SAN DIEGO — Location Matters has arranged the $1.9 million sale of a restaurant building located at 5351 Adobe Falls Road in San Diego. Davles LLC, an affiliate of Cohn Restaurant Group, acquired the 5,485-square-foot building, which was vacant at the time of sale. Mike Spilky of Location Matters arranged the transaction on behalf of the seller, L&L Acquisitions LLC. The building was constructed in the 1950s and originally housed Nicolosi’s Italian Restaurant. The former owners renovated the building and operated the Junk House Restaurant there for several years.
CANOGA PARK, CALIF. — Newmark Knight Frank (NKF) has arranged an 85,653-square-foot lease with Vallarta Supermarkets at a shopping center in Canoga Park. The grocer will backfill the space formerly occupied by Vons. Mark Baziak and Geoff Foley of NKF arranged the 20-year lease on behalf of the landlord, Auburndale Properties. Springstead Associates represented Vallarta. The grocer is expected to move into the 150,000-square-foot center later this year. Additional tenants include T-Mobile, McDonald’s and El Pollo Loco.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 10,001-square-foot retail property in the Jackson Heights neighborhood of Queens. The property, which is located at 74-12 to 74-24 37th Ave., sold for $16 million or $1,600 per square foot. The buyer was the estate of Fazlur Khan. Dana Newton, Donovan Mackey and Scott Plasky of Marcus & Millichap represented the seller, Chui King Yee in the transaction. Nineteen offers were received on the property, according to Newton. The property was fully occupied with long-term tenants at the time of the sale.
WASHINGTON, D.C. — Forest City Washington has unveiled plans for the second phase of The Yards, a master-planned mixed-use development in Washington, D.C. Phase II of the waterfront development will include an additional 3 million square feet on the western side of the property, between 1st Street S.E. and New Jersey Avenue. Planned elements include 1,200 residential units, 1.5 million square feet of Class A office space and 150,000 square feet of retail and dining space. Phase II will be organized around a pedestrian-friendly street with ground-level retail and dining, extended green spaces and public gathering areas. The six-block area will begin at the intersection of New Jersey Avenue and M Street S.E., and will extend to the Anacostia River at Diamond Teague Park. The second phase of the project is expected to break ground in 2019 and deliver in 2030. At full build-out, The Yards will span 48 acres and will feature 1.8 million square feet of office space, 400,000 square feet of retail and dining and up to 3,400 residential units. In addition, The Yards will be home to the 225-room Thompson D.C. hotel, slated to open in 2020.
SANDY SPRINGS, GA. — Atlanta-based developer Selig Enterprises has unveiled the retail tenant lineup at City Springs, a $229 million mixed-use development in Sandy Springs, about 14 miles north of downtown Atlanta. Serving as the downtown district of Sandy Springs at the corner of Roswell Road and Mount Vernon Highway, City Springs will soon be home to four new restaurants and three health and wellness concepts totaling roughly 20,000 square feet. The new eateries will include Café Vendome, a bread and sandwich bistro with an existing location in Sandy Springs; Flower Child, a health-conscious restaurant chain serving vegetables, fruit, grains and healthy proteins; Nam Kitchen, a Vietnamese restaurant headed by Alex Kinjo of MF Sushi, executive chef Thuy Bich and Ahn Hoang from Nam Midtown; and The Select, an American comfort food concept that will feature an extensive wine list. The health and wellness outfits coming to City Springs will include Turn, the first indoor cycling and boot camp fitness studio from owner Ashley Francis; SculptHouse, a high-intensity, low-impact fitness concept with existing locations in Buckhead and Nashville; and Vida-Flo, a hydration treatment center staffed by licensed medical professionals. Build-out has begun on several of the spaces, with the first tenants expected …
OSHKOSH, WIS. — Alliant Credit Union has provided a $10.3 million loan for the refinancing of the Shops at Market Fair in Oshkosh. The 89,698-square-foot retail center, located at 1508-1550 S. Koeller St., is fully leased to tenants such as Ulta and Wisconsin Vision. Mark Ebersold of NorthMarq Capital arranged the 10-year loan, which features a 25-year amortization schedule. East Capitol Realty LLC was the borrower.
GLENDALE, ARIZ. — Lee & Associates has arranged the $21.9 million sale of Talavi Towne Center, a 118,377-square-foot shopping center in Glendale. Jay Fincham and Patrick Dempsey of Lee & Associates arranged the transaction on behalf of the seller, Kimco Towne Center LLC, and the buyer, Talavi Bell LLC. Talavi Towne Center is home to tenants such as Wal-Mart, MOR Furniture, Dollar Tree, Leslie’s Pool Mart and Cricket Wireless.
PORTLAND, ORE. — Restoration Hardware (RH) has opened a 46,000-square-foot location in Portland’s historic Alphabet District. The four-story building features installations of home furnishings in a galley setting, with entire floors dedicated to RH Interiors, RH Modern and RH Outdoor. RH Portland also includes professional design services in a studio environment. Design elements include a 40-foot skylight, 21 crystal helix chandeliers and a landscaped rooftop park with panoramic views of downtown Portland.
KEMAH, TEXAS — Tennessee-based retail developer GBT Realty Corp. has completed The Shoppes of Kemah, a $16 million retail center in Kemah, about 35 miles southeast of Houston. Shadow-anchored by Walmart, the 79,000-square-foot center is 96 percent leased to tenants such as Marshalls, Ross Dress for Less, Ulta Beauty and Rack Room Shoes. Approximately 12,000 vehicles pass the site, which is situated along Deke Slayton Highway, on a daily basis.
NEW YORK CITY — Nine West Holdings Inc., a New York-based women’s shoe and apparel wholesaler, has filed for bankruptcy after accumulating $1.6 billion in debt. As a result, the company plans to close all 70 of its brick-and-mortar retail stores. The company joins Toys ‘R’ Us, The Walking Company, Bon-Ton and Claire’s as prominent retailers to file for bankruptcy in the last year. An unidentified lender has provided $300 million in debtor-in-possession financing. The company also entered into a restructuring support agreement with the holders of 78 percent of its secured term debt and 89 percent of its unsecured term debt. The loan and agreement will allow the Nine West to remain an ongoing wholesale entity during bankruptcy proceedings. More than 80 percent of Nine West’s sales come from wholesale distribution and sales to department stores and off-price retail “This is the right step to address our two divergent business profiles,” says Ralph Schipani, Nine West Holdings’ Chief Executive Officer. “We will retain our strong, profitable and growing apparel, jewelry and jeanswear businesses, and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth.” “Once we complete the reorganization process, …