At the ICSC LAS VEGAS 2024 conference, Nellie Day of Retail Insight discussed the current investment climate with Shaun Riley, managing principal of Faris Lee Investments. Riley highlights key aspects of the retail environment — discussing interest rates, bid-ask spreads, navigating the market and more. Investor Sentiment and Market Reactions Riley explains that investor sentiment is significantly influenced by interest rates. After two decades of low rates, recent hikes have led to a cautious approach among investors. “A lot of [investors] are waiting out until they see the returns …
Lewisville, Texas — MCM Partners has provided equity to a client for the acquisition of a freestanding retail building located in Lewisville. Walgreens occupies the property, which was originally constructed in 2004. Nearby retailers include McDonald’s, Tom Thumb and QuikTrip.
Chesapeake, Va. — Dollar Tree Inc. has acquired designation rights for 170 leases of 99 Cents Only Stores, following the latter’s Chapter 11 bankruptcy filing. 99 Cents Only Stores filed for bankruptcy in April and is disposing of its assets — including inventory, owned real estate and store leases — as part of the process. Dollar Tree acquired the leases, as well as the North American intellectual property of 99 Cents and select onsite furniture, fixtures and equipment, in two separate transactions this month. “This was an attractive opportunity to secure …
Melville, N.Y. — New York-based A&G Real Estate Partners has announced plans to market 27 store leases in 12 states on behalf of music retailer Sam Ash Music Corp., which recently filed for Chapter 11 bankruptcy protection in New Jersey. Sam Ash’s total portfolio comprises 42 stores in 16 states, all of which will be closed while the company entertains buyer offers and completes its financial restructuring. Averaging 25,467 square feet, the lease sizes range from 6,000 to 44,000 square feet.
Goose Creek, S.C. — CBRE has secured a $30.9 million loan for the construction of The Marketplace at Carnes Crossroads, a shopping center currently underway in Goose Creek, roughly 15 miles outside Charleston. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the financing on behalf of the borrower, Columbia Properties, through a regional bank. Worthen Development is a partner in the project. Publix will anchor the center, which will comprise 82,622 square feet across three buildings and nine land parcels situated on 24.5 acres. Site work for …
Orlando, Fla. — Red Lobster has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The Orlando-based seafood restaurant chain plans to sell its business to an entity formed and controlled by its existing lenders. Red Lobster, which was founded in 1968 and operates some 600 restaurants across North America, has received a $100 million debtor-in-possession financing commitment from its existing lenders to facilitate this plan. The company stated that it would use the financing and bankruptcy proceedings to drive operational improvements, …
Charlotte, N.C. — Gantry has arranged a $2.1 million permanent loan for the refinancing of Shoppes at Toringdon, a retail property located in Charlotte. Three tenants occupy the property, which comprises 8,000 square feet situated on 1.6 acres. Tim Storey, Casey Kupferberg and Chad Metzger of Gantry secured the five-year, fixed-rate loan on behalf of the undisclosed borrower.
Riverside, Calif. — Gantry has secured a $17 million loan for the refinancing of Magnolia Towne Center, a retail center located in Riverside. Tenants at the property, which totals 133,000 square feet, include Ralph’s and Wells Fargo. Strategic Real Estate Advisors (SRA) is currently negotiating 27,000 square feet of leases at the property on behalf of the ownership. James Ruiz of Gantry arranged the 10-year, fixed-rate financing through a life insurance company on behalf of the borrower.
Rocky Hill, Conn. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.5 million loan for the refinancing of a retail center located in Rocky Hill, located just south of Hartford. Tenants at the property include a supermarket and a bank. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.1 percent interest rate and 65 percent loan-to-value ratio.
No matter the economic climate, the formula for creating value in properties will always be a retail property owner’s best friend. That’s why Broad Reach Retail Partners uses a multi-faceted approach that includes data-driven key performance indicators (KPIs) to drive their plans of action, strategic redevelopment and ongoing budget updates that optimize net operating income (NOI). “Through focused management, leasing and discipline, we create value, and we are able to return those dividends to our partners, properties and people,” says COO Mike Castellitto. “We have seen time and time again …