Retailers

Cinemark Theatres to Sell $250 Million in Senior Debt

by Alex Tostado April 15, 2020

Plano, Texas — Cinemark Theatres, an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement Monday. The offering on senior secured notes that are due in 2025 is expected to close April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark …

April 15, 2020

Investment sales News Oregon Retailers

Neville & Butler Commercial Brokers Sale of 47,000-Square-Foot Former Toys ‘R’ Us in Salem, Oregon

by Alex Tostado April 15, 2020

Salem, Ore. — Neville & Butler Commercial Real Estate has brokered the sale of a retail building located in Salem. Raider Hill Advisors sold the asset for an undisclosed price. Located at 1200 Lancaster Drive NE, the former Toys “R” Us property features 47,000 square feet of retail space. Steven Neville and Natalie Butler of Neville & Butler Commercial Real Estate represented the seller in the deal. The name of the buyer was not released.

April 15, 2020

Georgia Grocery-anchored Investment sales News Retailers

JLL Negotiates Sale of Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado April 15, 2020

Lilburn, Ga. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch …

April 15, 2020

Florida Investment sales News Retailers

Marcus & Millichap Arranges $9.8 Million Sale of Retail Center, Outparcel in Florida’s Panhandle

by Alex Tostado April 15, 2020

Fort Walton Beach, Fla. — Marcus & Millichap has arranged the sale of Choctaw Plaza, a 93,650-square-foot retail center in Fort Walton Beach, as well as an outparcel property that is triple-net-leased to Compass Bank. The properties sold for a combined $9.8 million to different buyers. A private personal trust acquired Choctaw Plaza, located at 111 Racetrack Road NW, four miles north of downtown Fort Walton Beach. A Big Lots anchors the property, which was 89 percent leased at the time of sale to tenants including Dollar General, Rent-A-Center, Coldwell …

April 15, 2020

California Content Partners Faris Lee Investments Finance News Retailers

Faris Lee Arranges $39.6 Million Refinancing for Packing House Square Mixed-Use Center in Yorba Linda, California

by Alex Tostado April 8, 2020

Yorba Linda, Calif. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based …

April 8, 2020

Company news Illinois News Retailers

Walgreens Expands Drive-Thru COVID-19 Testing to 15 New Locations in Seven States

by Alex Tostado April 8, 2020

Deerfield, Ill. — To provide greater access to COVID-19 testing and community resources, Deerfield-based Walgreens is working to expand drive-thru testing to 15 new sites in seven states. The locations include Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee and Texas. The testing sites will utilize Abbott’s new test, which delivers positive results in as little as five minutes and negative results within 13 minutes. The 15 locations are being finalized in collaboration with the U.S. Department of Health and Human Services and are planned for select hot spot markets with escalating …

April 8, 2020

Development Grocery-anchored News Retailers Washington

Sprouts Farmers Market to Open New Store in Silverdale, Washington

by Alex Tostado April 7, 2020

Silverdale, Wash. — Sprouts Farmers Market plans to open a new store at 11066 Pacific Crest Place NW in Silverdale, about 33 miles west of Seattle. The Phoenix-based natural foods grocer will open the store at 7 a.m. local time tomorrow morning. The Silverdale location will be the third Sprouts in Washington and will operate from 7 a.m. to 8 p.m. daily, in line with the grocer’s adjusted hours during the COVID-19 pandemic. The new Sprouts will feature a large produce section, deli, fresh sushi, olive bar, sandwich bar, salad …

April 7, 2020

Company news New York News Retailers

Kimco Realty Testing Program to Aid Small Businesses Applying for Coronavirus Relief

by Alex Tostado April 7, 2020

Jericho, N.Y. — Kimco Realty has been testing a Tenant Assistance Program (TAP), a complimentary service to assist tenants in identifying applying for federal and state loans in the midst of the worldwide coronavirus (COVID-19) outbreak. Kimco and its subsidiaries are teaming with law firms. The Jericho-based company says these services have been rolled out in California and Florida, with plans to expand to other states in the coming days. “We are fully committed to the long-term success of our tenants, and we understand that immediate access to capital may …

April 7, 2020

Grocery-anchored Investment sales New Jersey News Retailers

Cushman & Wakefield Brokers $22.6 Million Sale of Grocery-Anchored Shopping Center in Denville, New Jersey

by Alex Tostado April 7, 2020

Denville, N.J. — Cushman & Wakefield has brokered the $22.6 million sale of Denville Commons, a 73,000-square-foot, grocery-anchored shopping center in Denville, a northwestern suburb of New York City. Located at 3130 Route 10, the property is anchored by Corrado’s Market and was 90 percent leased at the time of the sale to 16 tenants including Goldfish Swim School and Orangetheory Fitness. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the seller, Denville Commons Associates LP. The team also procured the buyer, Longpoint …

April 7, 2020

Investment sales Leasing News Retailers South Carolina

Colliers Arranges $13.9 Million Sale-Leaseback of Walmart in Sumter, South Carolina

by Alex Tostado April 7, 2020

Sumter, S.C. — Colliers International has arranged the $13.9 million sale-leaseback of a triple-net leased, Walmart Neighborhood Market-occupied property in Sumter. Hutton Development developed and sold the 41,990-square-foot building, which is situated at 343 Pinewood Road, three miles south of downtown Sumter and 40 miles east of downtown Columbia. Walmart signed a new 13-year lease with the new owner, an undisclosed private investor based in Florida completing a 1031 exchange. Jereme Snyder of Colliers represented the seller in the transaction.

April 7, 2020

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