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Big-Lots-Inglewood-California
Company newsFinanceNew YorkNewsOhio

A&G to Sell 296 Big Lots Store Leases in Connection with Bankruptcy Proceedings

by Hayden Spiess

Melville, N.Y. — A&G Real Estate Partners will market 296 Big Lots store leases for sale in connection with the retailer’s bankruptcy proceedings and restructuring. Columbus, Ohio-based Big Lots filed for Chapter 11 bankruptcy on Sept. 9 of this year to facilitate a sale of substantially all of its assets and operations to an affiliate of Nexus Capital Management. Big Lots has already received approval to commence a sale process of 144 store leases and will seek approval in the coming weeks for the sale process of the additional 152 leases. …

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BurgerFi-Kissimmeee
Company newsFinanceFloridaNewsRestaurants

Restaurant Chain BurgerFi Files for Chapter 11 Bankruptcy Protection

by Hayden Spiess

Fort Lauderdale, Fla. — BurgerFi International (NASDAQ: BFI) has filed for voluntary Chapter 11 bankruptcy protection. The Fort Lauderdale-based company operates under two brands: BurgerFi and Anthony’s Coal Fired Pizza & Wings. The two entities have a total of 144 restaurants open across the United States, Puerto Rico and Saudi Arabia.  The filing pertains to 67 corporately owned locations operating under both the BurgerFi and Anthony’s banners. The remaining 77 franchisee-owned locations are excluded from the filing, with the company’s total portfolio expected to remain open and continue normal operations.  BurgerFi …

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Big-Lots-Inglewood-California
Company newsFinanceNewsOhio

Big Lots Files for Chapter 11 Bankruptcy, Enters into Sale Agreement with Nexus Capital

by Hayden Spiess

Columbus, Ohio — Big Lots has filed for voluntary Chapter 11 bankruptcy protection and has entered into a sale agreement with Los Angeles-based private equity firm Nexus Capital Management, a deal that would that the Ohio-based discount retailer private. Under the terms of the agreement, Nexus will serve as the “stalking horse bidder” (the approved investor that sets the low-end bar for a bankrupt company) in a court-supervised auction to acquire “substantially all” of Big Lots’ physical assets and ongoing business operations. Big Lots expects to keep the majority of its …

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LL-Flooring
Company newsFinanceNewsVirginia

LL Flooring Files for Chapter 11 Bankruptcy Protection, Plans to Close 94 Stores

by Hayden Spiess

Richmond, Va. — LL Flooring (NYSE: LL), a specialty flooring retailer, has commenced voluntary Chapter 11 bankruptcy proceedings. The Richmond, Virginia-based company, which operates more than 300 stores, will also be delisted from the New York Stock Exchange. The company plans to use the Chapter 11 proceedings to pursue a “going concern sale” of its business, meaning that a buyer could continue business upon acquisition. LL Flooring says it “remains in active negotiations with multiple bidders” and hopes to seek approval from the U.S. Bankruptcy Court for the District of Delaware …

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Superstition-Marketplace-Mesa-AZ
ArizonaFinanceInvestment salesNews

PSRS Arranges $7.6 Million Acquisition Financing for Superstition Marketplace in Mesa, Arizona

by Hayden Spiess

Mesa, Ariz. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, the retail center totals 54,837 square feet. Current tenants at the center include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan, which features a 30-year amortization schedule, through one of its correspondent life insurance companies on behalf of the undisclosed borrower. 

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Bayfair-Mall-San-Leandro-CA
CaliforniaDevelopmentFinanceMixed-useNews

Colliers Arranges $33 Million Financing for Bayfair Mall Redevelopment in San Leandro, California

by Hayden Spiess

San Leandro, Calif. — Colliers Mortgage has secured a $33 million bridge loan to refinance Bayfair Mall in San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions, on behalf of the borrower, B3 & Gaw. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with …

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ConnecticutFinanceNews

Cronheim Arranges $5.5 Million Refinancing for Retail Center in Fairfield, Connecticut

by Hayden Spiess

Fairfield, Conn. — Cronheim Mortgage has arranged a $5.5 million loan for the refinancing of Fairfield Shopping Center, a 72,000-square-foot retail center located in Fairfield. Developed in 1955, the property was leased to tenants including Restoration Hardware Outlet, T-Mobile, The UPS Store, Village Bagels and HobbyTown USA at the time of financing. Andrew Stewart, Dev Morris and Allison Villamagna secured the loan through a portfolio lender on behalf of the borrower, Albert D. Phelps Inc. 

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South-Bend-Center_Austin-Texas
FinanceInvestment salesMixed-useNewsTexas

JLL Secures Acquisition Financing for 43,811-Square-Foot Mixed-Use Property in Austin, Texas

by Hayden Spiess

Austin, Texas — JLL Capital Markets has secured acquisition financing for South Bend Center, a mixed-use property located in Austin. Built in 1984, the property totals 43,811 square feet across three buildings, with retail, flex warehouse, restaurant and medical office space. CW Sheehan and Peyton Ackerman of JLL arranged the financing on behalf of the borrower, Duncan Park Capital. 

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The-Hub_Hempstead-N.Y
FinanceInvestment salesNew YorkNews

PCCP Provides $36 Million Acquisition Financing for The Hub Shopping Center on Long Island

by Hayden Spiess

Hempstead, N.Y. — PCCP has provided a $36 million senior loan for the acquisition of The Hub Shopping Center, a retail center located in Hempstead on Long Island. Agus Holdings is the borrower. Tenants at the property, which totals 248,569 square feet, include The Home Depot, Stop & Shop, Old Navy and AT&T. The center was 99 percent leased at the time of sale. 

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FinanceGrocery-anchoredInvestment salesNewsPennsylvania

BWE Arranges $45 Million First Mortgage Financing for Brandywine Square Shopping Center in Metro Philadelphia

by Hayden Spiess

Downingtown, Pa. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located in Downingtown, roughly 40 miles outside Philadelphia. Kevin Hicks of BWE secured the financing through a life insurance company on behalf of the borrower, Allied Properties. Wegman’s anchors the property. Other tenants at the center include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy.

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