GREECE, N.Y. — Colliers International has represented the buyer in the $16.9 million purchase of a freestanding BJ’s Wholesale Club located at 300 Bellwood Dr. in the Rochester suburb of Greece. The net leased structure spans 119,600 square feet on 11 acres and includes 485 parking spaces. The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the buyer, Professional Properties LLC.
NEW YORK CITY — Despite a rash of bankruptcies and store closures by major retailers during the first quarter of 2017, the U.S. retail market overall is quite healthy, according to a report by Reis, a New York-based commercial real estate analytics firm. To gather its data, Reis tracked multi-tenant neighborhood and community shopping centers of 10,000 square feet or larger in 77 primary metro areas throughout the United States. Last week, Payless ShoeSource became the 10th retailer to file for Chapter 11 bankruptcy so far this year, according to CNBC. Others include Gander Mountain, BCBG Max Azria, Wet Seal, Limited Stores, Gordmans Stores, hhgregg, Eastern Outfitters, RadioShack, General Wireless Operations and Michigan Sporting Goods Distributors. Aeropostale also closed nearly 600 locations in 2017, while Sports Authority gave back 460 storefronts after its liquidation. Macy’s, JC Penney and Sears are undertaking additional store closures Despite the headline-grabbing stories that would imply retail is struggling, Reis reports that the vacancy rate held steady at 9.9 percent during the first quarter of 2017 — identical to both the previous quarter and previous year. Both asking and effective rents increased as well. Asking rents rose to $20.55 per square foot, an increase of …
INDIANAPOLIS — Appliance, electronics and furniture retailer hhgregg Inc. is liquidating its assets. The United States Bankruptcy Court for the Southern District of Indiana approved the initiation of the liquidation process, which began April 8. As previously announced, Tiger Capital Group LLC and Great American Group LLC will conduct a sale of the merchandise and equipment located at the company’s retail stores and distribution centers. Headquartered in Indianapolis, hhgregg was unable to secure a buyer within the expedited timeline set by creditors after previously filing for Chapter 11 bankruptcy on March 6. The company expects to close all 220 stores by the end of May, resulting in about 5,000 layoffs across the country, according to The Indianapolis Star, the local newspaper. hhgregg has not disclosed a complete list of stores, but click here to see the previously announced store closings listed as part of the bankruptcy filing. Approximately 60 hhgregg stores are located in the Midwest.
CHICAGO — The Boulder Group has arranged the sale of Archer Station in Chicago for $24.3 million. The retail property is fully leased to four tenants including LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical therapy. The property is located at 2640 W. Pershing Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a Midwest-based real estate development company, and the buyer, an institutional investor.
MIAMI — Regency Centers Corp. plans to develop Pinecrest Place, a $16.4 million retail center situated off U.S. Highway 1 (South Dixie Highway) in Miami. Whole Foods Market will anchor the 70,000-square-foot center with a 46,000-square-foot store. The shopping center will be located adjacent to a 173,000-square-foot Target. Regency Centers plans to deliver Pinecrest Place in the second quarter of 2018. Regency has developed 225 shopping centers since 2000, representing an investment at completion of more than $3.5 billion.
CHARLOTTE, N.C. — Aston Properties has announced retailers and restaurants joining City Park Village, an 11,600-square-foot shopping center under construction in Charlotte. Situated on a 2.6-acre site at the corner of West Tyvola Road and Potomac River Parkway, the property is nearly 90 percent pre-leased to tenants including Panera Bread, Chipotle Mexican Grill, Starbucks Coffee and Firehouse Subs. The $6 million property will serve as the entrance to City Park, a 170-acre mixed-use development that Pope & Land Enterprises is developing on the former site of the Charlotte Coliseum. The Shopping Center Group is leasing City Park Village, which has 1,575 square feet available, as well as retail pads fronting West Tyvola Road.
NEW YORK CITY — Chef Pino Luongo is opening an Italian restaurant in SoHo at 160 Prince St., a space which housed Milady’s neighborhood bar from the 1930s until 2014. Eastern Consolidated brokered the 15-year, 1,850-square-foot ground-floor lease at the corner of Prince and Thompson streets. James Famularo represented the landlord, while Jeff Geoghegan and Greg Goldberg represented the tenant. Luongo has owned and operated restaurants for more than 30 years. Luongo opened Il Cantinori in the East Village in 1983, followed by Coco Pazzo on the Upper East Side in 1990, Tuscan Square in Rockefeller Center in 1997, Centolire in 2001 and Morso in 2011.
LOS ANGELES — Forever 21 plans to open 40 new F21 RED locations across the U.S. in 2017. The first three F21 RED stores will open in April in including San Antonio, New York City and Chicago. New locations will continue to open throughout the year and will bring F21 RED total store count to more than 70 locations by year end. F21 RED launched in 2014 and offers an assortment of fashion staples from Forever 21 and its sub-brands, including Forever 21 Men, Forever 21 Plus and Forever 21 Girls. Forever 21 Inc., headquartered in Los Angeles, is a fashion retailer of women’s, men’s and kids’ clothing and accessories. Founded in 1984, Forever 21 operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom.
PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.
KEENE, N.H. — The Wilder Cos. has taken on the leasing and management of Fairbanks Plaza in Keene. Effective April 1, the contract was awarded by the center’s owner, Unison Realty Partners of Boston. Fairbanks Plaza is a 143,000-square-foot open-air center with tenants including Kohl’s, Aldi and Walgreens. The property is the fourth Unison Realty Partners center managed by Wilder.