ALTOONA, IOWA — Ann Taylor Factory Store has opened at the Outlets of Des Moines in Altoona. The store marks the first Ann Taylor Factory Store in the state of Iowa. The 4,000-square-foot store offers a wide selection of dresses, suits, separates and casual wear in regular and petite sizes as well as shoes and accessories. Outlets of Des Moines is home to retailers such as Coach Outlet, Nike Factory Store, J. Crew Factory, Under Armour Factory House, Levi’s Outlet Store, American Eagle and Victoria’s Secret.
PHILADELPHIA — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring and rightsizing plan that would involve closing 400 to 500 of its 2,100 or so stores nationwide. The bankruptcy filing has long been expected within the industry, as Rite Aid’s position has grown more precarious in the wake of numerous lawsuits alleging the pharmacy’s role in supplying opioid drugs that contributed to overdose deaths. That legal activity reached its crescendo earlier this year when the U.S. Justice Department formally lodged a complaint against Rite Aid. According to CNN, the government alleged at that time that Rite Aid had “knowingly filled unlawful prescriptions for controlled substances.” According to CNBC, Rite Aid ended its most recent fiscal quarter on June 3 …
HOUSTON, MONT BELVIEU AND RICHMOND, TEXAS — Littwitz Investments has arranged three restaurant leases totaling 8,733 square feet in the Houston area. Blue Tuba Euro-Tex Cuisine has signed a 5,141-square-foot lease at the Harold’s Heights retail building in Houston. Additionally, Beaky’s Hot Chicken will open a 2,436-square-foot restaurant in the eastern suburb of Mont Belvieu. Lastly, Cinnaholic Gourmet Cinnamon Rolls will occupy 1,156 square feet at Waterview Town Center in Richmond. David Littwitz of Littwitz Investments represented the tenants in the lease negotiations.
LAWRENCEVILLE, N.J. — Federal Realty Investment Trust has rebranded Mercer Mall in Lawrenceville, roughly 40 miles northeast of Philadelphia. Moving forward, the property, which totals 551,000 square feet, will be known as Mercer on One. Federal Realty has also signed leases with two new tenants at the property. J. Crew Factory will occupy 6,100 square feet, and Crate & Barrel has opened a 42,000-square-foot store. Additionally, DSW is currently undergoing a full remodel and façade upgrade. Ashton Design led the rebranding effort.
SAN DIEGO — CBRE has negotiated the sale of a freestanding restaurant property located at 16785 Bernardo Center in San Diego. Kim Family Trust sold the asset to a private buyer for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the 8,915-square-foot building. Built in 1987, the asset is within Rancho Bernardo Town Center. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller, while AGAS Real Estate represented the buyer in the transaction.
LEWISVILLE, TEXAS — Planet Fitness will open a 20,105-square-foot gym at Vista Ridge Plaza in Lewisville, a northern suburb of Dallas. The opening is slated for January. Oliver Willman, Baylor Worman, Grayson Duyck and William Carr of Matthews Real Estate Investment Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. Other tenants at Vista Ridge Plaza include Harbor Freight Tools, McAllister’s Deli and Smoothie King.
OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale of The Overlook at Oakbrook, a 54,120-square-foot retail center in the Chicago suburb of Oakbrook Terrace. Built from 2022 to 2023, the fully leased property consists of seven single-tenant and multi-tenant buildings. Some of the tenants include Guidepost, Lazy Dog, Panera and Vet Emergency Group. Alex Sharrin, Michael Nieder, John Detlaff and Noel O’Donnel of JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.
MURFREESBORO, TENN. — JLL has arranged a cash-out refinancing totaling $125 million for The Avenue Murfreesboro, an 864,467-square-foot open-air retail center located in the southern Nashville suburb of Murfreesboro. Chris Drew, Brian Dawson and Matt Casey of JLL arranged the five-year balance sheet loan on behalf of the borrower, Big V Property, which acquired the center in 2020. The direct lender was not disclosed. Built in 2007, Avenue Murfreesboro was 93.1 percent leased at the time of sale to tenants including Best Buy, Belk, Dick’s Sporting Goods, Havertys Furniture, Burlington, Barnes & Noble, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Ulta Beauty and Sephora.
By Sara Hanke, The Lerner Co. Eternally optimistic is the state most commercial real estate brokers find themselves in, particularly when it comes to the retail sector. We must be, as the conditions of the retail market are quite often painted in negative broad strokes. The predictions that online sales would be the demise of physical retail proved wrong. Retailers that are digitally native continue to open brick-and-mortar locations after realizing the limits of online customer acquisition and growth. Most recently, the pandemic has shown us that retail can weather the storm of restrictions and limitations. Now we are in a post-pandemic world where the restrictions and upheaval of the way we consume has shifted our mindset. Shoppers have returned to their daily shopping, eating and entertainment needs. Navigating the complexities of the retail real estate market continues to keep us all on our toes. The first and third quarters were healthy with vacancy dipping below 5 percent. So far, the third quarter has proven strong due to new-to-market concepts looking to do multiple location rollouts as well as existing retailers looking to add additional locations. As the year progresses, we are not without challenge. There has been a shortage …
TOMBALL, TEXAS — Houston-based development and investment firm NewQuest Properties has announced that The Grand at 249, a $90 million retail project the northwestern Houston suburb of Tomball, is now 96 percent leased. The site spans 65 acres and fronts both Tomball Tollway/Texas Highway 249 and Grand Parkway/Texas Highway 99, and the center itself will feature 404,256 square feet of shopping, dining and entertainment space. Tenants that have already committed include AT&T, Boomer Jack’s, Gringo’s, Jersey Mike’s, Milano Nails and Two Pho Nine Asian Fusion.