Retail

Cinemark Theatres to Sell $250M in Senior Debt

by Taylor Williams April 14, 2020

PLANO, TEXAS — Cinemark Theatres (NYSE: CNK), an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement on Monday. The offering on senior secured notes that are due in 2025 is expected to close on April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark is laying off 17,500 hourly employees and furloughing about half its corporate staff. As of September 2019, Cinemark operated 344 theaters totaling 4,630 screens in 41 U.S. states. Movie theaters were among the first categories of retailers to close their doors in response to the outbreak of COVID-19.

April 14, 2020

Acquisitions Retail Texas

STRIVE Arranges Sale of 15,064 SF Stonebrook Square Retail Strip Center in Frisco

by Taylor Williams April 14, 2020

FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.

April 14, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado April 14, 2020

LILBURN, GA. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch Properties LLC purchased the asset for an undisclosed amount.

April 14, 2020

Acquisitions Indiana Midwest Restaurant Retail

Hanley Investment Group Brokers $2.4M Sale of Burger King Ground Lease in Suburban Indianapolis

by Kristin Harlow April 14, 2020

WESTFIELD, IND. — Hanley Investment Group Real Estate Advisors has brokered the sale of a Burger King ground lease in suburban Indianapolis for $2.4 million. The newly constructed, 3,245-square-foot building is located at 819 East State Road 32 in the northern suburb of Westfield. The property sits on 1.3 acres and is part of the larger Monon Crossing retail development. Burger King is scheduled to open this month. Franchisee Carrols Restaurant Group will operate the restaurant. Dylan Mallory of Hanley represented the seller and developer, Midland Atlantic Properties. Ryan Chakroff of Marcus & Millichap represented the buyer, a Denver-based private investor. The sales price represents a cap rate of 5 percent, the lowest cap rate for a single-tenant Burger King in the state of Indiana, according to Hanley.

April 14, 2020

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9M Sale of Walgreens-Occupied Retail Property in Lowell, Massachusetts

by Alex Patton April 13, 2020

LOWELL, MASS. — Marcus & Millichap has brokered the $9 million sale of a retail property in Lowell, located approximately 25 miles northwest of Boston. The 14,820-square-foot property was fully leased to Walgreens at the time of sale. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the seller, a West Coast-based private investor. Adam Friedlander of Marcus & Millichap represented the buyer, a New York City-based private investor.

April 13, 2020

Leasing Activity Retail Texas

Security National Bank of Texas to Open 4,146 SF Branch at The Union Dallas

by Taylor Williams April 13, 2020

DALLAS — Security National Bank of Texas will open a 4,146-square-foot branch at 2300 N. Field St. to become the exclusive banking center of The Union Dallas, a mixed-use destination by RED Development. Services will include personal, business and private banking, treasury management, trust services, investment management and mortgages. The opening is slated for some time this spring.

April 13, 2020

Acquisitions California Retail Western

NAI Capital Facilitates Sale of 8,000 SF Strip Retail Center in Camarillo, California

by Amy Works April 13, 2020

CAMARILLO, CALIF. — NAI Capital has arranged the sale of a strip retail center, located at 415 W. Ventura Blvd. in Camarillo. YS Properties sold the asset to a private investor for $4.8 million, or $600 per square foot. Built in 2020, the 8,000-square-foot property is fully occupied by T-Mobile, Subway, Lindora and Eye Glass Factory. The asset is an out-pad parcel to The Home Depot and located directly off the 101 Freeway. Dave Maron of NAI Capital’s Investment Services Group represented the buyer in the deal.

April 13, 2020

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.9M Sale of Restaurant Property in Eugene, Oregon

by Amy Works April 13, 2020

EUGENE, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 950 Seneca Road in Eugene. A limited liability company sold the net-leased asset to an undisclosed buyer for $1.9 million. Since the building delivery in 2003, Izzy’s Pizza has occupied the 6,000-square-foot property and has 10 years remaining on its lease. The Albany, Ore.-based franchise currently operates 10 locations throughout Oregon and Washington. Scott Logan of Marcus & Millichap’s Portland office represented the seller in the transaction.

April 13, 2020

District of Columbia Retail Southeast

NRF ‘Welcomes’ Federal Reserve’s Efforts to Help Businesses with Liquidity Issues During Coronavirus Pandemic

by Alex Tostado April 10, 2020

WASHINGTON, D.C. — National Retail Federation (NRF) CEO and president Matthew Shay issued a statement saying the organization is pleased with the measures the Federal Reserve Bank and Treasury Department have taken to help businesses that are short on liquidity due to the coronavirus (COVID-19) pandemic. On Thursday, the Federal Reserve, along with Secretary of Treasury Steve Mnuchin, said it will finance up to $2.3 trillion to aid small- and mid-size businesses that are struggling due to the pandemic. The Fed said $600 billion will go toward buying the loans of the businesses and $500 billion will buy state municipal bonds. “As part of the next round of liquidity support for U.S. businesses, (Thursday’s) release by the Federal Reserve Bank of new term sheets is a welcome development,” said Shay. “By strengthening the efficiency of the Paycheck Protection Program (PPP) and clarifying terms to speed relief to small- and mid-market businesses through the Mainstreet Lending Program, the government is making great progress toward quick action with both clarity and guidance.” While Shay commends the government for its timely response to the pandemic, he says there is still work to be done to continue helping retailers, mainly when it comes to …

April 10, 2020

Acquisitions Colorado Industrial Net Lease Office Retail Western

DCP Quebec Divests of Multi-Tenant Commercial Asset in Colorado for $4.9M

by Amy Works April 10, 2020

THORNTON, COLO. — DCP Quebec has completed the disposition of a multi-tenant, net-lease investment building located at 7315-7375 E. 128th Ave. in Thornton. YC Inc. acquired the property for $4.9 million. Built 2018 on 1.7 acres, the property features 8,573 square feet of space. At the time of sale, four tenants fully occupied the asset. Matt Call and Ian Elfner of NavPoint Real Estate Group represented the seller, while Jae Kim of RE/MAX 100 represented the buyer in the transaction.

April 10, 2020

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