Retail

CBRE Brokers $13.4M Sale of Woodinville Mall in Washington

by Amy Works May 18, 2020

WOODINVILLE, WASH. — CBRE has arranged the sale of Woodinville Mall, a retail property located at 17414 139th Ave. NE in Woodinville. Leona G. Himmelspach sold the property to an undisclosed buyer for $13.4 million. Situated on 93,681 square feet of land, Woodinville Mall features 24,739 square feet of retail space spread across six buildings. At the time of sale, 19 tenants occupied the property, including Allstate Insurance, Goodyear and Seattle Optometric Physicians. Dino Christophilis of CBRE’s Seattle office represented the seller in the deal.

May 18, 2020

Company News Retail Texas Top Stories

J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring

by Taylor Williams May 18, 2020

PLANO, TEXAS — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in the coming weeks the number and locations of which stores would be closing. Currently, due to the coronavirus pandemic, about 40 of J.C. Penney’s approximately 850 U.S. stores are open, with another dozen or so offering curbside pickup only. In mid-March, the retailer began furloughing workers at its supply chain and distribution centers in response to the outbreak of COVID-19. Furloughs of store associates and corporate staff followed two weeks later. “While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to …

May 18, 2020

District of Columbia Retail Southeast

Despite 16.4 Percent Drop in April Retail Sales Amid Pandemic, NRF Says Industry Remains ‘Resilient’

by Alex Tostado May 15, 2020

WASHINGTON, D.C. — Retail sales plummeted 16.4 percent in April, according to the U.S. Census Bureau. However, the sharp drop “was not a surprise” to the National Retail Federation (NRF) due to the government-mandated shutdown of huge swaths of the American economy starting in mid-March. “The vast majority of retail stores have been closed, we are in the midst of historic unemployment and when it comes to personal finances, discretionary spending takes a back seat to essentials,” Matthew Shay, president and CEO of the Washington, D.C.-based trade association, stated in a press release. “Prior to this pandemic, retail was setting records in year-over-year growth, employment and investment. It is a resilient industry serving a smart consumer, and despite today’s report, we know it will be leading our nation’s economic recovery as this crisis recedes,” added Shay. The monthly report generated by the U.S. Census Bureau is a measure of purchases at stores, gasoline stations, restaurants, bars and online. The double-digit drop in April retail sales follows a revised 8.3 percent drop in March sales. Total spending in April was $403.9 billion compared with $483.5 billion the prior month, according to the U.S. Census Bureau. One of the biggest factors contributing …

May 15, 2020

Acquisitions New York Northeast Retail

CBRE Brokers Sale of 165,499 SF Retail Building Leased to Walmart in Upstate New York

by Alex Patton May 15, 2020

NEWARK, N.Y. — CBRE has brokered the $9.2 million sale of a 165,499-square-foot retail building in Newark, a western suburb of Rochester. Located at 6788 NY-31 East, the single-tenant property is fully leased to Walmart. Walmart has occupied the space since 1992 and expanded its original lease by 72,011 square feet in 2006. Nearby retailers include Save-a-Lot, Wegmans, Tractor Supply, Dollar Tree, AutoZone and Walgreens. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, a private investor, in the transaction The team also procured an undisclosed institutional investor as the buyer.

May 15, 2020

Development Midwest Mixed-Use Ohio Retail

Columbus Crew Soccer Club Releases New Renderings for $230M Downtown Stadium

by Kristin Harlow May 15, 2020

COLUMBUS, OHIO — Columbus Crew SC, a Major League Soccer organization, has released new renderings for its stadium, which is currently under construction downtown. Completion is slated for summer 2021. Situated in the city’s Arena District, the stadium will feature a beer garden and a “crewhouse.” Premium club members will have access to an exclusive covered entrance. Project costs of the 20,000-seat venue are estimated at $230 million. The larger Confluence Village development will feature nearly 1,000 residential units as well as office and commercial space. The Crew’s current stadium is expected to be repurposed into a community sports park.

May 15, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.6M Sale of Two-Tenant Retail Property in Lockport, Illinois

by Kristin Harlow May 15, 2020

LOCKPORT, ILL. — Marcus & Millichap has arranged the $1.6 million sale of a two-tenant retail property in Lockport, about 30 miles southwest of Chicago. The 3,670-square-foot building is home to Arby’s and Bank of America. It is located at 16545 W. 159th St. and serves as an outlot to a Jewel-Osco grocery store. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was a limited liability company affiliated with one of the tenants.

May 15, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.1M Sale of Alberstons-Occupied Retail Asset in San Diego

by Amy Works May 15, 2020

SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

May 15, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 31,450 SF Shopping Center in Bethlehem, Pennsylvania

by Alex Patton May 14, 2020

BETHLEHEM, PA. — Colliers International has brokered the $4.5 million sale of Bethlehem Village Shoppes, a 31,450-square-foot retail center in Bethlehem, an eastern suburb of Allentown. At the time of sale, tenants included the Northampton County Court of Common Pleas, H&R Block and several restaurants. Jeff Algatt, Derek Zerfass and Scott Horner represented the seller, a locally based private investor, in the transaction. W.C. Weiss of Equis Commercial Real Estate represented the undisclosed buyer. QNB Bank provided acquisition financing.

May 14, 2020

Acquisitions Retail Texas

EDGE Realty Partners Brokers Sale of 49,865 SF Retail Center in Houston

by Taylor Williams May 14, 2020

HOUSTON — EDGE Realty Partners Capital Markets has brokered the sale of a 49,865-square-foot retail center located at the junction of Interstate 45 and Monroe Boulevard in Houston. According to LoopNet Inc., the property was built on 1.9 acres in 1970. Tenants include Chinese restaurant Oriental Gourmet and Majestic Tuxedos. Burdette Huffman of EDGE Realty Partners represented the undisclosed seller in the transaction. The buyer was also undisclosed.

May 14, 2020

Acquisitions California Retail Western

Matthews Brokers Sale of Recently Vacated 104,980 SF Retail Lot in Costa Mesa

by Amy Works May 14, 2020

COSTA MESA, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with the Ace Hardware lease. Bill Pedersen, Michael Pakravan and Matthew Sundberg of Matthews Real Estate handled the transaction.

May 14, 2020

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