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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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CaliforniaFinanceNews

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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Wood Investments Cos. Secures $20.3 Million Refinancing for Shopping Center in Helena, Montana

by Hayden Spiess

Helena, Mont. — Wood Investments Cos. has secured a $20.3 million permanent loan for the refinancing of Helena Skyway Regional Shopping Center in Helena. Wells Fargo provided the financing. Tenants at the property, which totals 164,121 square feet, include T.J. Maxx, Ulta Beauty and Hobby Lobby. Sierra and Chick-fil-A also recently signed leases at the center and are scheduled to open this November and at the end of 2025, respectively. Wood Investments acquired the property, which is now fully leased, in September 2022. 

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A&G Markets 255 Big Lots Store Leases For Sale

by Hayden Spiess

Melville, N.Y. — Melville-based A&G Real Estate Partners is accepting bids on 255 Big Lots store leases throughout the country as part of the retailer’s Chapter 11 restructuring. Of the leases, 51 are new to market. Big Lots initiated voluntary Chapter 11 bankruptcy proceedings Sept. 9 to facilitate a sale of substantially all of its assets and business operations. Ranging in size from 16,321 to 54,610 square feet, the leases are located across 41 states. Final bid deadlines for the leases, which A&G is offering in two groups, will be in …

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TGI Fridays Files for Chapter 11 Bankruptcy

by Hayden Spiess

Dallas — TGI Fridays Inc., which owns and operates 39 U.S. restaurants, has voluntarily filed for Chapter 11 bankruptcy protection in the Northern District of Texas. The Dallas-based operator cited long-running declines in sales dating back to the pandemic as the main impetus behind the filing. All independently owned and operated franchise locations, both foreign and domestic, are unaffected by the filing. An entity doing business as TGI Fridays Franchisor LLC, which owns the TGI Fridays brand and other intellectual property, was also unaffected. TGI Fridays Inc. has secured a commitment …

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CaliforniaFinanceNews

Majestic Realty Co. Secures Refinancing Totaling $118.9 Million For Two Shopping Centers in California

by Hayden Spiess

Redlands, Calif. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, …

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Gordon Brothers Provides $150 Million Debtor-in-Possession Financing to Big Lots

by Hayden Spiess

Boston — Boston-based Gordon Brothers has provided a $150 million debtor-in-possession (DIP) loan to Big Lots Inc. The financing will support the Columbus, Ohio-based company’s going-concern sale and stalking horse bid as it continues Chapter 11 bankruptcy proceedings. Gordon Brothers previously provided a $200 million delayed draw term loan to Big Lots. “As the liquidation agent for the non-go-forward store closures, distribution centers and furniture, fixtures and equipment, we will continue to support the company during the sale process,” says Kyle Shonak, senior managing director, transaction team and head of North …

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