Chicago — Virtas Partners has joined in an alliance with The Seaker Group to help retail clients struggling with excessive overhead costs amid continuing restrictions on retailers due to the COVID-19 pandemic. “We are bringing together The Seaker Group’s insightful approach to analytics with Virtas Partners’ deep experience in restructuring and debt placement, and in real estate development and management,” says David Kirshenbaum, managing director at Virtas Partners. “Together, we will provide the support businesses need to optimize their real estate portfolio to reduce their cost structure. In hostile operating …
Malibu, Calif. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since the Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will …
Irving, Tx. — Affiliates of Apollo Global Management Inc. (NYSE: APO) have entered into an agreement to buy arts and crafts retailer Michaels (NASDAQ: MIK) and take the company private in a deal that is valued at approximately $5 billion. Under the terms of the agreement, Apollo will tender an offer to acquire all outstanding shares of Michaels common stock for $22 per share in cash. The purchase price represents a 47 percent premium over the Irving-based arts and crafts retailer’s closing stock price on Feb. 26, the last trading …
Savannah, Ga. — Rothenberg-Rosenfield Inc. (RRI) has acquired Victory Station, a 64,164-square foot, Whole Foods-anchored shopping center situated at the corner of Harry S. Truman Parkway and Victory Drive in Savannah. RRI purchased the property from Clarion Partners for $24.7 million. Jim Hamilton and Brad Buchanan of JLL Capital Markets represented the seller. Built in 2013, Victory Station is currently 96 percent leased with only one available space. The Whole Foods Market is the retailer’s only location in Savannah and one of only two specialty grocery stores in the entire …
Nashville, Tenn. — Brookfield Properties has opened the retail and dining component of Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s …
Irving, Tx. — Retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm.
New York City — New York City-based RCS Real Estate Advisors has facilitated an agreement between Premium Brands, the owner and operator of Ann Taylor and Lane Bryant, and Simon Property Group to keep all Ann Taylor, LOFT, and Lane Bryant stores located at Simon properties open. Related to this agreement, a filing was made with the bankruptcy court on February 18 to assume the leases involved and Simon withdrew their objection to the confirmation of the company’s go-forward plan.
Burbank, Calif. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst …
Brandon, Fla. — HGreg.com, a pre-owned automotive retailer, has expanded to a 10-acre property in the Tampa Bay Area. The retailer plans to open its new regional fulfillment center and dealership in Brandon this spring. Construction costs are estimated at more than $30 million. Located at 1207 E Brandon Blvd. in Hillsborough County, the new facility will feature a 42,000-square-foot building, a showroom and an inventory of more than 1,000 pre-owned vehicles. The new property will allow HGreg.com to expand its service offering, both digital and onsite, to car buyers throughout …
Anchorage, Alaska — Newmark has arranged the $13 million sale of a property net-leased to Walgreens in Anchorage. Matt Berres and Samer Khalil of Newmark represented the buyer, an undisclosed private investor from Los Angeles, in the sale of the 14,550-square-foot property. Deerfield Partners represented the undisclosed private seller in the transaction.