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Hayden Spiess

Big-Lots_Inglewood-CA
Company newsNewsOhio

Big Lots to Close 35 to 40 Stores in 2024

by Hayden Spiess

Columbus, Ohio — Discount retailer Big Lots plans to close 35 to 40 stores this year, according to an SEC filing submitted by the company. Big Lots saw a 10.2 percent year-over-year decrease in net sales in the first quarter of 2024. In addition to the closures, the company announced plans to open three stores this year, though the filing cites “substantial doubt about the company’s ability to continue.” In a June press release, the retailer attributed declining sales to a “challenging consumer environment.”

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FinanceGrocery-anchoredInvestment salesNew YorkNews

Red Oak Capital Provides $8.6 Million Acquisition Financing for Shopping Center in Rochester, New York

by Hayden Spiess

Rochester, N.Y. — Red Oak Capital Holdings has provided an $8.6 million loan for the acquisition of Irondequoit Plaza, a 205,000-square-foot shopping center located in Rochester. Sky Capital is the borrower. Wegman’s anchors the center, which was developed in 1980. Other tenants at the property include Citizens Bank, Dollar Tree, Dunkin Donut and Big Lots. The center was most recently renovated in 2005. Sky Capital will use the loan from Red Oak to finance the $9.5 million purchase of a 123,479-square-foot non-anchored portion of the property. Sky Capital is purchasing the …

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LeasingNewsSouth Carolina

Three New Tenants Open at Beaufort Station in South Carolina

by Hayden Spiess

Beaufort, S.C. — Three new tenants have opened at Beaufort Station, a shopping center in Beaufort. Hobby Lobby, Five Below and Rack Room Shoes have opened stores at the property, which is anchored by T.J. Maxx and HomeGoods. Additionally, Ross Dress for Less, PetSmart, Ulta Beauty, Old Navy, ALDI, Mattress Firm, Surcheros, Panda Express, Americas Best and Chicken Salad Chick have signed leases at the center. The Morgan Cos. is the landlord. 

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Company newsNewsTexas

SRS Appoints Garrett Colburn President

by Hayden Spiess

Dallas — SRS Real Estate Partners has appointed Garrett Colburn president of the firm. Colburn will work with CEO Chris Maguire to “generate growth across all platforms, including retail, capital markets and industrial.” Colburn, who has 15 years of experience in retail brokerage, first joined SRS in 2012. He currently serves as managing principal and co-market leader of the company’s five California offices and a member of the board of directors — positions he will continue to hold. Additionally, he will serve on the Dallas-based company’s executive committee. 

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Investment salesNewsVirginia

Marcus & Millichap Brokers $1.9 Million Sale of Retail Center in Emporia, Virginia

by Hayden Spiess

Emporia, Va. — Marcus & Millichap has brokered the $1.9 million sale of Emporia Commons, a 35,013-square-foot retail center located in Emporia. Tenants at the property include It’s Fashion Metro, H&R Block and Pizza Hut. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Tennessee-based developer, in the transaction. Brian Hosey, the firm’s broker of record in the state, assisted in closing the sale. 

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Renaissance III
Investment salesNevadaNews

Aspen Real Estate Acquires 225,748-Square-Foot Foreclosed Shopping Center in Las Vegas

by Hayden Spiess

Las Vegas — Aspen Real Estate has acquired Renaissance III, a 225,748-square-foot foreclosed shopping center located in Las Vegas. Aspen purchased the property from special servicer LNR Property LLC for $24.7 million. Tenants at the center include Planet Fitness, America First Credit Union, Nevada Department of Health and Human Services, Ichabod’s Lounge and Restaurant, Panda Express, Meineke and Chaga Root. Logic Commercial Real Estate represented both the buyer and the seller in the transaction. Aspen has allocated $7 million for renovations and tenant improvements, with plans to demolish two buildings to …

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DevelopmentGeorgiaGrocery-anchoredNews

Sembler Completes Development of 60,500-Square-Foot Retail Center in Milledgeville, Georgia

by Hayden Spiess

Milledgeville, Ga. — The Sembler Co. has completed the development of Lakeside Commons, a 60,500-square-foot retail center located in Milledgeville. A 48,387-square-foot, freestanding Publix anchors property, which also features 12,000 square feet of small shop space and two outparcels. Other tenants at the property include Sugar Polish Nail Spa and T-Mobile, which occupy 3,600 and 2,400 square feet, respectively. Construction on the center began early last year. 

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CaliforniaFinanceNews

Majestic Realty Co. Receives $12.6 Million Refinancing for Two Shopping Centers in Walnut, California

by Hayden Spiess

Walnut, Calif. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers located in Walnut, approximately 30 miles outside Los Angeles. PGIM Real Estate provided a $12.6 million loan for Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center.  Developed by Majestic Realty Co. affiliates, the properties comprise a total 128,922 square feet of retail space. Current tenants at the centers include T.J. Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.

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FloridaInvestment salesNet leaseNews

SRS Brokers $9.1 Million Sale of Single-Tenant Property in Metro Orlando 

by Hayden Spiess

Davenport, Fla. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located in Davenport, roughly 30 miles southwest of Orlando. 7-Eleven occupies the property on a 15-year triple-net lease, with scheduled rent increases and multiple extension options. The property is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the transaction. A Michigan-based private investor was the buyer. 

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Investment salesMontanaNews

Benderson Acquires Walgreens Property in Montana

by Hayden Spiess

Missoula, Mont. — Benderson Development has acquired a freestanding single-tenant property located in Missoula, marking the company’s first entrance into the Montana market. Walgreens occupies the building. Benderson’s portfolio currently includes more than 55 million square feet across more than 1,000 properties in 40 states. 

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