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Company newsMichiganNews

Art Van Furniture Officially Files for Chapter 11 Bankruptcy

by Alex Tostado

Warren, Mich. — Art Van Furniture LLC officially filed for Chapter 11 bankruptcy Sunday night after announcing Thursday that it would close all of its stores. The Warren-based retailer filed with the U.S. Bankruptcy Court District of Delaware. In the filing, Art Van said it operates 169 locations, including 92 furniture and mattress showrooms and 77 freestanding mattress and specialty locations. The company expects to close the stores by May 31 and lay off all of its 3,100 employees. Multiple media outlets reported that the company has between $100 million and …

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Arranges $7.4 Million Sale of Retail Building in Southern California

by Alex Tostado

Ventura, Calif. — Hanley Investment Group has arranged the $7.4 million sale of Campus Corner, a 9,000-square-foot, multi-tenant retail building in Ventura. A Starbucks with a drive-thru anchors the fully leased building, alongside Jersey Mike’s Subs, Eddie’s Grill, Ventura’s Children’s Dental Group and Jessica’s Nails. Campus Corner is situated at 5101 Telegraph Road, less than a mile from Ventura College and six miles east of downtown Ventura. Ed Hanley, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, an affiliate of Beverly Hills, California-based MJL Capital Partners LLC, in …

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Investment salesMichiganNewsRetailers

SRS Arranges $2.5 Million Sale of Two-Building Retail Property in Kalamazoo, Michigan

by Alex Tostado

Kalamazoo, Mich. — SRS Real Estate Partners has arranged the sale of a two-building retail property in Kalamazoo for $2.5 million. The freestanding buildings are home to Starbucks and Subway. Located on 9th Street, the Starbucks spans 2,085 square feet and the Subway totals 2,000 square feet. The two buildings were built in 2017. Michael Carter and Frank Rogers of SRS represented the seller, a Detroit-based private investor. The team also represented the buyer, a Kalamazoo-based private investor. The sales price represents a cap rate of 5.58 percent, one of …

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CaliforniaDevelopmentNewsRetailers

URW Opens Expansion at $1.1 Billion Silicon Valley Retail Destination

by Alex Tostado

San Jose, Calif. — Unibail-Rodamco-Westfield (URW) has opened a 500,000-square-foot expansion at Westfield Valley Fair, the French developer’s $1.1 billion retail destination in San Jose. The retail center is part of a redevelopment project that replaced two 1950s-era shopping centers.  The project now encompasses 2.2 million square feet in total, with more restaurant and store openings planned for 2021. A three-level flagship Bloomingdale’s luxury apparel department store anchors the new expansion, alongside other apparel retailers including Anthropologie, Club Monaco, Fabletics, Indochino, Jimmy Choo, John Varvatos, Longchamp, Rodd and Gunn, Urban …

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DevelopmentFinanceHawaiiNewsRetailers

George Smith Partners Secures $51.7 Million Construction Loan, $16.2 Million Mezzanine Debt for Niumalu Marketplace in Hawaii

by Alex Tostado

Kona, Hawaii — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction …

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DevelopmentGrocery-anchoredNew HampshireNews

Whole Foods to Open 42,000-Square-Foot Grocery Store in Portsmouth, New Hampshire

by Alex Tostado

Portsmouth, N.H. — Whole Foods Market will open a 42,000-square-foot grocery store in Portsmouth, located approximately 45 miles east of Concord. The store will be the Austin-based grocer’s third in the state and will anchor Durgin Square Shopping Center, a 135,000-square-foot retail property that also houses HomeGoods and T.J. Maxx. The store is slated to open this fall. Scott Black of Dartmouth Co. represented Whole Foods in the lease negotiations. Ben Starr of Atlantic Retail represented the landlord, Black Creek Group.

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Investment salesNewsPennsylvaniaRetailers

GBT Realty Sells Dollar General Retail Portfolio in Pennsylvania for $36 Million

by Alex Tostado

Brentwood, Tenn. — GBT Realty Corp. has sold a 26-property retail portfolio leased to Dollar General for $36 million. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the Brentwood-based seller, which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a …

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Investment salesNewsRetailersWisconsin

NKF Negotiates $15 Million Sale of Four-Property Retail Portfolio in Metro Milwaukee

by Alex Tostado

Milwaukee — Newmark Knight Frank (NKF) has negotiated the $15 million sale of a four-property retail portfolio in metro Milwaukee. The portfolio totals 97,259 square feet. The properties include Harvard Square and Northfield Shopping Center in Brookfield, Lincoln Plaza in West Allis and Mitchell Bank Plaza in New Berlin. Kevin Schnoldt and Brian Vanevenhoven of NKF represented the sellers, which comprised various entities associated with William Reilly and Leon Joseph. Baceline Investments purchased the assets.

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Company newsMichiganNewsRetailers

Midwest Retailer Art Van Furniture to Close All Stores

by Alex Tostado

Warren, Mich. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. …

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CaliforniaDevelopmentNewsRetailers

United Development Starts Construction of French Valley Marketplace in California

by Alex Tostado

French Valley, Calif. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, …

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