Retail

CBRE Negotiates $27.7M Acquisition of Vons-Occupied Retail Asset in San Diego

by Amy Works May 7, 2020

SAN DIEGO — CBRE has arranged the purchase of a retail property located at 4145 30th St. in the North Park neighborhood of San Diego. A Los Angeles-based private investor acquired the building from a Texas-based investment firm for $27.7 million. Vons, a Fullerton, Calif.-based supermarket chain, occupies the 40,000-square-foot building on a lease that runs through June 2039. Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the buyer, which was completing a 1031 exchange. The seller was self-represented in the off-market transaction.

May 7, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Company News Retail Texas

Gold’s Gym Files for Chapter 11 Bankruptcy, Permanently Closes 30 Centers

by Taylor Williams May 7, 2020

DALLAS — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with any of its locally owned franchise gyms. Gold’s Gym has about 700 locations worldwide.

May 7, 2020

Acquisitions New York Northeast Office Retail

SL Green Sells Office, Retail Condominium in Manhattan for $168M

by Alex Patton May 6, 2020

NEW YORK CITY — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince has leased a 5,000-square-foot retail space in the building. Darcy Stacom, Doug Middleton and David Fowler of CBRE represented SL Green in the transaction.

May 6, 2020

Acquisitions Midwest Ohio Retail

Konover South Acquires Retail Center in Cleveland for $3M

by Kristin Harlow May 6, 2020

CLEVELAND — Konover South LLC has acquired the University Corners retail center, which is situated in Cleveland’s University Heights neighborhood. The purchase price was $3 million. The seller was undisclosed. Family Dollar anchors the 43,000-square-foot retail center. Other tenants include Anytime Fitness, Sherwin-Williams, Boost Mobile and Nationwide Insurance. KS Lending Corp. provided a $2.3 million loan for the acquisition, which was completed through Ten-X Commercial. Konover South Development Corp. will manage the property. Tori Nook and Ben McMillon of Anchor Cleveland will serve as leasing agents. Deerfield Beach, Fla.-based Konover South is a fully integrated acquisition, development and management company operating thought the Southeast and Midwest regions.

May 6, 2020

Company News Restaurant Retail Western

Starbucks to Reopen More Than 85 Percent of Stores Nationwide by May 9

by Amy Works May 6, 2020

SEATTLE — This week, Seattle-based Starbucks started reopening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its reopening in the United States amid the continued concerns of the global COVID-19 pandemic. “We have adapted these protocols for the U.S., and our goal is to exceed the standards outlined by the Centers for Disease Control and Prevention for a safe experience, including heightened emphasis on cleaning and sanitizing protocols in our stores,” says Kevin Johnson, CEO and president of Starbucks. The coffee company has expanded its service beyond drive-up to include mobile order for contactless pick-up, delivery and, in some locations, curbside parking and grab-and-go through the café. To that end, Starbucks is focusing on the safest and more convenient ways for customers to order through its Starbucks App, with expanded features including optimization for curbside …

May 6, 2020

Acquisitions Retail Utah Western

Mountain West Negotiates Sale of 13,691 SF Canyon Plaza Shopping Center in Ogden, Utah

by Amy Works May 6, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has directed the sale of Canyon Plaza, a shopping center located at 2060 Harrison Blvd. in Ogden. Canyon Plaza Properties LLC acquired the asset from Christian W. Monson with Winkel Family LLC for an undisclosed price. Situated within three miles of Weber State University, Canyon Plaza features 13,691 square feet of leasable space on one acre of land. Brandon Goodman and Chris Monson of Mountain West represented the seller, while Goodman and Kyle Bloomfield, also of Mountain West, represented the buyer in the transaction.

May 6, 2020

Georgia Market Reports Restaurant Retail Southeast Southeast Market Reports

Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations

by John Nelson May 6, 2020

The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area. While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills. Landlords, on the other hand, are having to take this challenge head on and are testing the waters with solutions like pause agreements, rent deferrals (in many cases, equivalent term is added at the end of these leases) and other creative ways to provide relief to their tenants while not endangering their own interests or those of their lenders. There’s no certainty that these issues won’t have to be addressed again, periodically, as the …

May 6, 2020

Loans New Jersey Northeast Retail

NorthMarq Arranges $16.5M Loan for Refinancing of Shopping Center in Wallington, New Jersey

by Alex Patton May 5, 2020

WALLINGTON, N.J. — Northmarq has arranged a $16.5 million loan for the refinancing of Wallington Plaza, a 94,297-square-foot shopping center in Wallington, a northwestern suburb of New York City. A local bank provided the permanent loan, which carries a floating interest rate, a seven-year term and a 30-year amortization schedule. A ShopRite grocery store anchors the property, which is located at 375 Paterson Ave. Other tenants include a pet supplies store and a liquor store. Robert Ranieri of NorthMarq arranged the loan.

May 5, 2020

Development Retail Texas

Archway Properties Breaks Ground on 22,016 SF Retail Project in Houston for Northern Tool

by Taylor Williams May 5, 2020

HOUSTON — Archway Properties has broken ground on a 22,016-square-foot build-to-suit retail project in Houston for Northern Tool + Equipment. The building will be situated on a freeway-fronting pad site within the 111-acre Park Air 59 mixed-use development on the city’s northeastern side. The store will be the Minnesota-based retailer’s eighth in Houston and is expected to open in the first quarter of 2021.

May 5, 2020

Newer Posts

Older Posts