Atlanta — RCG Ventures (RCG) has acquired the first phase of a $1.8 billion multi-tenant retail portfolio from Global Net Lease, Inc (GNL). The first phase, which comprises 59 properties, was purchased for $1.1 billion. Truist Bank and Key Bank provided a new loan facility for the transaction, while Ares Management Alternative Credit, Koch Real Estate Investments and Goldman Sachs Alternatives provided equity investments. RCG expects to complete the sale of the remaining 41 properties in two additional phases by the end of the second quarter of 2025. McGuireWoods LLP …
Nashville, Tenn. — BEB Lending has provided a $10.3 million loan to refinance South Plaza Shoppes, a 163,777-square-foot shopping center located in Nashville. The undisclosed borrower will use the loan to pay off existing debt. Proceeds will also be used for leasing costs and planned capital expenditures at the property. Sean Silverbrook and Zach Feldman of BEB represented the firm. This transaction represents BEB Lending’s first loan in Nashville and second loan in the state of Tennessee.
Rancho Cucamonga, Calif. — Marcus & Millichap has arranged a $19 million loan through its affiliate, BA Debt Fund LLC, to refinance a shopping center located in Rancho Cucamonga. Bolour Associates provided the loan. The 106,000-square-foot property — which was 99 percent leased at the time of financing — is anchored by a Smart & Final grocery store. Preston Davey of Marcus & Millichap arranged the loan on behalf of the borrower.
Urbana, Ill. — Marcus & Millichap has brokered the $3.4 million sale of Gateway Shoppes at Five Points, a 12-suite retail property located in Urbana. Built in 2011, the center comprises two multi-tenant strip centers totaling roughly 30,000 square feet. The property was 95 percent leased at the time of sale. Jeremie Johnson and Nathan Whalen of Marcus & Millichap represented the seller, Prairie Holdings Newton LLC, in the transaction. David O’Keefe, Steve Bogoyevac and Johnathan Weir of Marcus & Millichap procured the buyer, Nikolas Chugay. Michael Derk of Marcus …
College Station, Texas — Stratus Properties Inc. has obtained a $24 million loan to refinance Jones Crossing, a mixed-use project located in College Station, roughly two miles from Texas A&M University. The new non-recourse loan matures in April 2028 and has generated approximately $1.2 million in net cash proceeds. A 106,000-square-foot H-E-B grocery store anchors the center, which which also features an additional 47,000 square feet of retail and restaurant space. Tenants at the property include Oishi Sushi, Chick-fil-A, Threads Boutique and Supercuts.
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Webinar: Retail Bankruptcy & Restructuring — Lessons from 2024 & What’s Ahead
The March 14 Shopping Center Business webinar “Retail Bankruptcy & Restructuring — Lessons from 2024 & What’s Ahead” covered the state of a retail industry that is both “frenetic and cautious,” in the words of Dana Telsey of Telsey Advisory Group. Tune in to the six-minute mark of the on-demand webinar for Dana’s impressive summary of the latest news in retail. Panelists covered key insights into the evolving retail landscape, including the trends for bankruptcies and liquidations in 2024 and whether those trajectories are likely to continue into 2025. Economic …
Lewes, Del. — Lument has arranged a $14 million mortgage for the refinancing of Mi-Place at Vineyards, a 65,000-square-foot mixed-use development in Lewes. New Jersey-based developer Fernmoor was the borrower. Ben Retter of Lument’s Debt Capital Markets team arranged the CMBS loan, which carries a five-year, fixed interest rate. The loan will replace existing debt from a local bank. Mi-Place at Vineyards is part of a master-planned community that includes retail space, multifamily buildings, residential condominiums, carriage homes, townhouses and a grocery store. Beginning in 2010, construction for the property …
Hudson, Ohio — GA Group and A&G Real Estate Partners plan to auction 790 JOANN store leases and five distribution centers in 49 states in April. The plans follow JOANN’s Chapter 11 bankruptcy filing in January, the second bankruptcy filing for the retailer within 12 months. GA Group was selected to monetize all of JOANN’s assets and has begun winding down ongoing operations at all the retailer’s locations. The majority of JOANN stores will stay open for going-out-of-business sales through May 2025, or until supplies run out. The leases range in size …
Dedham, Mass. — Madison International Realty has purchased a 50 percent ownership stake of Legacy Place, a 580,000-square-foot shopping center located in the Boston suburb of Dedham, from Nuveen Real Estate. As part of the recapitalization, Madison joins a partnership with WS Development, who has held a 50 percent ownership stake and managed the center since its opening in 2009. Chris Angelone, Zach Nitsche and Hugh Doherty of JLL’s Investment Sales and Advisory team represented Nuveen Real Estate in the transaction. The center — which is situated on 37 acres …
Milwaukie, Ore. — JLL Capital Markets has arranged $32.4 million in financing for Milwaukie Marketplace, a 185,760-square-foot retail center located in the Portland suburb of Milwaukie. The borrower is a joint venture between Lincoln Property Company and PCCP LLC. Zach Kersten, Casey Davidson and David Williams of JLL’s Debt Advisory team represented the borrower in arranging the three-year, floating-rate loan through an entity managed by Argentic Investment Management LLC. The loan features full-term interest-only payments and will support the borrower’s business plan to reposition the property into a premier grocery-anchored center.
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