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Company newsFinanceFloridaNewsRestaurants

Red Lobster to Sell Assets to Creditors in Chapter 11 Bankruptcy Filing

by Hayden Spiess

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, …

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Pine-Ridge-Mall_Chubbuck-Idaho
DevelopmentIdahoNews

SimonCRE to Redevelop 2.6 Million-Square-Foot Pine Ridge Mall in Idaho

by Hayden Spiess

Chubbuck, Idaho — SimonCRE has acquired Pine Ridge Mall in Chubbuck, with plans to redevelop the 2.6 million-square-foot property into an open-air shopping center. Tenants at the mall include Hobby Lobby and Planet Fitness, which will retain their current spaces. Additionally, the developer has executed leases with Buckle, Shoe Show and Deseret Books. Redevelopment plans at the property, which is situated on 58 acres, include the addition of multiple outparcels. 

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Union Lake Crossing
LeasingNew JerseyNews

Tenants Sign Leases Totaling 46,000 Square Feet at Union Lake Crossing in New Jersey

by Hayden Spiess

Millville, N.J. — New tenants have signed leases totaling 46,000 square feet at Union Lake Crossing, a 393,000-square-foot retail center located in Millville in southern New Jersey. Irgang Group owns and operates the property, which is anchored by ShopRite.  Old Navy will open a 15,000-square-foot store at the property, joining Fun City in occupying a space that formerly housed Dick’s Sporting Goods. Michael Friedman of Inline Realty represented Old Navy in the lease negotiations. Food-and-beverage concepts Five Guys, Poke Bros. and Crumbl have also signed leases at the center, with Five …

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LeasingNew YorkNewsWashington

Kimco Adds Nine Tenants to Shopping Centers in Washington

by Hayden Spiess

Jericho, N.Y. — New York-based Kimco Realty has added nine new tenants to five of its shopping center properties throughout the state of Washington. Holiday China, Sushi Omiya, Sam Income Tax and Magikid Robotics Lab have signed leases at The Marketplace at Factoria in Bellevue and will occupy 1,121; 2,458; 832; and 1,405 square feet, respectively. Food-and-beverage tenants Taco Bell and Emerald City Smoothie will join Pavilions Centre in Federal Way and Gateway Shopping Center in Mill Creek. Taco Bell will occupy 2,680 square feet, beginning this fall, and Emerald City …

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Toca-Madera_Houston
LeasingNewsRestaurantsTexas

Noble 33 to Open 14,000-Square-Foot Restaurant in Houston

by Hayden Spiess

Houston — Hospitality group Noble 33 will open a new restaurant at The Pavilion at The Allen in Houston June 4. Toca Madera, a Mexican steakhouse, will span 14,000 square feet, with a 393-seat capacity. The restaurant will feature an outdoor dining patio, two full-service bars, a private member’s club and a private dining room. 

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Armory-Square_Prince-Frederick
DevelopmentGrocery-anchoredMarylandNews

MCB, Generation Properties Break Ground on 110,000-Square-Foot Shopping Center in Prince Frederick, Maryland

by Hayden Spiess

Prince Frederick, Md. — MCB Real Estate and Generation Properties have broken ground on Armory Square, a 110,000-square-foot shopping center located in Prince Frederick, roughly 44 miles southeast of Washington, D.C. The site is situated on 12.5 acres that once housed Calvert Middle School. Tenants at the center will include Aldi, Michaels, Sneade’s Ace Home Center, Dash-In, First Watch, Jersey Mike’s, Hangry Joe’s, Always Ice Cream, Foster’s Grille and Quickway Hibachi. 

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Grocery-anchoredInvestment salesNew YorkNews

J.P. Morgan Real Estate Income Trust Acquires 99,837-Square-Foot Retail Center in New York City

by Hayden Spiess

New York City — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center located in Queens in New York City, from Acadia Realty Trust. Stop & Shop anchors the property, which was fully leased at the time of the acquisition. The purchase price was $48 million. 

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Shoppes-at-Toringdon_Charlotte-N.C
FinanceNewsNorth Carolina

Gantry Arranges $2.1 Million Refinancing for Retail Building in Charlotte, North Carolina

by Hayden Spiess

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. 

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LeasingNew JerseyNews

Five New Tenants Sign Leases at Cherry Hill Mall in New Jersey 

by Hayden Spiess

Cherry Hill, N.J. — Five new tenants have signed leases totaling 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center located in Cherry Hill. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. PREIT owns and manages the property. 

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LeasingNewsTexas

Eco Thrift to Open 29,250-Square-Foot Store at Willowbrook Plaza in Houston

by Hayden Spiess

Houston — Eco Thrift, a merchandiser of secondhand goods, has signed a 29,250-square-foot lease at Willowbrook Plaza in northwest Houston. AMC Theatres, Bed Bath & Beyond, buybuyBaby and World Market anchor the 392,542-square-foot power center. Austen Baldridge and Bob Conwell of NewQuest Properties represented the tenant in the lease negotiations. Radkey Jolink, Bruce Wallace and Cole Rainer of Jolink Wallace Commercial represented the landlord.

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