Menomonee Falls, Wis. — Kohl’s Corp. has announced plans to open 100 smaller-format stores over the next four years. The company also aims to grow its Sephora business to more than $2 billion in annual sales through the opening of 850 new locations. The Menomonee Falls, Wisconsin-based retailer will launch self-serve, buy online and in-store pick up options at all locations; enhance Kohl’s Card Rewards earnings to 7.5 percent every day; introduce a co-branded credit card in 2023; and grow its online digital sales to $8 billion by enhancing discovery …
Oxnard, Calif. — Several new tenants are set to open at The Collection at RiverPark, a 650,000-square-foot open-air retail development by CenterCal Properties and Shea Properties in Oxnard. New tenants include Two Hands Corn Dogs, which will open within the property’s 16,000-square-foot food hall; The Mighty Axe, an axe throwing entertainment concept; Devil & Angel Desserts; and medical clinic Exer Urgent Care. The Collection at RiverPark is anchored by Target, Century RiverPark 16 and XD, Levity Live Comedy Club, 24-Hour Fitness SuperSport, REI, Whole Foods Market, H&M, Ulta Beauty and …
Tukwila, Wash. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip center in Tukwila, about 12 miles from Seattle. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate. Built in 1996, the property features 153,454 square feet of retail space, and is located at 17501 Southcenter Parkway. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer …
Laguna Niguel, Calif. — Faris Lee Investments has negotiated the sale of La Paz Shopping Center in the Orange County city of Laguna Niguel. Carson Cos. sold the property to an Orange County-based private investor for $14.1 million. Scott DeYoung, Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and the buyer in the deal. Located at 460 S. Lake Ave., the property features 35,302 square feet of retail space. Current tenants include Walgreens and Wild Fork Foods, a meat and seafood market. The multi-tenant property also …
Warwick Center, R.I. — Southborough, Massachusetts-based Capital Group Properties has purchased Warwick Center, a 160,000-square-foot shopping center in Warwick. Nuveen sold the property for $12.4 million. Located on 15 acres at 1350 Bald Hill Road, Warwick Center is situated at the intersection of Interstates 95 and 295. Warwick Center features tenants including Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties plans to make enhancements to the center’s landscaping, parking lot, pylon sign, lighting and building façades.
Odessa, Texas — Cross B Development is working on the next phase of development of its Parks Bell Ranch North, a 1,700-acre master-planned community in Odessa. The latest phase of development centers on the connection of Yukon Road to State Highway 191, which completes the main thoroughfare and provides residents and commuters with access to other areas within the development. Included in the next phase is Northwind Crossing, a 500,000-square-foot shopping center and planned construction of a medical and professional hub.
Spokane Valley, Wash. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 13708 E. Indiana Ave. in Spokane Valley. A limited liability company sold the property to a California-based 1031 exchange buyer for $8 million. Great Floors occupies the 46,000-square-foot property on a net-lease basis. This is the fourth Great Floors property to close in a series of five sale-leaseback transactions in Washington and Idaho. Clayton Brown, Christopher Edwards and Ruthanne Romero of Brown Retail Group in Marcus & Millichap’s Seattle office represented the seller …
Hillsboro, Ore. — Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, about 19 miles from Portland, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.
Beverly Hills, Calif. — Gantry has secured $38 million in financing for the fee-simple interest in a retail property located at the corner of Rodeo Drive and Brighton Way in Beverly Hills. The parcel is subject to a long-term ground lease and features improvements including an 18,380-square-foot high-street retail structure. Tenants at the property include Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.
Rancho Cucamonga, Calif. — Progressive Real Estate Partners and Newmark have brokered the sale of a 9,195-square-foot single-tenant retail property triple-net-leased to Bank of America in Rancho Cucamonga. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark co-listed the property and represented the seller, WM Capital. Bill Allen of Marcus & Millichap represented the buyer, a private Northern California-based investor, who purchased the property for $6.2 million in an all cash 1031 exchange transaction. The property features a drive-thru and is situated within Country Village, a Stater …