ultraviolet rays. Construction began in April and completion is slated for spring 2020. Carlson West Povandra is the project architect.
Main Street isn’t dead. It’s being refreshed, rebranded and reimagined. Creating a compelling experience in today’s retail environment is a critical element to being successful. Property owners are working hard to make their retail sites attractive and relevant. This includes placing emphasis on curb appeal and redeveloping spaces that may previously have been occupied by big box tenants. Many landlords are turning larger vacancies into multiple spaces to accommodate junior anchors and smaller tenants at as retailers are rightsizing and working to maximize efficiencies. At the same time, landlords are replacing building façades and updating landscaping, parking areas and lighting to enhance visual appeal. Main Street in Westport, Connecticut, represents a prime example of this retail renaissance. This area is in the midst of a complete reboot. Over the past year or so, the talk of the town was that the storefronts along Westport’s commercial corridor are not as lively as they had been in the past. But appearances can be deceiving, and perception isn’t always reality. The truth is that Westport’s retail scene is very much alive and is being revived with new and fresher brands. New Players We’re seeing brands like Sundance, an apparel catalog company created by …
HOUSTON — Charming Charlie, a women’s fashion and beauty chain based in Houston, filed for Chapter 11 bankruptcy on Thursday. It is the second time the retailer known for its colorful displays of jewelry, handbags, apparel and beauty products has filed for bankruptcy in less than two years. The company now plans to close all 261 of its remaining stores across 38 states. The retailer’s first filing was in December 2017, and the financial restructuring was completed the following April. However, the company continued to struggle following the reorganization and, according to the new filing, only has $6,000 in cash on hand compared to debt of $82 million. The Charming Charlie website was not accepting e-commerce orders during the first restructuring, but had just relaunched in August 2018. As of this morning, the site was once again not accepting orders. The stores are located almost exclusively in malls, with 125 locations in lifestyle centers, 80 in shopping malls and 50 in power centers. The remaining locations are two street stores and four outlets. Texas, Florida and California host the most brick-and-mortar locations with approximately 75 stores in total. “The large format of the store of about 7,500 feet, especially given …
One fact is very clear as we assess the retail landscape and take note of the variety of retail activities taking place: food and beverage (F&B) and dining out continue to reshape consumer trends. These trends are heavily influencing retail activities throughout the region, especially in the Downtown Los Angeles submarket. The market continues to show great activity in F&B as landlords look to absorb vacancies with more food uses by creating unique dining experiences and take-out options for today’s consumer. This new demand has been the catalyst for the increase in commissary kitchens and restaurateurs leasing spaces for delivery models that cater to the growing, app-based delivery services. CBRE’s latest report, the Food in Demand Series, highlights the momentum of F&B. This extends to fast-casual dining, prepared dining options offered in grocery stores, and as stand-alone offerings in mixed-use settings, such as residential, creative office and hospitality projects. Per the report, consumer spending in restaurants amongst Millennials, Generation X and Baby Boomers has outpaced spending on grocery items. This is a significant shift for consumers. For this reason, we will likely see landlords maintain a focus on F&B as a means to bring value to their assets and create …
SAN FRANCISCO — A joint venture between REDCO Development and AEW Capital Management has acquired One Montgomery Street, a historic mixed-use property in downtown San Francisco. 601W Cos. sold the building for $82 million. Mike Taquino, Kyle Kovac, Russell Ingrum, Giancarlo Sangiacomo and Mandy Lee of CBRE’s San Francisco office represented the seller in the deal. Additionally, CBRE’s Mike Walker, Brad Zampa and Megan Woodring arranged $76.6 million in acquisition financing on behalf of the buyer. The five-year, non-recourse, floating-rate loan will finance a portion of the acquisition and provide funding for future capital expenditures and releasing costs. Located at the intersection of Montgomery and Post streets, Wells Fargo has occupied the building since 1984.
DES MOINES, IOWA — Loja Real Estate has acquired Water Tower Place in Des Moines for $52 million. The community shopping center is anchored by Whole Foods Market and Best Buy. Other tenants include buybuy Baby, Famous Footwear, Marshalls and Ulta. Located at 4100 University Ave., the asset spans nearly 400,000 square feet. Pegasus Investments represented the undisclosed seller in the transaction.
LINCOLN, R.I. — Twin River Worldwide Holdings Inc. (NYSE: TRWH) has entered into an agreement to acquire Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi for $230 million. Eldorado Resorts Inc. (Nasdaq: ERI) is the seller. Isle of Capri is located near downtown Kansas City, overlooking the Missouri River. The property offers 40,000 square feet of casino space, 939 gaming machines, 13 table games and two dining venues. Lady Luck Casino Vicksburg is situated along the Mississippi River. The property features 25,000 square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets,” says George Papanier, president and CEO of Lincoln, R.I.-based TRWH. “We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.” Eldorado Resorts expects to use the proceeds from the sale for general corporate purposes, including its proposed $17.3 billion acquisition of Caesars Entertainment Corp. Papanier says TRWH will redevelop Isle of Capri, though he did not …
SAVANNAH, GA. — Marcus & Millichap has arranged the $2 million sale of a Dollar General-occupied building in Savannah. The property sold at a 5.9 percent cap rate, which is a record rate in the state of Georgia, according to Marcus & Millichap. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Teramore Development, in the transaction. Elizabeth Randall of Randall Commercial Group LLC represented the buyer, Parker Tractor & Implement Co. Inc.
WASHINGTON, D.C. — Commercial real estate loan originations rose 12 percent in the first quarter of 2019 compared with the same period a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The industrial sector climbed 73 percent in loan originations, followed by healthcare (41 percent) and hotels (14 percent). Retail and multifamily both saw increases (9 percent each), while the dollar volume of office property loans was unchanged. “The momentum seen in 2018’s record year of borrowing and lending continued in the first quarter of this year,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. “First-quarter volumes were higher for nearly every property type, and double-digit growth in loan volume for Fannie Mae and Freddie Mac led the increase among capital sources. Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers.” While loan volumes ticked up, acquisitions across the four major property types fell 9 percent, says MBA. Apartment sales were roughly flat from last year, while office, retail and industrial property sales fell from 14 to 16 percent. The capitalization rates were flat from 2018 for industrial, retail and …