New York City — Locally based investment firm Thor Equities Group has sold a 17,600-square-foot retail building located at 164 Fifth Ave. in Manhattan for $40 million. The six-story property, which is located between 21st and 22nd streets in the Flatiron District, was fully leased at the time of sale to tenants such as Alo Yoga and restaurant Sutra. The buyer was not disclosed.
Houston — Francesca’s, the Houston-based apparel and accessories chain for women, has filed for Chapter 11 bankruptcy and will close an additional 97 stores across the country, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware. Francesca’s had previously announced in mid-November that it would be closing 140 stores, or roughly 20 percent of its total count, and possibly pursuing a Chapter 11 bankruptcy declaration. According to CNBC, Francesca’s has received a buyout offer from Los Angeles-based TerraMar Capital and hopes to close a sale by late January.
Huntington Beach, Calif. — Hanley Investment Group has arranged the sale of Village Plaza at Huntington Harbor, a 20,328-square-foot shopping center. The sales price was not disclosed, but according to industry sources, the sales price was $17 million. The property was 91 percent leased at the time of sale to tenants including Harbor Barber, Secret Spot Restaurant, La Bodega Bottle Shop, Super Mex, Stoney’s Pizza, Sunset Vapor, Riip Beer Co. and Tsunami Sushi. The center is situated at 17196-17236 Pacific Coast Highway, two blocks from the beach and 31 miles …
Shopping and dining in Atlanta looks vastly different than this time last year due to the COVID-19 outbreak, but owners, developers, investors and retailers alike remain optimistic about the metro area’s prospects. Many local retail professionals say barring another outbreak or a second black swan event, the worst of the recession is in the rearview mirror and the Atlanta market is currently on a positive trajectory, though the market is experiencing negative absorption from over-leveraged national retailers shuttering stores, as well as local and regional operators that are struggling to …
Maynard, Mass. — Market Basket has opened a 69,374-square-foot grocery store within Maynard Crossing in Maynard. The 730,000-square-foot mixed-use development is home to other retail tenants such as Eco Nails & Spa, Planet Fitness and Maynard Wine & Spirits. Capital Group Properties broke ground on Maynard Crossing in 2019. Other uses include The Vue at Maynard Crossing, a 180-unit multifamily community; Camellia Gardens, a 143-unit seniors housing community; Emerson Hospital Urgent Care; and outdoor spaces such as water features, a dog park, walking paths and green space.
La Quinta, Calif. — A joint venture between Beacon Realty Advisors and Carolina Capital Real Estate Partners has acquired Jefferson Square, a partially built, open-air shopping center in La Quinta. The property’s infrastructure has been completed but only half of the land has been fully developed, according to Beacon Realty. A CVS/pharmacy anchors the center. The buyers plan to lease the vacant 14,000 square feet to a grocer, medical tenant or home improvement retailer. Regency Centers sold the property, which spans 10 acres, for an undisclosed price. A timeline for …
Rockville and Bel Air, Md. — The JCR Cos. has acquired two shopping centers in Maryland totaling $23.8 million. The first property is Woodley Gardens Shopping Center in Rockville. The asset is situated at 1101-1125 Nelson St., 17 miles north of downtown Washington, D.C. Washington, D.C.-based JCR acquired the 22,797-square-foot property for $4.5 million. It was fully leased at the time of the sale to tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream and Shanghai Taste. The second property is Bel Air Town Center, which …
New York City — The Home Depot has signed a long-term, 120,000-square-foot lease to remain at Williams Equities’ 28 & 40 W. 23rd St. location in Manhattan’s Flatiron District. The new lease expires in the mid-2030s. The Atlanta-based home improvement retailer has occupied the ground floor, lower level and mezzanine since 2003. Other tenants at the location include AT&T subsidiary Xandr and Estee Lauder brand Aramis. Michael Cohen, Andrew Roos and Mac Roos of Colliers International Tri-State represented the landlord in the transaction. Peter Ripka of Ripco Real Estate represented …
Harrisburg, Pa. — Ollie’s Bargain Outlet has reported its comparable store sales for third-quarter 2020 rose 15.3 percent over third-quarter 2019. As of the end of the third quarter, which ended Oct. 31, the Harrisburg-based retailer operated 385 stores in 25 states. Net income increased 67.7 percent to $45.2 million for the quarter. “I am extremely proud of our entire team for working tirelessly during these unprecedented times and delivering another exceptional quarter,” says John Swygert, president and CEO of Ollie’s Bargain Outlet. “We once again demonstrated our ability to …
Bolingbrook, Ill. — Ulta Beauty Inc. has reported that its comparable sales decreased 8.9 percent compared with an increase of 3.2 percent in the third quarter of fiscal 2019. Net sales decreased 7.8 percent to $1.6 billion, compared with $1.7 billion in third-quarter 2019. The Bolingbrook-based beauty retailer says the drop is due to the impact of COVID-19. This quarter, Ulta opened 17 new stores, compared with 31 new stores in third-quarter 2019. Net income was $74.8 million compared with $129.7 million for the same period last year. “We know …
