New York City and Freemont, Calif. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of …
California
Hanley Investment Group Brokers Sale of Two Inland Empire Retail Buildings for $5.2 Million
Corona, Calif. — Hanley Investment Group has brokered the sale of two multi-tenant retail buildings located at 1240-1282 Border Ave. in Corona. A Denver-based private investment group sold the assets to a local private investor for $5.2 million. The Shops at Village Grove Plaza features a freestanding, 9,200-square-foot retail pad building occupied by six tenants and a two-tenant, 2,400-square-foot shop building adjacent to Stater Bros. Markets. Tenants at the properties offer a variety of services and products, including dental care, dry cleaning, laundry services, flowers, donuts, liquor, hair styling and …
Los Angeles — Fathom Development Services, a new owner’s representative firm focusing on retail, fitness, wellness and hospitality properties, has launched in Los Angeles. Fathom offers leasing, tenant coordination, permits and approvals, budgeting, construction-management and design management services to its customers. “Especially in today’s swiftly changing environment, there is a need among retailers for a nimble and efficient owners representative that can help create environments that fully express who they are,” says senior vice president of development services Anthony DiMaggio. “We know all aspects of real estate development, but we’re …
Parent Company of Men’s Wearhouse, Jos. A. Bank to Shutter Up to 500 Stores, Cut Staff by 20 Percent
Fremont, Calif. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of May …
Restoration Hardware Opens RH Marin, The Gallery at the Village in Corte Madera, California
Corte Madera, Calif. — RH has opened RH Marin, The Gallery at the Village, the brand’s newest physical location and the first design gallery in California. The property is located at 1750 Redwood Highway in Corte Madera. Totaling nearly 60,000 square feet of indoor and outdoor space, the three-level property features artistic installations of luxury home furnishings in a gallery setting, including spaces devoted to RH Interiors, RH Modern, RH Rugs and Outdoor. Additionally, RH Marin features an interactive RH Interior Design Firm & Atelier that provides professional design services. …
El Cerrito, Calif. — RBL Real Estate has completed the disposition of Del Norte Marketplace, a pharmacy-anchored shopping center located in El Cerrito. Miami-based Jewell Capital acquired the asset, including its existing debt, for $22.5 million. Located at 11511-11565 San Pablo Ave., the 64,270-square-foot retail center recently underwent a multi-year repositioning. Current tenants include Walgreens, Ross Dress for Less, dd’s Discounts and IHOP. Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey of JLL Capital Markets represented the seller in the deal.
Progressive Real Estate Brokers $5.7 Million Sale of All Star Car Wash Location in Corona, California
Corona, Calif. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with …
Los Angeles — Lowe has launched Retail reVision, its platform to reposition retail real estate. Under the initiative, the Los Angeles-based developer will target underperforming retail properties and partner with new and existing owners to manage or advise redevelopments. Lowe seeks properties that are regional draws, such as malls, community, lifestyle and power centers that are located in urban and suburban infill markets where Lowe currently operates. Target markets are California, the Pacific Northwest and Mid-Atlantic regions, the greater Denver and Phoenix metropolitan areas and the Carolinas. Lowe has named Joel …
Anaheim, Calif. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen in July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings …
Time to Network: Progressive Real Estate Partners’ Umansky Begins Term as President of Retail Brokers Network in Interesting Times for Retail
California Centers, a sister publication of Shopping Center Business, recently spoke with Brad Umansky, president of Rancho Cucamonga-based Progressive Real Estate Partners and the newly appointed president of the Retail Brokers Network. As Umansky assumed the volunteer role in May, the nation — and the retail real estate industry — was in the throes of dealing with closures and stay-in-place orders brought on by the COVID-19 pandemic. He spoke with the magazine about assuming his role for the network at this time, and how its members are helping each other …