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Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11

by Hayden Spiess

Woodcliff Lake, N.J. and Coppell, Texas — In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, and The Container Store has formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection in January 2023to restructure its debt, will now be liquidating. The New Jersey-based entertainment accessories retailer, which does business as Party City Holdco Inc., said over the weekend that …

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Pine Tree Receives $247 Million Loan for Shopping Center Portfolio

by Hayden Spiess

Oak Brook, III. —  Pine Tree has received a $247 million loan from New York Life Real Estate Investors for portfolio of six shopping centers located in Florida, Arizona, Oregon and Ohio. Pine Tree acquired the properties earlier this year in partnership with an undisclosed state pension fund for $495 million. The centers include The Fountains in Plantation, Florida (430,000 square feet); Arrowhead Crossing in Phoenix (362,000 square feet); Easton Market (501,000 square feet) and Polaris Towne Center (459,000 square feet) in Columbus, Ohio; Kenwood Square in Cincinnati (424,000 square feet); and Tanasbourne Town Center in Hillsboro, Oregon (300,000 square feet). Tenants at the centers, which were 95 percent leased at the time of financing, include Nordstrom Rack, Ulta Beauty, Target, Dick’s Sporting …

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Hilco Arranges $168 Million Sale of 99 Cents Portfolio

by Hayden Spiess

Commerce, Calif. — Hilco Real Estate has arranged the $168 million sale of the 99 Cents Only Stores LLC real estate portfolio as part of the retailer’s Chapter 11 bankruptcy proceedings. Founded in 1982, California-based 99 Cents began its liquidation in April 2024, citing rising competition, increased labor costs, challenging logistics and the effects of the COVID-19 pandemic. The portfolio included 44 company-owned properties, as well as 333 store leases and three vacant development parcels. According to Hilco, the portfolio generated significant interest, and 181 asset purchase agreements with non-refundable earnest money deposits …

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G.S. Wilcox Arranges $12 Million Refinancing for Southern New Jersey Shopping Center

by Hayden Spiess

Mount Holly, N.J. —G.S. Wilcox & Co. has arranged a $12 million loan for the refinancing of Fair Ground Plaza, a 178,532-square-foot shopping center located in Mount Holly in southern New Jersey. The property was 90 percent leased at the time of the financing. Acme Markets anchors the center, and other tenants include Staples, Dollar Tree and Advance Auto Parts. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company.

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FinanceMallsMichiganNews

PREIT Secures $80 Million Refinancing for Woodland Mall in Grand Rapids, Michigan

by Hayden Spiess

Grand Rapids, Mich. — PREIT has received an $80 million mortgage for the refinancing of Woodland Mall in Grand Rapids. Tenants at the recently redeveloped property include Von Maur, The Cheesecake Factory, Sephora and Urban Outfitters. According to the company, the refinancing will save PREIT roughly $5 million in interest expense over the life of the loan. JLL arranged the financing through a commercial mortgage-backed security (CMBS) lender. 

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Restaurants Execute Expansion Plans with Measured Approaches

by Sarah Daniels

To say that the restaurant industry is sending mixed signals could be the understatement of the year. The National Restaurant Association expected restaurant sales in 2024 to top $1 trillion for the first time ever. But as the year has progressed, the number of operators who anticipated sales growth in the coming months dipped to 28 percent in August from 40 percent in April amid inflation and economic uncertainty, according to the organization’s latest performance index survey. At the same time, the fortunes of the major restaurant segments are largely …

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Castle & Cooke Secures $140 Million Financing for Crossings at Corona Retail Center in California

by Hayden Spiess

Corona, Calif. — Castle & Cooke has received $140 million in financing for Crossings at Corona, a retail center located in Corona. Delivered in 2005, the property totals 833,995 square feet. Tenants at the property include Marshalls, Kohl’s, HomeGoods, Sportsman’s Warehouse, Burlington and Edward’s Theatre. John Marshall, Spencer Seibring and Nick Englhard of JLL Capital Markets arranged the loan through Deutsche Bank AG. 

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KPR Centers Secures $33.9 Million in Acquisition Financing for University Hills Retail Center in Denver

by Hayden Spiess

Denver — KPR Centers has secured a $33.9 million loan to finance the acquisition of University Hills, a retail center located in Denver. Sunny Sajnani and Travis Headapohl of Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, arranged the five-year financing through a life insurance company lender. The fixed-rate loan features full-term interest-only payments and prepayment open at par for the last year.  Tom Lagos of IPA procured the buyer in the sales transaction. University Hill was fully leased to tenants including King Soopers, Michaels, Marshalls, Office …

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CBRE Arranges $171.4 Million Refinancing for Shopping Center Portfolio in the Southeast

by Hayden Spiess

Atlanta — CBRE has arranged a $171.4 million loan for the refinancing of an eight-property portfolio of grocery-anchored shopping centers in the Southeast. Comprising roughly 1.2 million square feet, the portfolio was 96.6 percent leased at the time of financing to 194 tenants including Kroger, Publix and Whole Foods Market. PGIM provided the financing to the borrowers, Branch Properties and Corebridge Real Estate Investors (formerly AIG Global Real Estate). Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan, which was used to refinance the existing mortgages …

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Toro Development Obtains Construction Financing for $560 Million Medley Mixed-Use Development in Metro Atlanta

by Hayden Spiess

Johns Creek, Ga. — Toro Development Co. has obtained construction financing for Medley, a $560 million mixed-use project in the Atlanta suburb of Johns Creek. Toro plans to break ground on the 43-acre development in December, with the opening scheduled for late 2026. The financing includes an undisclosed amount of equity from private equity firm Ascentris, as well as a $158 million construction loan from Banco Inbursa. Upon completion, Medley will feature 150,000 square feet of retail, restaurant and entertainment space; a 175-room boutique hotel; 110,000 square feet of office space; …

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