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.
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.
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.
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 …
SAN JOSE, CALIF. — Barry Slatt Mortgage Co. has arranged a $27 million loan to refinance Sunrise Plaza, a 112,805-square-foot shopping center in San Jose. Behzad Boroumand arranged the 10-year, fixed-rate CMBS loan with full-term, interest-only payments on behalf of the undisclosed borrower. Dick’s Sporting Goods anchors the center.
GRAND PRAIRIE, TEXAS — Swedish furniture retailer IKEA has opened a 290,000-square-foot store in Grand Prairie. The store is the company’s fourth location in Texas, with plans to open stores in the San Antonio and Fort Worth areas in 2019 underway. Construction of the store created about 500 new jobs, with an additional 250 workers joining the IKEA team as it became operational.
SPRING, TEXAS — Hunington Properties Inc. (HPI) has brokered the sale of Postwood Shopping Center, a 42,232-square-foot retail center located at 5639 Treaschwig Road in the northern Houston metro of Spring. The property, which is shadow-anchored by Kroger, was built in 1985 and renovated in 2009. Current tenants include Chase Bank, State Farm Insurance, Boost Mobile and Anytime Fitness. Rafael Melara of HPI represented the seller in the transaction. Gary Smith of RCR Realty represented the buyer, a local investor.
CHICAGO — Time Out Group, a London-based media company, has unveiled plans to open a 50,000-square-foot food hall in Chicago’s Fulton Market. Time Out Market Chicago is slated to open in 2019. The vendor lineup will feature several of the city’s top restaurants and bars. The three-story space will include 16 chef-driven counters, three bars, a demonstration kitchen, a retail area, outdoor dining space and seating for 600 people. The first market from Time Out, located in Lisbon, Portugal, opened in 2014. Additional markets are slated to open in the United States in Miami (2018) and Boston (2019).
The retail market in Connecticut is alive and well. Sure it’s changing but what industry doesn’t experience change? There are numerous retail categories that continue to post healthy sales while also keeping their new store counts in a growth trajectory. Other categories will adapt to consumer trends and stay relevant in the world of brick and mortar. As we close 2017, we see that traditional shopping centers, especially grocery-anchored centers, are the solid performers in the sector. The “services” or “daily needs” category of retail continue to flock to these centers mainly because of consumer routine. The “services/daily needs” category includes health/fitness, traditional sit-down restaurants, quick-service restaurants, pharmacies, pet supply retailers, wireless communications, medical (walk-ins) and banking. Traditional neighborhood centers are becoming more conscious about merchandising with this specific category while trying to avoid deals with the more risky retail categories, such as off-priced apparel. The big-box power centers and the centers with large chunks of vacancy are another story, and there will be winners and losers. Geography plays a big role here and it’s not the dead-end road that some suggest. Over the past 18 months, my team’s exclusive leasing portfolio has had two Kmart closures in two separate …
SHELBURNE, VT. — Nedde Real Estate has arranged the sale of a commercial building located at 2613 Shelburne Road in Shelburne. Premier Strength & Performance, a personal fitness and conditioning gym, purchased the building from LWV Properties for an undisclosed price. The buyer has opened a fitness center at the 3,564-square-foot building. Fernando Cresta of Nedde Real Estate brokered the deal.