Long Beach, Calif. — Three new tenants have signed leases totaling 9,200 square feet at 2ND & PCH, a retail center located in Long Beach. Rumble Boxing is scheduled to open a fitness studio on the ground level of the center early next year, and Vuori Clothing and Telefèric Barcelona will also occupy space on the ground level. Additionally, Penelope Pots has reopened at the property. CenterCal Properties is the landlord.
Philadelphia — PREIT (OTCQB: PRET), a mall REIT giant based in Philadelphia, has filed for Chapter 11 bankruptcy protection. The “prepackaged” bankruptcy was agreed to ahead of time by PREIT’s creditors, which will shorten the duration of the company’s bankruptcy proceedings. PREIT expects it will be able to emerge from bankruptcy by early February 2024. PREIT owns and operates 18 malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolinaand South Carolina. The company has also expanded in recent years to the multifamily, hotel and healthcare sectors. According to PREIT’s third-quarter financial …
Bristow, Va. — Sterling Organization has acquired Braemar Village Center, a retail center located in Bristow, roughly 40 miles outside Washington, D.C., for $31.4 million. A 57,860-square-foot Safeway anchors the property, which totals 111,635 square feet. Other tenants at the center include Dunkin’ Donuts, Subway, Bank of America and Arby’s.
Rocky Hill, Conn. — Chozick Realty has brokered the $11 million sale of Hillview Plaza, a 33,799-square-foot retail center located in Rocky Hill, roughly 10 miles south of Hartford. Tenants at the property include Webster Bank, Salute Restaurant and Dunkin Donuts. Tom Boyle and Jordan Pinto of Chozick Realty represented the undisclosed seller and procured the buyer in the transaction.
Palm Desert, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a retail pad located in Palm Desert. Built in 2008, the property comprises 8,500 square feet across four tenant spaces. Chipotle Mexican Grill anchors the pad, and other tenants include Cornerstone Pharmacy and Luxury Nails & Spa. Bill Asher and Jeff Lefko of Hanley represented the seller in the transaction. Omar Hussein of Beacon Realty Advisors represented the buyer.
Los Angeles and New York City — Apparel retailer BOGNER has opened two stores in Los Angeles and New York City, marking the first locations in the country for the German brand. Located on Madison Avenue, the New York City store comprises 3,400 square feet, and the Los Angeles store occupies 2,500 square feet on the Sunset Strip.
New York City — An investor group comprising Arkhouse Management and Brigade Capital Management has made a bid to buy out Macy’s (NYSE: M) for $5.8 billion, according to The Wall Street Journal. The offer from two of the retailer’s largest shareholders would include taking the company private. Real estate investment firm Arkhouse and global asset manager Brigade submitted the acquisition proposal Dec. 1, according to the publication. Macy’s boasts a total real estate portfolio value of $8.5 billion, according to J.P. Morgan analysts cited by Reuters. Equating to $21 per share, the …
Derby, Conn. — CBRE has arranged the $33 million sale of Hilltop Commons, a newly redeveloped retail center located in Derby. Biy Y, CVS/pharmacy, Dollar Tree and American Freight anchor the property. Other tenants at the center include Verizon, AT&T, McDonald’s, Wendy’s and Sherwin Williams. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, DLC And Hutensky Capital Partners, in the transaction. Kempner Properties and Lee & Associates NYC acquired the property.
Buckeye, Ariz. — SimonCRE has acquired land for Roosevelt Commons, a 15.6-acre mixed-use project to be developed in Buckeye. Upon completion, the property will feature retail and restaurant space, as well as a hotel. Several tenants, including Mexican restaurant Someburros, have signed leases at the development. Construction is scheduled to begin in January, with delivery of the first phase expected in late 2024.
Gainesville, Fla. — Marcus & Millichap has brokered the $6.5 million sale of Robbinswood Plaza, a 13,218-square-foot retail center located in Gainesville. Tenants at the property, which was fully leased at the time of sale, include Chipotle Mexican Grill and Trulieve. Reid Thedford and Evan Cannan of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller.
