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JLL Arranges $290 Million Refinancing for 1 Million-Square-Foot Bergen Town Center in Paramus, New Jersey

by Hayden Spiess

Paramus, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted …

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CaliforniaColoradoFinanceGrocery-anchoredNewsNorth Dakota

RA Centers Arranges $72 Million Refinancing for Retail Portfolio

by Hayden Spiess

Newport Beach, Calif. — RA Centers has arranged $72 million for the refinancing of a portfolio comprising four shopping centers. Located in Redlands, California, the first property, Orange Street Plaza, totals 155,000 square feet. Vons, Trader Joes, Office Depot and U.S. Bank anchor the center, which was 99 percent occupied at the time of financing. The second property, Front Gate Plaza, is located in Lancaster, California, and comprises 150,000 square feet. Stater Brothers, Goodwill, Wells Fargo, McDonalds, Taco Bell and The Habit anchor the center, which was 90 percent occupied …

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Investment salesNewsTennessee

Franklin Street Brokers $8.1 Million Sale of Shopping Center in Metro Nashville

by Hayden Spiess

Madison, Tenn. — Franklin Street has brokered the $8.1 million sale of Village at RiverGate, a shopping center located in the Nashville suburb of Madison. Built in 1981, the property comprises 64,106 square feet and was renovated in 2020. Tenants at the center include JoAnn Fabrics, GameStop, Chuck E. Cheese and We Rock the Spectrum. John Tennant and Bryan Belk of Franklin Street represented the seller, Hendon Properties, in the transaction. An undisclosed local private investor purchased the property.

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CaliforniaDevelopmentGrocery-anchoredInvestment salesNews

Wood Investments Cos. to Develop 80,000-Square-Foot Shopping Center in Big Bear Lake, California

by Hayden Spiess

Big Bear Lake, Calif. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center. Upon completion, Big Bear Lake Shopping Centerwill be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space. Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024. Charley …

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FloridaInvestment salesNet leaseNewsRestaurants

SRS Brokers $8.1 Million Portfolio Sale of Two Single-Tenant Retail Properties in Metro Tampa

by Hayden Spiess

Brandon, Fla. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.1 million portfolio sale of two single-tenant net-lease retail properties totaling 6,454 square feet in Brandon, roughly 13 miles outside Tampa. The restaurants, which are occupied by Panera Bread and Chipotle Mexican Grill, are outparcels to Lake Brandon Plaza, a 200,000-square-foot, Publix-anchored shopping center. Both properties were completed this year and have new 15-year, absolute triple-net leases in place. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the 1031 …

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CaliforniaInvestment salesNet leaseNews

Hanley Arranges $6.4 Million Sale of Planet Fitness Property in Southern California

by Hayden Spiess

Ventura, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property located in Ventura. Planet Fitness occupies the newly renovated 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.

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LeasingNew JerseyNews

Crunch Fitness to Open 32,000-Square-Foot Gym in Springfield, New Jersey

by Hayden Spiess

Springfield, N.J. — Crunch Fitness will open a 32,000-square-foot gym at General Green Shopping Center in the Northern New Jersey community of Springfield. Crunch Fitness will backfill a space previously occupied by NY Sports Club. Marc Palestina and Chuck Lanyard of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Stephen Picurro of Pierson Commercial Real Estate represented the tenant. Other tenants at the center include Gold Valley Supermarket, GNC and Springfield Bagels.

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LeasingNewsTexas

Three Tenants Sign Leases Totaling 7,175 Square Feet at Plazas at Midtown II in Houston

by Hayden Spiess

Houston — Three tenants have signed leases at Plazas at Midtown II, a shopping center located in Houston. Dough Zone Dumpling House will open a 4,503-square-foot restaurant at the property, marking the brand’s first Texas location. Additionally, nightclub Clover has opened a 1,848-square-foot space, and Upscale Cleaners will open an 824-square-foot location. Fifth Corner is the landlord.

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Company newsNew JerseyNews

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Katie Sloan

Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing …

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