WASHINGTON, D.C. — National Retail Federation (NRF) CEO and president Matthew Shay issued a statement saying the organization is pleased with the measures the Federal Reserve Bank and Treasury Department have taken to help businesses that are short on liquidity due to the coronavirus (COVID-19) pandemic. On Thursday, the Federal Reserve, along with Secretary of Treasury Steve Mnuchin, said it will finance up to $2.3 trillion to aid small- and mid-size businesses that are struggling due to the pandemic. The Fed said $600 billion will go toward buying the loans of the businesses and $500 billion will buy state municipal bonds. “As part of the next round of liquidity support for U.S. businesses, (Thursday’s) release by the Federal Reserve Bank of new term sheets is a welcome development,” said Shay. “By strengthening the efficiency of the Paycheck Protection Program (PPP) and clarifying terms to speed relief to small- and mid-market businesses through the Mainstreet Lending Program, the government is making great progress toward quick action with both clarity and guidance.” While Shay commends the government for its timely response to the pandemic, he says there is still work to be done to continue helping retailers, mainly when it comes to …
THORNTON, COLO. — DCP Quebec has completed the disposition of a multi-tenant, net-lease investment building located at 7315-7375 E. 128th Ave. in Thornton. YC Inc. acquired the property for $4.9 million. Built 2018 on 1.7 acres, the property features 8,573 square feet of space. At the time of sale, four tenants fully occupied the asset. Matt Call and Ian Elfner of NavPoint Real Estate Group represented the seller, while Jae Kim of RE/MAX 100 represented the buyer in the transaction.
ROCKAWAY, N.J. — Party City Holdco Inc., a party supplies retailer headquartered in Rockaway, has temporarily closed all of its brick-and-mortar stores nationwide in response to the COVID-19 pandemic. The move represents an indefinite extension of the previous closure of its 850 stores, which originally began March 27. The company also furloughed approximately 90 percent of store employees and 70 percent of wholesale, manufacturing and corporate employees. Party City’s e-commerce site remains fully operational, and a number of stores are offering curbside pickup services.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated the $10.2 million sale of the leasehold interest in a ground-floor retail property in the Greenwich Village neighborhood of Manhattan. The term of the leasehold is 70 years, and the property is leased to childcare provider Bright Horizons. Brian Segall and Jason Wecker represented the seller, a partnership of 644 Greenwich LLC and Premier Equities. The team also procured the buyer, 27-33 Realty Associates.
CHICAGO — Skender has topped out construction of a 45,000-square-foot office and retail building located at 1100 W. Fulton St. in Chicago’s Fulton Market district. An existing building at the site has landmark status from the city of Chicago and Skender will preserve its existing façade on the north, south and east sides of the building. Fulton St. Cos. is the developer. Herman Miller, a furniture company based in Michigan, will occupy the build-to-suit project and relocate from its existing Chicago headquarters in the Merchandise Mart. Skender will also complete the interior build-out of the showroom and office space. Completion is slated for December. Hartshorne Plunkard, CBRE and ConopCo Project Management make up the project team.
SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …
VICTORVILLE, CALIF. — Tutto USA has purchased a six-tenant restaurant asset located at 11604 Amargosa Road in Victorville. A California-based developer sold the asset for $9.5 million, or $841 per square foot. Constructed in 2017, the 11,300-square-foot property was fully occupied at the time of sale. Tenants include Starbucks Coffee, Nekter Juice Bar, Which Wich, Pieology, Ono Hawaiian BBQ and Café Rio. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and procured the buyer, which was represented by an undisclosed Los Angeles-based broker, in the deal.
NASHVILLE, TENN. — TC Restaurant Group has filed a Worker Adjustment and Retraining Notification (WARN) Act with the Tennessee Department of Labor and Workforce Development to notify the agency of 411 employee layoffs stemming from closures due to the coronavirus (COVID-19) pandemic. The Ohio-based company operates five honky-tonks in downtown Nashville, including Jason Aldean’s Kitchen + Rooftop Bar, Luke’s 32Bridge Food + Drink, Luigi’s City Pizza, Tequila Cowboy and FGL House. TC Restaurant Group says the employees were laid off in mid-March, when the company temporarily closed the doors to those establishments due to the COVID-19 outbreak. As of this writing, there have been 888 confirmed cases and nine deaths due to COVID-19 in Davidson County, according to Johns Hopkins University (JHU).
CROWLEY, TEXAS — Redline Athletics, which provides training and coaching services for a variety of sports, has signed a 21,000-square-foot retail lease at 320 E. Main St. in Crowley, a southern suburb of Fort Worth. Chris Flesner of RESOLUT RE, formerly known as Retail Solutions, represented Redline Athletics in the lease negotiations. Jon McDaniel of NAI Robert Lynn represented the undisclosed landlord.
DEERFIELD, ILL. — To provide greater access to COVID-19 testing and community resources, Deerfield-based Walgreens is working to expand drive-thru testing to 15 new sites in seven states. The locations include Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee and Texas. The testing sites will utilize Abbott’s new test, which delivers positive results in as little as five minutes and negative results within 13 minutes. The 15 locations are being finalized in collaboration with the U.S. Department of Health and Human Services and are planned for select hot spot markets with escalating rates of COVID-19 cases. Walgreens plans to be able to test up to 3,000 people per day across these additional sites, which are expected to be activated beginning later this week. Testing will be at no cost to eligible individuals who meet criteria established by the Centers for Disease Control and Prevention.