SANTA MONICA, CALIF. — California Realty Group has arranged the sale of the Yale-Wilshire Medical Building, a mixed-use property located in Santa Monica. Yale Wilshire LTD sold the property to an affiliate of Golden West Properties for an undisclosed price. The 45,881-square-foot medical office building also features 6,700 square feet ground-floor retail space. Mark Esses of California Realty Group represented the seller in the deal.
As e-commerce continues to grow, the number of consumers picking up online purchases in stores is increasing, according to a report by Colliers International. The share of consumers who say they regularly use “click and collect” purchasing has almost doubled over the past five years. According to the report, the percentage of consumers who say they regularly collect online orders from a physical store jumped from 17.2 percent in 2013 to 38.5 percent in 2018. There’s an additional bonus to this trend: More customers visiting stores means more incremental purchases. Colliers reports that the majority of consumers who pick up online orders from shops go on to make additional purchases in the store. On average, an additional $8.59 is spent. Across all transactions in 2017, this equated to an extra $1.14 billion spent in shops. The numbers Colliers analyzed come from the GlobalData Consumer Panel, which surveys 5,000 shoppers each year. A number of retailers, such as Walmart, have expanded their “click and collect” services in recent years, oftentimes offering customers discounts for picking up over having orders delivered. Retail On A Roll “The bad press about the nation’s shopping centers continues, but meanwhile, physical retail is on a bit of …
LONGVIEW, WASH. — Chicago-based Highlands REIT has completed the sale of Triangle Center, a community shopping center in Longview, approximately 50 miles north of Portland, Ore. A San Diego-based private buyer acquired the property for $38.3 million. Built in 2004, the 260,627-square-foot property was 98 percent leased at the time of sale. Tenants include Winco Foods (not included in the transaction), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, ULTA Beauty, Big 5, Office Depot, Five Guys Burgers & Fries, Great Clips and GameStop. The shopping center is situated on 36.9 acres of land at 1015 Ocean Beach Highway. Jimmy Slusher, Kirk Brummer, James Tyrell, Dino Christophilis, Alex Martinac and Philip Voorhees of CBRE represented the seller in the transaction. Additionally, CBRE’s Debt & Structured Finance team led by Shaun Moothart and Danielle Priore advised the buyer in procuring debt financing for the acquisition.
SAN PEDRO, CALIF. — Charles Dunn Co. has arranged the acquisition of a newly developed, single-tenant restaurant property located at 359 S. Gaffey St. in San Pedro. A joint venture between Rich Development Enterprises and Paragon Commercial Group sold the property to a Los Angeles-based private investor for $5.5 million in a 1031 exchange. Del Taco occupies 2,420-square-foot property under a newly signed, 20-year, corporate-guaranteed, triple-net lease. Kyle Gulock of Charles Dunn CO. represented the buyer, while Highland Partners Corp. represented the seller in the deal.
MEDINA, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $15.1 million sale of a single-tenant property net leased to Giant Eagle Supermarket in Medina, about 35 miles south of Cleveland. The 90,346-square-foot property is located at 870 N. Court St. Giant Eagle has operated at the site since 2006. The property underwent an expansion and renovation in 2010. Erin Patton, Scott Wiles and Craig Fuller of IPA marketed the property on behalf of the seller, a Chicago-based private REIT. A Miami-based private fund purchased the asset.
GREENFIELD, WIS. — Quantum Real Estate Advisors Inc. has brokered the $4.1 million sale of Outback Plaza in Greenfield, a southern suburb of Milwaukee. Mattress Firm, Destination XL, CitiBank and Phoenix Salon Suites occupy the 22,558-square-foot retail property. Chad Firsel of Quantum represented the seller, a Chicago-based acquisition and development company. A Scottsdale, Ariz.-based private real estate investor purchased the asset.
ELKINS AND SUMMERSVILLE, W.VA. — Regency Properties has purchased three shopping centers in West Virginia for an undisclosed price. The three properties will add a combined total of 319,194 square feet to Regency’s portfolio. The portfolio includes the 145,127-square-foot Merchants Walk, a center in Summersville leased to Dollar Tree, AT&T, Hibbett Sports, Peebles and Anytime Fitness. The other assets include Valley Pointe and The Plantation, both of which are located in Elkins. The 118,379-square-foot Valley Pointe center is leased to Peebles, Mattress Warehouse, GameStop, El Herradura and GNC. The 55,688-square-foot Plantation is leased to Goodwill, Dollar Tree, Anytime Fitness and Cricket Wireless. Based in Evansville, Ind., Regency Properties is a shopping center owner and investor with nearly 70 centers across 19 states. Regency now owns and manages four properties in West Virginia, the fourth being Country Roads Plaza in Hinton.
HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLD) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. A $134 million debt payment was due today. Eddie Lampert will step down as Sears chief executive, but will remain the company’s chairman. The Hoffman Estates-based company oversees both Sears and Kmart-branded department stores. The company has negotiated $300 million in senior financing from its lenders and is also in the process of negotiating a $300 million loan with ESL Investments Inc., which is Lampert’s hedge fund. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” says Lampert. “The Chapter 11 process will give [Sears] the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right-sizing its operating model and return to profitability.” Sears and Kmart stores will remain open for business, but the company plans to close 142 unprofitable stores by the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition …
DENVER — Denver-based Continuum Partners has received $110 million in financing for A Block, a mixed-use development located in downtown Denver. The 310,055-square-foot project features the 200-key Kimpton Hotel Born, located at 1600 Wewatta St., and a 54,976-square-foot Class A office building with ground-level retail space and a 197-space parking garage, located at 1881 16th St. Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office and retail portion. The hotel features 13,937 square feet of flexible meeting space, a fitness center, business center, ground-floor retail space and two food and beverage options, Citizen Rail Restaurant in the hotel lobby and Tavernetta. The fully occupied office building features 7,929 square feet of retail space leased to national tenants. Eric Tupler, Leon McBroom and Tyler Dumon of HFF arranged the floating-rate loan with a national bank. Loan proceeds will be used to retire the existing construction financing, which was placed by HFF in 2015.
CLEVELAND HEIGHTS, OHIO — The Boulder Group has brokered the $2.8 million sale of a single-tenant property net leased to CVS Pharmacy in Cleveland Heights, an inner-ring suburb of Cleveland. The 10,159-square-foot building is located at the intersection of Monticello Boulevard and Noble Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. A West Coast-based real estate partnership purchased the asset. CVS has five years remaining on its lease, which expires in January 2023.
