Retail

Mid-America Arranges $46.5M Sale of The Heritage Shops at Millennium Park in Chicago

by Christina Cannon May 4, 2016

CHICAGO — Mid-America Real Estate Corp. has arranged the $46.5 million sale of The Heritage Shops at Millennium Park, a 98,547-square-foot street retail property located in Chicago. Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Acadia Realty Trust, in the sale of the property to Texas-based Hunt Investment Management. The asset is located at the southeast corner of Randolph Street and Wabash Avenue. Tenants at the property include LA Fitness Signature Club, McDonald’s, Fifth Third Bank, Ann Taylor LOFT, Lane Bryant/Cacique, Fannie May Candies, Intelligentsia Coffee and Sugar Bliss Cake Boutique.

May 4, 2016

Retail Southeast Virginia

Armada Hoffler Acquires 220,000 SF Retail Center in Metro Richmond

by John Nelson May 4, 2016

COLONIAL HEIGHTS, VA. — Armada Hoffler Properties Inc. has closed on the acquisition of Southgate Square, a 220,000-square-foot retail center located in Colonial Heights, roughly 23 miles south of Richmond. The center was fully leased at the time of sale to tenants such as Burlington Coat Factory, Michaels, Staples, PetSmart, Sleepy’s and Jo-Ann Fabric and Craft Stores. Southgate Square is located in close proximity to Southpark Mall, a Walmart Supercenter and Dimmock Square, a 100,000-square-foot retail center that Armada Hoffler purchased in 2014. The Virginia Beach, Va.-based REIT purchased Southgate Square in exchange for approximately $21.1 million of debt and the issuance of roughly 1.6 million units of limited partnership interest in Armada Hoffler’s operating partnership.

May 4, 2016

aeropotale-chapter-11-bankruptcy-store-closing

Retail Top Stories

Aéropostale Inc. Files for Chapter 11 Bankruptcy, Will Close 154 Stores

by Haisten Willis May 4, 2016

NEW YORK CITY — After losing money for 13 consecutive quarters, teen apparel retailer Aéropostale Inc. (OTCQX: AROP) has filed for Chapter 11 bankruptcy protection. Aéropostale will close 113 U.S. locations, as well as all 41 stores in Canada, and could announce more store closures at a later date. Of the 154 stores closing, 117 lost money last year, and the rest generated little profit. Click here to see a complete list of planned store closures. Store closing sales are scheduled to begin in the United States during the weekend of May 7-8, and in Canada during the week of May 9. The company plans to “emerge from the Chapter 11 process within the next six months as a standalone enterprise with a smaller store base, increased operating efficiencies and reduced SG&A [selling, general and administrative] expenses,” according to a press release from the company. Any sale of the company would be announced within the next six months. “While initiatives such as the implementation of our two-chain Factory and Mall strategy and our merchandise repositioning have started to gain traction, the ripple effects of an ongoing dispute with our second-largest supplier put substantial strain on our liquidity while also preventing …

May 4, 2016

California Loans Retail Western

CBRE Arranges $43M Refinancing for 116,403 SF Retail Center in Carlsbad

by Nellie Day May 3, 2016

CARLSBAD, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $43 million loan for Cornerstone Real Estate Advisers LLC to refinance Bressi Ranch Village Center, a retail center in Carlsbad. Michael Riccio and Mark McGovern of CBRE’s San Diego office secured the long-term, fixed-rate loan for the borrower. Delivered in 2010, the 116,403-square-foot center is 97 percent occupied by 30 tenants, including Stater Bros. and Trader Joe’s.

May 3, 2016

Colorado Retail Western

US Property Trust Acquires Mulberry & Lemay Crossing in Colorado

by Nellie Day May 3, 2016

FORT COLLINS, COLO. — US Property Trust has acquired Mulberry & Lemay Crossing, an 18,988-square-foot shopping center located in Fort Collins, for an undisclosed price. Walmart and The Home Depot shadow anchor the center. Tenants at the property, located at 1281 E. Magnolia St., include RadioShack, Supercuts, Silver Mine Subs, The UPS Store, Qdoba, Dairy Queen, GameStop, Papa John’s, State Farm and Chase Bank.

May 3, 2016

California Retail Western

Hanley Investment Group Arranges Sale of Bouquet Center in Metro Los Angeles

by Nellie Day May 3, 2016

SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors (HIG) has arranged the sale of Bouquet Center, a 148,903-square-foot, grocery-anchored shopping center located in the Los Angeles suburb of Santa Clarita. The price was not disclosed. Ed Hanley and Kevin Fryman of HIG represented the seller, a Los Angeles-based private investor, in the sale of the property to an undisclosed, publically traded REIT. Built in 1985, the center underwent a $7 million renovation in 2007. Tenants at the 95 percent occupied property include Vons, CVS/pharmacy, Ross Dress for Less, Chase, Citibank, Wendy’s, Baskin Robbins, Jersey Mike’s Sub, Little Caesars Pizza and Payless ShoeSource.

May 3, 2016

California Retail Western

Excel Trust Names Luke Petherbridge as President, CEO

by Nellie Day May 3, 2016

SAN DIEGO — Excel Trust has hired Luke Petherbridge president and CEO. Petherbridge currently serves as the CFO and treasurer of DDR Corp., a power center REIT with 352 value-oriented shopping centers. At DDR Corp., Petherbridge has overseen the execution of $5 billion worth of real estate transactions, raised over $9 billion of long-term capital and supported various strategic initiatives. A fund managed by Blackstone Real Estate acquired Excel Trust in 2015. Through additional acquisitions, the San Diego-based company’s leased and managed portfolio will have more than doubled to include over 80 retail assets covering 19 million square feet. The portfolio consists of high-quality, open-air shopping centers with concentrations in California, Texas, New York and Florida.

May 3, 2016

Mixed-Use Retail Texas

Fitness Sport Club to Open in Brazos Town Center Mixed-Use Development

by Haisten Willis May 3, 2016

ROSENBERG, TEXAS — NewQuest Properties has finalized a 38,835-square-foot lease with 24 Hour Fitness Worldwide Inc. at the 550-acre Brazos Town Center in the Houston suburb of Fort Bend County. Site work is underway on a tract fronting FM 762 and adjacent to Spec’s Wines, Spirits & Finer Foods. The California-based fitness center pioneer is planning to open a sport club, one of four concepts in its portfolio, by year’s end. McLeod-Cobb and Bob Conwell of NewQuest Properties represented the landlord, while their colleague Jeff Hayes negotiated on behalf of 24 Hour Fitness. The project’s new tenant has more than 400 clubs nationwide and nearly 4 million members. The 99 percent leased Brazos Town Center is located at the junction of Southwest Freeway (I-69) and FM 762.

May 3, 2016

Retail Texas

Weitzman Negotiates Lewisville Location for Spec’s

by Haisten Willis May 3, 2016

LEWISVILLE, TEXAS — Spec’s Wines, Spirits & Finer Foods, a shopping experience founded and operated by the same Houston family since 1962, has leased 25,908 square feet of retail space in Lakepointe Crossing, a power retail center located at 2416 S. Stemmons Freeway in Lewisville. Blake Shipp of The Weitzman Group handled negotiations as the leasing agent for Lakepointe Crossing. Jody Detmore of SFP Brokerage LLC represented Spec’s. Cencor Realty Services’ property manager, Susana Gandara, manages Lakepointe Crossing.

May 3, 2016

Retail Texas

M&M Arranges Sale of 10,500 SF Net-Leased Property in Metro Houston

by Haisten Willis May 3, 2016

HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of The Learning Experience, a 10,500-square-foot net leased property in Humble. Taylor Booker and Nate Newman of Marcus & Millichap’s The Woodlands office marketed the property on behalf of the seller, a limited liability company. Keith Lloyd and Christopher Jones of the firm’s Houston office secured and represented the buyer, a partnership. The Learning Experience is located at 7743 N. Sam Houston Parkway East.

May 3, 2016

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