Retail

Marcus & Millichap Brokers $4.4M Sale of Shopping Center in Avon, Ohio

by Kristin Harlow January 31, 2017

AVON, OHIO — Marcus & Millichap has brokered the sale of Center Plaza in Avon, about 20 miles west of Cleveland, for $4.4 million. The 25,359-square-foot shopping center is located at 2100 Center Road. Howard Hanna anchors the property, which also includes tenants such as Barry Bagels, Dante Lucci Salon, Math Wizard, Northwest Savings Bank and Zeppe’s Pizza. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an international private fund. A private local buyer purchased the asset.

January 31, 2017

Retail Southeast Top Stories

CBL & Associates Acquires Five Sears Stores, Two Sears Auto Centers for $72.5 Million

by Katie Sloan January 31, 2017

CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. (NYSE: CBL) has closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL-owned malls for $72.5 million. The five locations acquired include the Sears parcels at Cross Creek Mall in Fayetteville, N.C.; Brookfield Square in Brookfield, Wis.; Hamilton Place Mall in Chattanooga, Tenn.; Eastgate Mall in Cincinnati, Ohio; and Jefferson Mall in Louisville, Ky. The two acquired Sears Auto Centers are located at Northgate Mall in Chattanooga, Tenn., and Volusia Mall in Daytona, Fla. Sears will continue to operate the department stores under new 10-year leases, with CBL receiving an aggregate base rent of approximately $5.1 million. CBL will have the right to terminate each Sears lease at any time — except for November through January — with six months’ advance notice. In addition to CBL’s termination right, after a lock-out period of four years for the Sears store at Jefferson Mall, two years for the other four Sears stores and one-year for the two Sears Auto Centers, Sears may terminate each store lease upon six months’ notice. “We are proactively transforming our market-dominant shopping centers to meet the changing preferences of consumers,” says Stephen …

January 31, 2017

Nevada Retail Western

Joint Venture Acquires Town Square in Las Vegas

by Nellie Day January 30, 2017

LAS VEGAS — A joint venture between TH Real Estate and Fairbourne Partners has acquired Town Square, a 1.1 million-square-foot lifestyle center comprised of 26 buildings in Las Vegas. The property is 90 percent occupied by tenants including Apple, Whole Foods Market, H&M, Victoria’s Secret, Saks Off 5th and The Container Store. Solar City, a company led by Elon Musk, also leases approximately 113,000 square feet of office space at the property. TH Real Estate will be the majority holder, taking an 85 percent stake in the property.

January 30, 2017

Arizona Restaurant Retail Western

Marcus & Millichap Arranges $2M Sale of Restaurant Property in Casa Grande

by Nellie Day January 30, 2017

CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.

January 30, 2017

California Company News Retail Western

Banana Republic Brand President to Depart Gap Inc.

by Nellie Day January 30, 2017

SAN FRANCISCO — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand. Since joining Gap Inc. in 1991, Owen has held a variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores. San Francisco-based Gap Inc. oversees the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Gap Inc. has approximately 3,300 company-operated stores, 450 franchise stores and e-commerce sites.

January 30, 2017

California Retail Western

The Gymboree Corporation’s CEO to Step Down

by Nellie Day January 30, 2017

SAN FRANCISCO — The Gymboree Corporation’s current CEO, Mark Breitbard, will assume the role of chairman of the board of directors, effective Feb. 1, 2017, and will step down as chief executive officer once a successor has been appointed. The board of directors will initiate a search to identify a CEO to lead the San Francisco-based company. As of Oct. 29, 2016, The Gymboree Corporation operated a total of 1,300 children’s apparel stores: 591 Gymboree stores (541 in the United States, 49 in Canada and one in Puerto Rico); 174 Gymboree Outlet stores (173 in the United States and one in Puerto Rico); 150 Janie and Jack shops (149 in the United States and one in Puerto Rico); and 385 Crazy 8 stores in the United States.

January 30, 2017

Retail Texas

Hanley Investment Group Arranges Sale of Retail Property in Dallas

by Amy Works January 30, 2017

DALLAS — Hanley Investment Group has brokered the sale of a retail property located at 6530 N. Central Expressway in Dallas. An Austin-based private investor acquired the 3,377-square-foot store from a Chicago-based development firm for an undisclosed price. Just Brakes occupies the building, which was built in 1964 and renovated in 2014. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the buyer and seller in the deal.

January 30, 2017

Restaurant Retail Texas

Marcus & Millichap Negotiates Sale of 2,864 SF Retail Property in Seguin, Texas

by Amy Works January 30, 2017

SEGUIN, TEXAS — Marcus & Millichap has arranged the sale of a restaurant property located at 498 N. Highway 123 Bypass in Seguin. Wendy’s net leases the 2,864-square-foot property, which was built in 2003. Geoff Ficke and Collin Kraft of Marcus & Millichap represented the undisclosed seller. The name of the buyer and acquisition price were not released.

January 30, 2017

Illinois Loans Midwest Retail

Integra Negotiates $3.2M Loan for Acquisition of Shopping Center in Collinsville, Illinois

by Kristin Harlow January 30, 2017

COLLINSVILLE, ILL. — Integra Real Estate Capital has negotiated a $3.2 million non-recourse loan for the acquisition of Orchards Shopping Center in Collinsville, 15 miles east of St. Louis. Dollar General, Asia Gardens and HSHS Medical Group anchor the 65,143-square-foot center. Meyer Perlman of Integra secured the 10-year, fixed-rate loan through a CMBS lender on behalf of the borrower, a New York-based investment group.

January 30, 2017

Connecticut Northeast Retail

O,R&L Commercial Arranges 26,460 SF Retail Lease in East Haven, Connecticut

by Amy Works January 30, 2017

EAST HAVEN, CONN. — O,R&L Commercial has arranged a long-term lease for 26,460 square feet of retail space at Foxhaven Plaza, located on Foxon Road in East Haven. Flippin Out, dba Rockin’ Jump Trampoline Park, will open a location at the shopping center in early February. Rich Guralnick of O,R&L Commercial represented the landlord, Foxhaven Plaza LLC, while David Gorback of Colonial Properties represented the tenant in the deal.

January 30, 2017

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