Woodbridge, N.J. — Fast Bagel has signed a lease at Plaza K, a 30,000-square-foot shopping center located in Woodbridge. Fast Bagel now occupies 2,093 square feet on the first floor of the two-level property. Other tenants at the center include The Vitamin Shoppe, Sleep Number and Any Garment Cleaners. Kevin Pelio of Azarian Realty Co. represented both the tenant and landlord in the leasing negotiations.
Radnor, Penn. — JLL Capital Markets has brokered the $14.2 million sale of a shopping center located in Radnor, a northwest suburb of Philadelphia. Built in 2014, the property totals 17,884 square feet. Tenants at the center, which was fully leased at the time of sale, include Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Brandywine Realty Trust, in the transaction.
Phoenix — Matthews Real Estate Investment Services has arranged the $9.5 million sale of a retail property located in Phoenix. Built in 2002 on 5.13 acres, the building comprises 45,000 square feet. LA Fitness occupies the property. The tenant’s current lease extends through 2025. Brandon Perez of Matthews represented the seller in the deal.
Sun City, Ariz. — Gantry has secured a $7.5 million permanent loan for the refinancing of Sun Shadow Square, a retail center located in Sun City, roughly 22 miles outside Phoenix. Tenants at the 84,000-square-foot property include Ace Hardware, H&R Block and Archwell Health. Tim Storey of Gantry secured the 10-year financing on behalf of the undisclosed borrower.
Round Rock, Texas — Desi Brothers Farmers Market will open a 47,814-square-foot store at Round Rock Crossing in Round Rock, roughly 20 miles north of Austin. Britt Morrison and Nick Naumann of Weitzman represented the undisclosed landlord in the lease negotiations. Michael DuBois of Pride Commercial Properties represented Desi Brothers. The opening is scheduled for next year. Other tenants at Round Rock Crossing include Target, Best Buy, Michaels and Salons by JC.
Miami — Two new tenants have signed leases at Miami Worldcenter, a 27-acre mixed-use project being developed in phases in downtown Miami. Beginning next year, The Container Store and and Sweet Paris Creperie & Café will occupy 15,681 and 2,330 square feet, respectively. Miami Worldcenter Associates is developing the property with CIM Group, which handles retail leasing at the project. Retail space at the development is now more than 90 percent leased. Other tenants include Chug’s Express, El Vecino Cigar & Cocktail Bar, lululemon, Sephora, Sports & Social and Club Studio.
New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …
Beachwood, Ohio — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include …
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Rite Aid to Sell 92 Store Leases
Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …
San Antonio — MIMCO has acquired Walzem Plaza, a 182,713-square-foot shopping center located in San Antonio. Tenants at the property include Harbor Freight Tools, 99 Cents Only, Footlocker, WellMed, Citi Trends and Wingstop.