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LouisianaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Restaurants Prove to be New Orleans Retail Market’s Bread and Butter

by John Nelson

Take a look at the current retail landscape, not only in New Orleans, but far beyond the Big Easy, and you will find this sector has changed drastically over the past decade. Some argue retail is dead, while others cling to the notion that every market goes through cycles, and this has been going on long before the dawn of any Tricentennial festivities. Somewhere between these two extremes is the confluence of trends, data, outliers, gossip and pontificating cries, that when carefully dissected, should provide the necessary context to obtain an understanding of the current retail market in New Orleans, as well as the opportunities that exist in the future. Make no mistake, retail in New Orleans is changing, but the restaurant sector is a bedrock, creating fresh concepts, diversifying the city’s food offering and strengthening the overall retail market. It’s futile to deny the impact technology has had on the overall retail market, and New Orleans is no exception. Retailers that derive a large portion of revenues from the sale of goods that can be purchased online are finding it difficult to compete due to the cost of operating a brick and mortar location. Of course, this is only …

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CaliforniaRetailWestern

HFF Arranges Sale of 150,148 SF Shopping Center in Inland Empire

by Nellie Day

PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.

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RetailTexas

Fitness Connection Opens 55,000 SF Gym at Shops at Tech Ridge in Austin

by Taylor Williams

AUSTIN, TEXAS — Fitness Connection has opened a 55,000-square-foot gym at Shops at Tech Ridge, a 504,153-square-foot shopping center on Austin’s north side. The club will offer a kids’ club with a movie theater, a women’s-only workout area, a sauna and a variety of group fitness classes. This is the second location that Fitness Connection has opened in Austin in the past year.

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IllinoisMidwestRetail

IPC Sells Mariano’s-Occupied Retail Building in Palatine, Illinois for $29M

by Kristin Harlow

PALATINE, ILL. — Inland Private Capital Corp. (IPC) has sold a 71,324-square-foot retail building occupied by Mariano’s Fresh Market in Palatine, about 30 miles northwest of Chicago, for $29 million. The property sits on 6.5 acres at 545 N. Hicks Road. The building, constructed in 2011, is 100 percent leased to Roundy’s Supermarkets Inc., which is owned by Kroger Co. IPC facilitated the sale of the property on behalf of one of its 1031 exchange investment programs. Christian Williams and Michael Kaider of CBRE represented IPC in the sale. The buyer was a private investor.

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MidwestRetailWisconsin

Baceline Investments Acquires Retail Center in Madison, Wisconsin for $3.2M

by Kristin Harlow

MADISON, WIS. — Baceline Investments LLC has acquired Meadowood Retail Center in Madison for $3.2 million. The 45,319-square-foot retail center is located at 5759 Raymond Road. The property is 90 percent leased to tenants including Old National Bank, Madison Community Center and the Madison Library. Baceline purchased the property from an affiliate of MLG Capital. This is Baceline’s third asset in Wisconsin. The Denver-based privately held real estate investment and management company specializes in the acquisition, management and sale of neighborhood shopping centers in secondary markets across the Midwest.

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MidwestOhioRetailTop Stories

DDR to Spin Off 50 Assets With Gross Book Value of $3B into Separate REIT

by Kristin Harlow

BEACHWOOD, OHIO — As part of what DDR Corp. (NYSE: DDR) calls a “strategic transformation,” the shopping center REIT has approved a plan to spin off a portfolio of 50 assets — including 38 continental U.S. assets and all 12 of its properties in Puerto Rico — into a separate publicly traded REIT to be named Retail Value Trust (RVT). The gross book value of the assets in the RVT portfolio is approximately $3 billion. “We believe that these two distinct companies with two distinct business plans will appeal to a much broader pool of investors than the combined DDR today,” said David Lukes, president and CEO of Beachwood-based DDR, during an investor conference call late Thursday afternoon. “This strategy adds value for all of our stakeholders and maximizes both our growth and optionality well into the future.” Specifically, the RVT portfolio consists of 38 high-quality, lower-growth assets in the continental U.S. and all 12 assets in the Puerto Rico portfolio. The properties within the RVT portfolio in the continental U.S. are mostly located in suburbs outside metro areas. Common tenants include Bed Bath & Beyond, Michaels, Kohl’s and T.J. Maxx. The remaining company, known as the “New DDR,” will …

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LoansMixed-UseNew YorkNortheastOfficeRestaurantRetail

Rockwood Capital, Midtown Equities Receive $245M Loan for Mixed-Use Project in Brooklyn

by Amy Works

NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.

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ColoradoRetailWestern

Faris Lee Arranges $6.1M Sale of Walgreens Property in Metro Denver

by Nellie Day

NORTHGLENN, COLO. — Faris Lee Investments has arranged the $6.1 million sale of a 14,990-square-foot retail property triple-net-leased to Walgreens in Northglenn, located 20 miles north of Denver. Shaun Riley of Faris Lee Investments arranged the transaction on behalf of the seller, P&A Northglenn LLC. Rob Edwards of Pinnacle Real Estate Advisors LLC represented the buyer, Governors Park Lofts LLC. The property is adjacent to a power center anchored by Super Target, Sprouts, Barnes & Noble, Cost Plus and Marshalls.

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CaliforniaRetailWestern

Ralphs Debuts New Store Design at Portola Plaza in Mission Viejo

by Nellie Day

MISSION VIEJO, CALIF. — Ralphs Grocery Co. is re-opening its remodeled Portola Plaza supermarket in North Mission Viejo following more than three months of ceiling-to-floor renovations. The 41,500-square-foot Ralphs features Ralphs Fresh Fare décor with new departments, services and a layout that improves customers’ shopping experience while helping to conserve energy and reduce waste. The Portola Plaza supermarket will be Ralphs’ 61st Fresh Fare store. The remodeled Ralphs store utilizes green technology to improve energy efficiency in daily store operations. Overall, this store will consume about 15 percent less energy than a comparatively sized store and about 25 percent less energy than a store built in 2000. In addition, store associates have been trained to follow a waste reduction and recycling program for all paper and plastic packing the store receives. The store also encourages customers to reduce waste by offering affordable reusable shopping bags. Ralphs aims to eliminate waste across the company by 2025. Los Angeles County-based Ralphs Grocery Co. has 191 supermarkets across Southern California. Ralphs is a subsidiary of The Kroger Co., one of the world’s largest retailers, based in Cincinnati.

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Company NewsRetailTexasTop Stories

Charming Charlie Files for Chapter 11 Bankruptcy, Plans to Close 97 Stores

by John Nelson

HOUSTON — Citing struggles stemming from the rise of e-commerce, fashion retailer Charming Charlie has filed for Chapter 11 bankruptcy protection. During the Chapter 11 process, which was filed late Monday, the Houston-based fashion retailer plans to restructure its debt while maintaining and operating a majority of its stores, as well as its online platform. The company also plans to go through with its previously announced decision to shutter 97 of its underperforming stores. Charming Charlie specializes in selling jewelry, handbags, apparel and beauty products. The company, which was launched in 2004, currently operates more than 375 stores in the United States and Canada. Charming Charlie has secured commitments from its lenders for $20 million in new-money debtor-in-possession (DIP) financing. The company also entered into a $35 million DIP asset-backed loan with its lenders. Both financing arrangements are subject to court approval and are intended to help operation costs during the Chapter 11 process. The Wall Street Journal reports the court on Wednesday approved the early use of the financing, and Charming Charlie is scheduled to return to court in January to request approval to use the balance of the loans. The Chapter 11 bankruptcy filing is part of Charming …

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