Houston — Archway Properties has broken ground on a 22,016-square-foot build-to-suit retail project in Houston for Northern Tool + Equipment. The building will be situated on a freeway-fronting pad site within the 111-acre Park Air 59 mixed-use development on the city’s northeastern side. The store will be the Minnesota-based retailer’s eighth in Houston and is expected to open in the first quarter of 2021.
Wallington, N.J. — Northmarq has arranged a $16.5 million loan for the refinancing of Wallington Plaza, a 94,297-square-foot shopping center in Wallington, a northwestern suburb of New York City. A local bank provided the permanent loan, which carries a floating interest rate, a seven-year term and a 30-year amortization schedule. A ShopRite grocery store anchors the property, which is located at 375 Paterson Ave. Other tenants include a pet supplies store and a liquor store. Robert Ranieri of NorthMarq arranged the loan.
Calexico, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Florida-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, …
New York City — J.Crew Group Inc., which operates the J.Crew and Madewell fashion retail brands, has filed for Chapter 11 bankruptcy protection. The company hopes to restructure its debt while aiming to eventually reopen its stores in the aftermath of the COVID-19 pandemic. Chinos Holdings Inc., the parent company of J.Crew, filed the voluntary petitions for protection Monday in the U.S. Bankruptcy Court of the Eastern District of Virginia. In a statement, the New York City-based retailer said its lenders and stakeholders agreed to convert $1.6 billion of debt …
Atlanta — Atlanta-based Jamestown has launched a $50 million fund to aid small businesses at its properties that are in the process of reopening as states relax retail closures. Funding allocations will be distributed as each qualifying tenant develops a reopening plan with its local Jamestown property management team. Funds received through the relief effort can be used to cover operating expenses, as well as mandatory measures implemented to remain in compliance with local, state and federal guidelines related to COVID-19. Jamestown did not release its definition for a small …
Houston — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.
Indianapolis — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in …
Arlington, Texas — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington. Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a …
Hoover, Ala. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther …
El Centro, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley …
