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Hanley Investment Group Arranges $3.1 Million Sale of Starbucks-Occupied Asset in Twentynine Palms

by Alex Tostado

Twentynine Palms, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built retail property located at 73690 Twentynine Palms Highway in Twentynine Palms. Fountainhead Development sold the asset to a Los Angeles-based private investor for $3.1 million, or $1,722 per square foot. Starbucks Coffee occupies the1,800-square-foot drive-thru property, which was built in this year. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Taesoo Eo and Shirley Kim of RE/MAX Commercial’s Los Angeles office represented the buyer in the deal.

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Company newsEntertainmentNewsRetailersTexas

GameStop to Close More Than 300 North American Stores in 2020

by Alex Tostado

Grapevine, Texas — Video game retailer GameStop Corp. (NYSE: GME) plans to close more than 300 North American stores in 2020, the Grapevine, Texas-based company recently announced during its fourth-quarter earnings call. GameStop did not specify which stores and markets would be affected by the closures, but said that it anticipates the total number of shuttered stores to be equal to or greater than the 320 stores that it closed in 2019. GameStop saw its total comparable stores sales across the globe decrease 26.1 percent in the fourth quarter of …

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CaliforniaInvestment salesNewsRetailers

Kidder Mathews Arranges $20.5 Million Sale of High-Street Retail Property in West Hollywood

by Alex Tostado

West Hollywood, Calif. — Kidder Mathews has facilitated the sale of a high-street retail property located at 8532 Melrose Ave. in West Hollywood. Blatteis & Schnur, a Century City, California-based real estate investor, acquired the property from a New York City-based investor for $20.5 million. Situated in a top-tier commercial corridor of Los Angeles, the building features 4,946 square feet of retail space. The current tenant is Lululemon Athletica. Imperial Capital represented the buyer, while Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the …

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ConnecticutFinanceNewsRetailers

ABS Altman Warwick Arranges $15.2 Million Refinancing Loan for Retail Center in Hartford, Connecticut

by Alex Tostado

Hartford, Conn. — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $15.2 million permanent refinancing loan for Charter Oak Marketplace, a 309,800-square-foot shopping center located in Hartford. An undisclosed direct lender provided the seven-year, non-recourse loan, which features a fixed interest rate of 3.5 percent. Walmart anchors the shopping center along with tenants including Marshall’s and Dollar Tree, as well as several restaurants. The borrower was Paramount Realty. Morris Dweck of ABS Altman Warwick originated the loan.

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IllinoisInvestment salesNewsRetailers

Valore Ventures Sells 7,784-Square-Foot Retail Center in Metro Chicago

by Alex Tostado

Evergreen Park, Ill. — Valore Ventures has sold Evergreen Park Towne Center in Evergreen Park, about 15 miles south of Chicago. The sales price was undisclosed. The 7,784-square-foot retail property is located at 8730 S. Kedzie Ave. It is fully leased to tenants such as Boost Mobile and Edible Arrangements. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Valore in the sale. The buyer was undisclosed.

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FloridaInvestment salesNewsRetailers

Colliers Negotiates $3.2 Million Sale of Retail Strip Center in Tallahassee

by Alex Tostado

Tallahassee, Fla. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate …

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FinanceIndianaMinnesotaNewsRetailers

NorthMarq Arranges $23.1 Million in Financing for Two Retail Properties in Minnesota, Indiana

by Alex Tostado

St. Louis Park, Minn. and Fishers, Ind. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops …

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CaliforniaContent PartnersEntertainmentFaris Lee InvestmentsInvestment salesNet leaseNewsRetailers

Faris Lee Negotiates $16 Million Sale of LA Fitness-Occupied Property in Bay Area

by Alex Tostado

Hayward, Calif. — Faris Lee Investments has brokered the sale of a retail property located at 2401 Whipple Road in Hayward. A private investor acquired the asset from an undisclosed seller for $16 million. LA Fitness (City Sports Club) occupies the 41,000-square-foot facility on a corporate-guaranteed, absolute triple-net lease. Matt Brooks, Joe Chichester and Nicholas Coo of Faris Lee represented the seller and procured the buyer in the transaction.

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CaliforniaInvestment salesNewsRetailers

Fit Development Sells Retail Strip Center in Rancho Cucamonga for $13.7 Million

by Alex Tostado

Rancho Cucamonga , Calif. — Fit Development has completed the sale of Shops at Victoria Gardens, a retail strip center adjacent to the Victoria Gardens lifestyle center in Rancho Cucamonga. An undisclosed buyer acquired the property for $13.7 million. Constructed in 2007, the 31,405-square-foot property is leased to a diverse mix of service-oriented, daily needs and soft-goods tenants, including DXL Men’s Apparel, Pacific Dental and Shakey’s Pizza. The asset is situated on 2.6 acres at 12455 Victoria Gardens Lane. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented …

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Company newsMassachusettsNewsRetailers

Stop & Shop to Donate $1 Million to Support Regional Food Bank Partners in Fulfilling Coronavirus Needs in Northeast

by Alex Tostado

Quincy, Mass. — Stop & Shop, a metro Boston-based regional grocer, will donate $1 million to support its food bank partners across the Northeast in their efforts to fulfill community needs amid the coronavirus outbreak. Proceeds will fund workers who may not be compensated during temporary work closures, as well as to support children without access to free meals at school and existing clients who currently face food insecurity. The donation will be divided among the grocer’s 13 partners, including Greater Boston Food Bank, Rhode Island Community Food Bank and …

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