Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …
Vancouver, Wash. — HDA Partners has purchased Y Plaza, a 22,000-square-foot retail center in Vancouver, roughly 10 miles north of Portland, for $3.6 million. Deborah Ewing of Fuller Group Commercial Real Estate Services represented the seller, Slosar Properties, in the transaction. Eric Garske of Marcus & Millichap represented HDA.
Minneapolis — The Target Corp. has announced plans to close nine stores in four states. Scheduled to close Oct. 21, the stores are located in New York City; Seattle; Portland, Oregon; San Francisco; and Oakland, California. In a statement, the brand attributed the closures to the fact that “theft and organized retail crime are threatening the safety of [its] team and guests and contributing to unsustainable business performance.”
Bellevue, Wash. — Arepa Venezuelan Kitchen will open a 1,010-square-foot restaurant in Bellevue, roughly 10 miles outside Seattle. Situated within The Marketplace at Factoria, the restaurant is scheduled to open this September and will offer Venezuelan and Caribbean food in a fast-casual space. An affiliate of Kimco Realty Corp. manages the property.
Bellevue, Wash. — T&T Supermarkets has announced plans to open a 76,000 square foot store in Bellevue, roughly 10 miles east of Seattle. Scheduled to open next summer at the Marketplace at Factoria, the store will mark the first U.S. location for the brand. John Booth of Kidder Mathews represented T&T in the leasing negotiations.
Seattle — Nordstrom Inc. has announced plans to open five new Nordstrom Rack stores in California. Scheduled to open in 2024 and 2025, the stores will be located in Davis, Elk Grove, Gilroy, Oceanside and San Mateo. Both the Davis and Gilroy stores will comprise 25,000 square feet, with the Oceanside and San Mateo stores totaling 31,000 and 36,000 square feet, respectively. Each of the stores will be situated within shopping centers, with the new locations bringing the total count of Nordstrom Rack stores to 68.
Los Angeles — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located in Alabama, California, Florida, Georgia, Illinois, Mississippi, New York, North Carolina, Texas, Virginia and Washington, the properties are all occupied by Napa Auto Parts on a net-lease basis. Brandon Perez and Bill Pedersen of Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.
Irvine, Calif. —Bellwether Enterprise Real Estate Capital LLC (BWE)’s Irvine office has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington. Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer. Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a …
Vancouver, Wash. — Seven new tenants have signed leases at Vancouver Mall, a shopping center located in Vancouver, roughly 10 miles north of Portland. Twisted Escape Rooms, Paliy Construction, Mariya’s Touch Boutique and Luxury African Braids have already opened spaces at the property. Lo’u Sei e and Quick Bites Deli Shop will open in April of this year, with Smack Town scheduled to join the tenant lineup in May.
Ulta, At Home Sign Leases Totaling 95,000 Square Feet at Everett Mall Redevelopment in Metro Seattle
Everett, Wash. — Ulta Beauty and At Home Stores have signed leases totaling 95,000 square feet at Everett Mall, a property currently undergoing redevelopment in Everett, roughly 30 miles north of Seattle. Both retailers will open spaces within a building that formerly housed Sears. Existing tenant Ulta will occupy 10,000 square feet, with At Home leasing 85,000 square feet. Owner Brixton Capital purchased Everett Mall in 2017 and broke ground on the project earlier this year, which will comprise three phases of redevelopment. Bayley Construction is the general contractor, with …