LOS ANGELES — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located largely in California and Washington, Napa Auto Parts occupies all the properties on a net-lease basis. Brandon Perez and Bill Pedersen of Los Angeles-based Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.
CHICAGO — Walmart has announced that it will close four stores in the South and West sides of Chicago. Crain’s Chicago Business reports that the stores are located in the city’s Kenwood, Lakeview, Little Village and Chatham neighborhoods. Walmart cited a lack of profitability as the reason for the closures, reporting that the locations collectively lose tens of millions of dollars a year. The company recently invested $70 million to upgrade the stores and built two new Walmart Health facilities and a Walmart Academy training center. “It was hoped that these investments would help improve our stores’ performance,” said the company. “Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”
WAUWATOSA, WIS. — Best Buy has signed a 10,921-square-foot retail lease at 2545 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Scott Satula and Emily Smits of Mid-America Real Estate represented the landlord, an entity doing business as GP Wisconsin LLC.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant property located in Ontario. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development, in the $3.5 million transaction. Fast5Xpress Car Wash occupies the property, which comprises a 4,446-square-foot building situated on 1.2 acres, on a 35-year, absolute triple-net ground lease.
NEW YORK CITY — VITAL, a full-service fitness and climbing gym, will open a 45,000-square-foot facility at Essex Crossing, a mixed-use development on Manhattan’s Lower East Side. The three-story facility will offer bouldering, yoga, cycling, open weightlifting, fitness classes and climbing instruction. The opening is slated for spring 2024. A joint venture between Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns Essex Crossing.
CONSHOHOCKEN, PA. — David’s Bridal LLC and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Both the brand’s nearly 300 physical stores, as well as its online platforms, will remain open and operational, according to the company. The Conshohocken-based retailer is seeking customary “first-day” relief authorizations from the United States Bankruptcy Court for the District of New Jersey to continue payment of employee wages and benefits, maintain certain customer programs and honor vendor obligations. The company had previously filed for bankruptcy in November 2018 and re-emerged under new ownership in early 2019. The retailer’s current ownership group comprises lenders led by global investment manager Oaktree Capital Management. Also in 2019, Brookfield Asset Management acquired a majority stake in Oaktree Capital Management. David’s Bridal has retained Gordon Brothers to assist with inventory sales. The company will also continue to evaluate its physical footprint and explore the sale of some or all of its assets. “Our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward,” says James Marcum, CEO of David’s …
DALLAS — Tom Thumb, a division of Idaho-based grocer Albertson’s, will open a 50,000-square-foot store at The Shops at Redbird in Dallas. Located on the city’s southwest side and owned by locally based developer Russell Glen Co., The Shops at Redbird is a mixed-use redevelopment of the former Southwest Center Mall. Construction is scheduled to begin late this year and to be complete in summer 2024. Russell Glen is also constructing 30,000 square feet of adjacent neighborhood retail and restaurant space.
FREEMONT, CALIF. — JLL Capital Markets has brokered the $40.5 million sale of two retail centers in the Bay Area city of Fremont. The first property, Franciscan Center, comprises 106,840 square feet and the second, Mohave Center, totals 10,228 square feet. Together, the centers were 92 percent leased at the time of sale to tenants including Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Eric Kathrein of JLL represented the undisclosed seller in the transaction. Sterling Organization acquired the properties.
COLLIERVILLE, TENN. — Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot shopping center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property on behalf of the new owners.
NEW YORK CITY — CBSK Development will redevelop the Jacob Riis Bathhouse, a historic building in the Rockaway Beach area of Queens that was originally constructed in 1932. The redevelopment will convert the 40,000-square-foot bathhouse into a 28-room boutique hotel with 1,247 square feet of retail and restaurant space and an outdoor concert venue that can accommodate up to 2,000 people. Procida Funding provided a $32.5 million construction loan for the project. A construction timeline was not disclosed.