Retailers

JLL Arranges $26.7 Million Refinancing for Alcove on Arapahoe Shopping Center in Boulder, Colorado

by Alex Tostado May 13, 2020

Boulder, Colo. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.

May 13, 2020

Investment sales News Pennsylvania Retailers

Colliers Negotiates Sale of 41,179-Square-Foot Retail Property in Metro Philadelphia

by Alex Tostado May 13, 2020

Montgomeryville, Pa. — Colliers International has negotiated the $4 million sale of a 41,179-square-foot retail property in Montgomeryville, a northern suburb of Philadelphia. Located at 980 Bethlehem Pike, the building was previously occupied by craft supplies retailer A.C. Moore but was vacant at the time of sale. The property is located near the Route 202 shopping center, which includes a Target, Giant supermarket and Bed Bath & Beyond. Carl Neilson, Todd Sussman and Jon Kieserman represented the seller, a local limited liability company, in the transaction. The buyer was 978 …

May 13, 2020

Investment sales Kentucky News Retailers Tennessee

Hanley Investment Group Arranges Sales of Two Retail Outparcels in Tennessee, Kentucky Totaling $6.9 Million

by Alex Tostado May 13, 2020

Knoxville, Tenn. and Somerset, Ky. — Hanley Investment Group has arranged the sale of two multi-tenant retail outparcels situated on Walmart Supercenter-anchored properties in Tennessee and Kentucky. An undisclosed private investor based in Kentucky acquired both properties in all-cash deals. The first sale was of a two-tenant building leased to Aspen Dental and Visionworks in Knoxville. The outparcel was built in 2015 and spans 7,500 square feet. The property is situated at 2960 and 2964 Miller Place Way, seven miles north of downtown Knoxville. The undisclosed seller, a private investor …

May 13, 2020

Grocery-anchored Investment sales Michigan News Retailers

SRS Brokers $4.6 Million Sale of Aldi-Occupied Property in Suburban Detroit

by Alex Tostado May 13, 2020

Clawson, Mich. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap …

May 13, 2020

California Company news Grocery-anchored News Retailers

NewMark Merrill Gives Away $14,000 in Groceries Amid COVID-19 Crisis

by Alex Tostado May 11, 2020

Woodland Hills, Calif. — NewMark Merrill Cos. has launched Waves of Kindness, a program to aid communities during the COVID-19 crisis. NewMark Merrill began the program earlier this month, working with its grocery partners to give over $14,000 in groceries to more than 380 families. Customers were given $50 vouchers as they checked out. “While the retail industry is experiencing its challenges, it is our communities that need our help and support first and foremost during this crisis,” said Sandy Sigal, NewMark Merrill Chief Executive Officer. “We will continue to implement …

May 11, 2020

Georgia Industry Content Leasing Malls Marketing Operations Restaurants Retailers Webinar

Webinar: Atlanta Retail Reboot — How Will the ‘Crown Jewel of the South’ Come Back On Line Post-Coronavirus?

by Sarah Daniels May 11, 2020

On May 8, Southeast Real Estate Business and Shopping Center Business magazines hosted “Atlanta Retail Reboot,” a webinar where experts from the Atlanta investment, retail and brokerage communities were invited to discuss what they are seeing in the retail market, the impact of the coronavirus on existing properties and on new developments, as well as what retail and restaurants will look like in the near and long term. Many retailers have been closed for weeks due to COVID-19, and the retail industry is facing a tough comeback. Listen to learn …

May 11, 2020

Company news News Retailers Texas

Neiman Marcus Files for Chapter 11 Bankruptcy, to Shed $4 Billion in Debt

by Alex Tostado May 7, 2020

Dallas — Neiman Marcus Group has filed for Chapter 11 bankruptcy protection as the Dallas-based luxury retailer enters into negotiations with creditors to restructure its debt. Upon emergence, the company anticipates it will eliminate approximately $4 billion of its existing debt. Neiman Marcus has secured $675 million in debtor-in-possession financing from creditors to enable business continuity during the bankruptcy proceedings. These creditors have also committed to a $750 million exit-financing package that would provide additional liquidity for the business. Neiman Marcus Group, which also owns Bergdorf Goodman and Last Call, …

May 7, 2020

Investment sales New York News Retailers

SL Green Sells Office, Retail Condominium in Manhattan for $168 Million

by Alex Tostado May 7, 2020

New York City — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince …

May 7, 2020

Company news News Retailers Washington

Nordstrom to Permanently Close 16 Stores, Plans Phased Reopening for Others

by Alex Tostado May 7, 2020

Seattle — Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities …

May 7, 2020

News Retailers Washington DC

NRF Chief Economist: Recovery Likely to Come in ‘Fits and Starts’

by Alex Tostado May 7, 2020

Washington, D.C. — The National Retail Federation’s (NRF) chief economist Jack Kleinhenz says that as some states begin reopening stores and other businesses, the national economy’s recovery will likely be a gradual process and vary by location. “Getting back to work or shopping in a pre-virus manner is difficult to predict at this time, with households likely to tiptoe back in rather than making an immediate return to the lives they experienced before,” Kleinhenz said in the May issue of NRF’s Monthly Economic Review. “My overall impression is that the recovery …

May 7, 2020

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