Walnut, Calif. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers located in Walnut, approximately 30 miles outside Los Angeles. PGIM Real Estate provided a $12.6 million loan for Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Developed by Majestic Realty Co. affiliates, the properties comprise a total 128,922 square feet of retail space. Current tenants at the centers include T.J. Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.
Davenport, Fla. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located in Davenport, roughly 30 miles southwest of Orlando. 7-Eleven occupies the property on a 15-year triple-net lease, with scheduled rent increases and multiple extension options. The property is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the transaction. A Michigan-based private investor was the buyer.
Missoula, Mont. — Benderson Development has acquired a freestanding single-tenant property located in Missoula, marking the company’s first entrance into the Montana market. Walgreens occupies the building. Benderson’s portfolio currently includes more than 55 million square feet across more than 1,000 properties in 40 states.
New York City and Dallas — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue …
Meriden, Conn. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New …
Charlotte, N.C. — Octave Holdings and Investments has acquired Belgate Shopping Center, a 269,253-square-foot retail center located in Charlotte. Tenants at the property, which was fully leased at the time of sale, include Hobby Lobby, T.J. Maxx, Burlington, Marshalls, PetSmart, Old Navy, Shoe Carnival and Ulta Beauty. Octave completed the transaction through its Octave Realty Fund IX. Pinnacle Leasing and Management, Octave’s in-house property management company, will manage the center.
Elmira, N.Y. — Time Equities Inc. (TEI) has purchased Big Flats Commons, a 44,635-square-foot retail center located in Elmira. Target anchors the property, which was built in 2007. Other tenants at the center include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe and Papa John’s. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI on an in-house basis. Kenneth Brownwell of Vanguard-Fine represented the seller, NNN Reit.
Valparaiso, Ind. — Marcus & Millichap has brokered the $1.7 million sale of a three-tenant retail outparcel located in Valparaiso. Situated within Cumberland Crossing Retail Center, the property was developed in 2008. Salon Lofts, Venus Nails and Indiana Farm Bureau Insurance Agency occupy the outparcel, which totals 7,541 square feet. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller. Josh Caruana assisted in closing the transaction as the firm’s Indiana broker of record.
New York City — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a store across two base levels at the building, 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the …
Milledgeville, Ga. — Marcus & Millichap has brokered the $8.3 million sale of two retail properties located in Milledgeville. An undisclosed buyer acquired Town Central Shopping Center, a 140,097-square-foot retail center, and an adjacent single-tenant property totaling 54,765 square feet. Food Depot occupies the single-tenant property. Tenants at Town Central Shopping Center, which was fully leased at the time of sale, include Tractor Supply Co. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller of the shopping center, and Robby Pfeiffer of Marcus & Millichap represented the seller …