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Disney Investment Group Negotiates Sales of Five Retail Centers in Missouri, Iowa

by Alex Tostado

Missouri and Iowa — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

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ArizonaGrocery-anchoredInvestment salesNewsRetailers

Hanley Investment Group Arranges $13.1 Million Sale of Safeway-Anchored Shopping Center in Prescott, Arizona

by Alex Tostado

Prescott, Ariz. — Hanley Investment Group has arranged the $13.1 million sale of Willow Creek Village, a 165,065-square-foot, Safeway-anchored shopping center in Prescott. The property was 97 percent leased at the time of sale to tenants including Snap Fitness, Dunn-Edwards, C-A-L Ranch Stores and Bealls Outlets. Safeway, C-A-L Ranch Stores and Bealls Outlets combine to occupy 81 percent of the center. Kevin Fryman, Edward Hanley and Lee Csenar of Hanley Investment Group represented the seller, Columbus Pacific Properties. The buyer, Glenwood Development Co. LLC, was self-represented.

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ColoradoInvestment salesNewsRetailers

Gart Properties Buys 155,000-Square-Foot Orchard Plaza Retail Center in Denver

by Alex Tostado

Denver — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.

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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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