Washington, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement on the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines that holiday season as Nov. 1 through Dec. 31, 2022. “We knew …
Hinesville, Ga. — Marcus & Millichap has brokered the $10.3 million sale of Hinesville Central, a 41,800-square-foot retail center located in Hinesville, roughly 45 miles southwest of Savannah. The property is shadow-anchored by Walmart Supercenter. Al Taf of Marcus & Millichap’s Atlanta office represented the seller, a 104-year-old private company based in Georgia, in the transaction. Brian Munn, also with Marcus & Millichap’s Atlanta office, procured the buyer, a private investor.
Omaha, Neb. — Northmarq has arranged the $5.3 million refinancing of Clocktower Village in Omaha. The retail strip center spans 44,000 square feet and is located at 605 N. 98th St. John Reed of Northmarq arranged the fixed-rate loan, which features a 10-year term and a 25-year amortization schedule. A local credit union provided the loan.
Springfield, Ill. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc.
Woodcliff Lake, N.J. — Party City Holdco Inc. (NYSE: PRTY) has filed for Chapter 11 bankruptcy. The restructuring process is expected to substantially reduce the company’s debt and optimize its capital structure and liquidity. The company expects to complete the restructuring process in the second quarter of this year. Party City’s more than 800 stores will remain open during the bankruptcy process. The company says it will continue to advance its key initiatives underway, such as converting stores to next-generation prototypes, evolving Halloween City pop-up stores, building out its online …
Pensacola, Fla. — Cullinan Properties has acquired Tradewinds Shopping Center, a retail center located in Pensacola, for $25 million. Totaling 178,000 square feet, the property was 95 percent leased at the time of sale. A TJ Maxx/HomeGoods combination store anchors the center, along with Jo-Ann Fabrics and Shoe Station.
Puyallup, Wash. — Hyperion Realty Capital LLC has acquired Meridian Place Shopping Center in Puyallup, roughly 35 miles south of Seattle. Built in 1979, the property comprises 127,429 square feet. Grocery Outlet and Michaels anchor the center, which was 70 percent occupied at the time of sale. Sean Tufts and Kevin Adatto of CPX arranged the transaction on behalf of Hyperion. An entity doing business as Meridian Place LLC was the seller.
Redlands and Walnut, Calif. — Majestic Realty Co. has arranged leases with two tenants at shopping centers in southern California. Hot Topic will open a 6,000-square-foot store at Mountain Grove Shopping Center, located in Redlands, roughly 65 miles east of Los Angeles. Additionally, CTBC Bank will lease 3,250 square feet at The Village Shopping Center in Walnut, approximately 25 miles east of Los Angeles. Majestic Realty represented the landlords in both negotiations. Beta Agency represented Hot Topic, and Miren Co. represented CTBC Bank.
Glendale, Ariz. — Thompson Thrift has broken ground on the 12-acre commercial portion of a mixed-use development underway in the northwest Phoenix suburb of Glendale. Sitting on a larger 24-acre parcel, the property will include tenants such as Black Rock Coffee, Cobblestone Auto Spa, Whataburger, Slim Chickens, QuikTrip, Extra Space Storage and a 122-room hotel. Tenants are expected to begin opening later this year. The site is located less than three miles from the city’s Sports and Entertainment District, which features State Farm Stadium, the home of the Arizona Cardinals …
Lake Mary, Fla. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but the Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that …