HOUSTON — EDGE Realty Capital Markets has negotiated the purchase of Harrisburg Retail Center, a 14,230-square-foot asset located at 7011 Harrisburg Blvd. in the East Downtown submarket of Houston. Turimex Internacional, one of the largest transportation companies in Mexico and the United States, anchors the property. Burdette Huffman and Josh Jacobs of EDGE Realty represented the undisclosed seller in the transaction. Mark Kalil of Mark Kalil & Associates represented the buyer.
HOUSTON — Retail Solutions has arranged the sale of a 13,905-square-foot retail property in Houston formerly leased to Walgreens. The store, which was built in 1999, is located at 11220 Louetta Road on the city’s northwest side. Amandeep Singh of Retail Solutions represented the seller. Saqib Ali of Texas Real Estate Group represented the buyer. Other terms of sale were not disclosed.
LOS ANGELES — Nadel Architects has announced that construction is underway on Jordan Downs Plaza, a $48 million mixed-use development in Los Angeles. Designed for Primestor Development, the overall $5 billion project will bring 115,000 square feet of retail and dining space to the Watts neighborhood of Los Angeles. Slated for completion in summer 2019, Jordan Downs Plaza will feature an open-air shopping and dining space, as well as a full-service supermarket, financial institutions, a fitness center, sit-down restaurants, cafés and a variety of local and national retailers. The revitalization project is situated on 10 acres and will be a “community living room” gathering-style plaza for the 34,000 area residents. The Nadel Architect team includes Greg Lyon, David Anderson, Keith Martinez and Andrew Wolff.
BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.5 acres, the asset features 54,508 square feet of mixed-use space. Robert Raimondi, Russell Huntamer and Paul Weaver of Compass Commercial Real Estate, along with John Keba of Compass Commercial Asset & Property Management, represented the undisclosed seller. Weaver, Gardner Williams and Peter May of Compass Commercial represented the buyer.
CONSHOHOCKEN, PA. — Wedding dress retailer David’s Bridal has filed for Chapter 11 bankruptcy protection. The Conshohocken-based company says it plans to keep its more than 300 David’s Bridal stores and online platform open and operating without disruption. According to Monday’s announcement, “orders will arrive on time and bridal appointments will not be impacted” as the company says it has sufficient liquidity to operate during the court-supervised restructuring process. David’s Bridal announced on Nov. 15 its restructuring support agreement (RSA) with the vast majority of its term loan lenders, senior noteholders and equity holders. The filing of Chapter 11 is the next step in the RSA, which David’s Bridal says will reduce the company’s debt by more than $400 million. “The plan will allow us to reduce our debt significantly while continuing to run our business as usual,” says Scott Key, CEO of David’s Bridal. “We will be able to move through the court process very quickly. And in the end, we will be able to allocate even more of our resources toward making strategic investments in digital technologies and talent that will drive long-term growth and operational excellence at David’s Bridal.” Real Estate Implications While David’s Bridal says it …
ALPHARETTA, GA. — Magnolia Moon, Mountain High Outfitters, Perched, The Red Hound and Spirited Boutique have all either opened or plan to open new stores in Alpharetta City Center (ACC) by Black Friday. ACC is a 26-acre, mixed-use property located in Alpharetta, about 26 miles north of downtown Atlanta. The development opened in January 2015 in a public-private partnership between South City Partners, Morris & Fellows and the City of Alpharetta to expand the existing downtown area by six blocks. ACC features Alpharetta’s new City Hall, a Fulton County library, Brook Street Park, Town Green, a 445-car parking deck and single-family homes under development by Hedgewood Homes. Magnolia Moon is a women’s boutique that offers apparel and accessories. Mountain High Outfitters, which plans to open on Black Friday, offers products for outdoor activities, including backpacking, camping, fly fishing and biking. Perched is a women’s boutique that also carries some girl’s clothing and baby shower, wedding and birthday gifts. The Red Hound offers a variety of gifts for babies, kids, graduates and brides. Spirited Boutique has several locations around metro Atlanta and features boho-chic fashion and handmade jewelry. With the five newest retailers, ACC will have 17 retailers and restaurants.
NEWARK, N.J. — Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000-square-foot retail center in Newark. The sales price was not disclosed. The fully occupied property is anchored by a ShopRite grocery store and includes a mix of restaurant, retail and medical tenants. The seller was not disclosed. Springfield Avenue Marketplace is located at the intersection of Springfield Avenue and Jones Street, approximately one mile from Newark Penn Station.
FAIRBORN, OHIO — Quantum Real Estate Advisors Inc. has brokered the $1.2 million sale of Shops at Valle Green in Fairborn, about 12 miles northeast of Dayton. The 5,000-square-foot property is located at 1171 E. Dayton Yellow Springs Road. The asset is fully leased to Verizon, Great Clips and Hot Head Burritos. Daniel Waszak and Zack Hilgendorf of Quantum represented the private seller. A Midwest-based investment fund purchased the property.
GLEN BURNIE, MD. — Ollie’s Bargain Outlet Holdings Inc. has opened a new store in Glen Burnie to mark its 300th location. The new store is located about 10 miles south of downtown Baltimore in a former Toys “R” Us. The Harrisburg, Pa.-based company opened its first store 36 years ago in Mechanicsburg, Pa., and now has stores in 23 states. The milestone location was opened on the same day as several other Ollie’s Bargain Outlet stores, bringing the company’s total to 303. Ollie’s Bargain Outlet is one of America’s largest retailers of closeout merchandise and excess inventory, including books, groceries and household items.
SOUTH DEERFIELD, MASS. — SRS Real Estate Partners has arranged the $1.9 million sale of a single-tenant retail property in South Deerfield. The property is triple-net leased by Cumberland Farms Inc. The newly developed 4,786-square-foot property is situated on just under two acres of land at 31 Elm St. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the seller, a local developer, in the transaction. The buyer was a private investor.