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Company newsFinanceNewsPennsylvania

Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4 Billion for Debt Restructuring

by Hayden Spiess

Philadelphia — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring …

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Grocery-anchoredInvestment salesNew JerseyNews

IPA Arranges Sale of 102,660-Square-Foot Shopping Center in Metro Philadelphia 

by Hayden Spiess

Sicklerville, N.J. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located in Sicklerville, roughly 23 miles outside Philadelphia. A 57,560-square-foot ACME Markets store anchors the property. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction. 

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DevelopmentMixed-useNewsNorth Carolina

MPV Opens Chick-fil-A, Plans New Construction at Farmington Development in North Carolina

by Hayden Spiess

Charlotte and Harrisburg, N.C. — MPV Properties has announced the addition of new tenants and buildings at Farmington, the developer’s master-planned community in Charlotte and Harrisburg. Chick-fil-A opened at the property in May, and Famous Toastery is planning to open in the second half of 2024, within an outparcel behind the development’s Shop Building I. H.T. Fuel will also open on an outparcel, with construction scheduled to begin directly behind Chick-fil-A in the coming months. Construction is also scheduled to begin on Small Shops II, an 11,865-square-foot retail building. MPV is …

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FinanceNewsWisconsin

Bernard Financial Group Secures $10.1 Million Acquisition Financing for Retail Center in Wisconsin

by Hayden Spiess

Waukesha, Wis. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot retail center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.

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The Shoppes at Black Diamond
DevelopmentFloridaNews

Ferber Underway on 29-Acre Retail Center in Florida

by Hayden Spiess

Lecanto, Fla. — The Ferber Co. is underway on the development of a 29-acre retail center in Lecanto. Site work for the property, dubbed The Shoppes at Black Diamond, began in October 2022. Building construction is scheduled to commence over the coming weeks, with openings expected to begin in early 2024. Tenants at the center will include Target Supercenter, Aldi, Starbucks Coffee, 7-Eleven, Panera Bread and Texas Roadhouse. 

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CaliforniaFinanceInvestment salesNews

3650 REIT Provides $71.5 Million Acquisition Financing for Retail Center in Metro Sacramento

by Hayden Spiess

Roseville, Calif. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles outside Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management.

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DaVita Dialysis
CaliforniaInvestment salesNews

Progressive Brokers $4.5 Million Sale of Single-Tenant Property in Southern California

by Hayden Spiess

Indio, Calif. — Progressive Real Estate Partners has brokered the $4.5 million sale of a single-tenant property located in Indio. DaVita Dialysis occupies the building. Greg Bedell of Progressive represented the seller, a Los Angeles-based private investor, in the transaction. Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer.  

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Retail Building San Diego
CaliforniaInvestment salesNews

CBRE Arranges Sale of 8,915-Square-Foot Single-Tenant Building in San Diego

by Hayden Spiess

San Diego — CBRE has negotiated the sale of an 8,915-square-foot freestanding, single-tenant property located in San Diego. Built in 1987, the building is situated within Rancho Bernardo Town Center. A private buyer acquired the property from Kim Family Trust for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the building. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the transaction. AGAS Real Estate represented the buyer.

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Baytowne-Shoppes&Square_Champaign-Ill
FinanceIllinoisInvestment salesNews

IPA Arranges $11.5 Million Acquisition Financing for Retail Center in Illinois

by Hayden Spiess

Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower. 

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Schaumburg Plaza
IllinoisInvestment salesNews

Bianco Acquires 61,000-Square-Foot Shopping Center in Chicago Suburb

by Hayden Spiess

Schaumburg, Ill. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center located in the Chicago suburb of Schaumburg, in an all-cash transaction. Tenants at the property include Starbucks Coffee, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market will also open at the center this fall. This marks the seventh retail property in the Chicago metro for the buyer. 

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