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Company newsIllinoisNewsRetailers

Walgreens to Close 200 Stores Nationwide

by Alex Tostado

Deerfield, Ill. — Walgreens plans to close approximately 200 stores across the U.S. starting this fall as part of a cost-management program. Specific store locations have not been disclosed, but the new closures represent less than 3 percent of Walgreens’ U.S. footprint. The announcement was made in a Walgreens Boots Alliance regulatory filing Tuesday. The Deerfield, Illinois-based company had previously unveiled plans to close 200 stores in the United Kingdom. Currently, Walgreens operates more than 18,500 stores in 11 countries.

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DevelopmentNewsRetailersTexas

MLB Capital Partners Breaks Ground on Houston Farmers Market Redevelopment Project

by Alex Tostado

Houston — MLB Capital Partners has broken ground on its Houston Farmers Market redevelopment project. MLB Capital will upgrade the 77-year-old market to include modern infrastructure, climate-controlled spaces, shaded areas, restrooms, common seating areas, organized parking and traffic circulation, defined sidewalks, site landscaping and dedicated green spaces. James Beard Award-winning chef and project consultant Chris Shepherd plans to develop a concept unique to the Houston Farmers Market. The market will maintain business operation throughout the redevelopment process. Clark Condon Associates, Studio RED Architects, Gunda Corporation and Arch-Con Construction have been …

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ConnecticutInvestment salesNews

Kensico Properties Acquires Retail, Office Property in Greenwich for $67 Million

by Alex Tostado

Greenwich, Conn. — Kensico Properties has acquired a retail and office property in Greenwich, located about 30 miles north of New York City, for $67 million. The 62,850-square-foot property is located at 200 Greenwich Ave. on a retail corridor that also includes Tiffany, Gucci and Vineyard Vines. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the landlord, 200 Greenwich Avenue LLC, in the transaction, and procured the buyer.

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LeasingNew JerseyNewsRetailers

NRDC to Open Three Retailers Totaling 58,000 Square Feet in Burlington, New Jersey

by Alex Tostado

Burlington, N.J. — National Realty & Development Corp. will open three new stores totaling 58,000 square feet at the Liberty Square Center in Burlington, a city located southwest of Trenton. The shopping center is anchored by a Walmart, Marshalls and HomeGoods. Planet Fitness will open a 25,000-square-foot location at the property. Ross Dress for Less will move into a 22,000-square-foot portion of a former Toys ‘R’ Us location. Five Below will occupy the remaining 11,000 square feet of the former Toys ‘R’ Us location.

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Company newsNew YorkNewsRetailers

Barneys New York Files for Bankruptcy, Will Keep Some Stores Open

by Alex Tostado

New York City — Luxury department store retailer Barneys New York has voluntarily filed for bankruptcy protection and has disclosed plans to close 15 of its 22 brick-and-mortar stores. The Chapter 11 filing in the U.S. Bankruptcy Court of the Southern District of New York indicated that Barneys had more than $100 million in assets and more than $100 million in debts, according to The Wall Street Journal. Barneys plans to keep five of its flagship locations open, including its famous Madison Avenue store. The retailer will also continue operating its …

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Investment salesNew JerseyNewsRetailers

CBRE Arranges $53 Million Sale of Retail Property in Lodi, New Jersey

by Alex Tostado

Lodi, N.J. — CBRE has arranged the $53 million sale of a retail property in Lodi, just west of New York City. The property contains a 132,000-square-foot space that is triple-net leased to Home Depot store through January 2029. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the owner in the transaction. The undisclosed buyer acquired the property via 1031 exchange.

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Company newsFloridaNews

IPIC Entertainment Files for Chapter 11 Bankruptcy, Will Remain Operational

by Alex Tostado

Boca Raton, Fla. — Luxury movie theater company IPIC Entertainment (Nasdaq: IPIC) has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court District of Delaware where it will seek approval of either a sale or financial reorganization plan. In July, the company missed a $10 million interest payment to Retirement System of Alabama (RSA) and notified investors that it might have to file for bankruptcy. IPIC borrowed $204 million from RSA, according to media reports. Hamid Hashemi, founder and CEO of IPIC, says that the company’s movie theaters …

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CaliforniaInvestment salesNewsRetailers

Gaw Capital, DJM Acquire 463,000-Square-Foot Shopping Center in Los Angeles

by Alex Tostado

Los Angeles — Gaw Capital and DJM have acquired Hollywood & Highland, a 463,000-square-foot iconic shopping center in Hollywood. The sales price was not disclosed. The buyers plan to implement renovations over the next 24 to 30 months. Renovations will include improving event space, incorporating space for different tenant concepts and making the property more accessible to consumers. Jerry Tang and Greg Murphy of Natixis arranged a financing package, which included an acquisition loan along with the future funding component, on behalf of the borrower. The seller was CIM Group, …

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ColoradoLeasingNewsRetailers

NewMark Merrill Signs Three Retailers to Leases in Longmont, Colorado

by Alex Tostado

Longmont, Colo. — NewMark Merrill Mountain States has signed three retailers to leases at Village at the Peaks, a 442,000-square-foot shopping center in Longmont. The three retailers are Burlington, which signed a 35,032-square-foot lease and will open in spring 2020; Bank of America, which signed a 4,725-square-foot lease and will also open in the spring; and Nothing Bundt Cakes, which signed a 2,253-square-foot lease and will move in this fall. The shopping center is situated 13 miles northeast of downtown Boulder. When the three retailers open for business, the center …

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CaliforniaInvestment salesNews

Weingarten Realty Sells Jess Ranch Marketplace in the Inland Empire for $89 Million

by Alex Tostado

Apple Valley, Calif. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, California-based, privately held investment, development and management company acquired the asset for $89 million. The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. …

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