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Finance

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Company newsFinanceNew YorkNews

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by Hayden Spiess

New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …

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Company newsFinanceNewsOhio

SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Hayden Spiess

Beachwood, Ohio — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include …

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CaliforniaCompany newsFinanceInvestment salesMarylandMichiganNew JerseyNew YorkNewsOhioPennsylvaniaWashington

Rite Aid to Sell 92 Store Leases

by Hayden Spiess

Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …

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FinanceNew YorkNews

IPA Arranges $22 Million Refinancing for Retail Property in Manhattan 

by Hayden Spiess

New York City — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located in Manhattan in New York City. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

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ArkansasDevelopmentFinanceGrocery-anchoredNews

CBRE Secures Construction Financing for Mixed-Use Development in Rogers, Arkansas

by Hayden Spiess

Rogers, Ark. — CBRE has secured financing for the construction of Pinnacle Springs, a mixed-use development located in Rogers. Upon completion, the project will comprise 362 apartments and 91,000 square feet of retail space. A 37,000-square-foot Whole Foods Market will anchor the property. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE arranged the financing on behalf of the borrower and developer, SJC Ventures. Arvest Bank provided uncrossed construction loans for the project, and Dome Equities provided both common and preferred equity investments in the multifamily component. The project …

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Company newsFinanceNewsPennsylvania

Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4 Billion for Debt Restructuring

by Hayden Spiess

Philadelphia — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring …

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FinanceNewsWisconsin

Bernard Financial Group Secures $10.1 Million Acquisition Financing for Retail Center in Wisconsin

by Hayden Spiess

Waukesha, Wis. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot retail center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.

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CaliforniaFinanceInvestment salesNews

3650 REIT Provides $71.5 Million Acquisition Financing for Retail Center in Metro Sacramento

by Hayden Spiess

Roseville, Calif. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles outside Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management.

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FinanceIllinoisInvestment salesNews

IPA Arranges $11.5 Million Acquisition Financing for Retail Center in Illinois

by Hayden Spiess

Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower. 

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FinanceNewsTennessee

JLL Secures $125 Million Refinancing for The Avenue Murfreesboro in Metro Nashville

by Hayden Spiess

Murfreesboro, Tenn. — JLL Capital Markets has secured a $125 million loan for the refinancing of The Avenue Murfreesboro, an 846,467-square-foot retail center located in Murfreesboro, roughly 35 miles outside Nashville. Built in 2007, the property was 93.1 percent leased at the time of financing. Tenants at the center include Best Buy, Belk, Dick’s Sporting Goods, Haverty’s Furniture, Burlington, Barnes & Noble, Off-Broadway Shoe Warehouse, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Cost Plus World Market, Ulta Beauty, Hollister, Buckle, Torrid and Sephora. Chris Drew, Brian Dawson and Matt Casey of …

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