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Company newsFinanceNewsOhio

Fashion Retailer Express Files for Bankruptcy, Plans to Close 107 Stores and Sell to Investment Group

by Hayden Spiess

Columbus, Ohio — Fashion Retailer Express Inc. (OTCMKTS: EXPR) has filed for Chapter 11 bankruptcy protection and announced plans to close 107 of its 602 stores. The Columbus-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. Further details on the specific locations set for closure were not provided, but closing sales at the impacted locations are anticipated to begin tomorrow, April 23. Business at …

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Esplanade-Shopping-Center-Oxnard-CA-2
CaliforniaFinanceInvestment salesNews

PSRS Arranges $54 Million Acquisition Financing for Retail Center in Oxnard, California

by Hayden Spiess

Oxnard, Calif. — PSRS has arranged $54 million in financing for the acquisition of Esplanade Shopping Center, a 357,000-square-foot shopping center in Oxnard. Kostas Kavayiotidis, Mike Davis and Matthew Farzinpour of PSRS secured the seven-year loan, including four years of interest-only payments, on behalf of the buyer through a life insurance company. Walmart, The Home Depot, T.J. Maxx, Nordstrom Rack, Bob’s Discount Furniture, Dick’s Sporting Goods, In-N-Out Burger, Chipotle Mexican Grill and BJ’s Restaurant anchor the property. 

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Oakland County, Michigan
FinanceMichiganNews

District Capital Arranges $10 Million Refinancing for Shopping Center in Metro Detroit

by Hayden Spiess

Oakland County, Mich. — District Capital has arranged a $10 million loan for the refinancing of a shopping center located in Oakland County within the Detroit metro area. The property totals 62,000 square feet. Justin Hollis of District Capital secured the loan through a life insurance company on behalf of the borrower.

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CaliforniaDevelopmentFinanceInvestment salesNews

Calmwater Capital Provides $12.3 Million Acquisition Financing for Retail Center in Metro Los Angeles

by Hayden Spiess

Rancho Palos Verdes, Calif. — Calmwater Capital has provided a $12.3 million loan for the acquisition and renovation of Western Plaza, a retail center located in Rancho Palos Verdes, roughly 30 miles outside Los Angeles. Tenants at the property include The Habit, California Fish Grill, Urbane Café and Mattress Firm. The buyer, West Hive, plans to demolish one of the three existing buildings at the center and construct a 3,000-square-foot outdoor patio to serve the food-and-beverage concepts at the property. Other planned renovations include improvements to storefronts and facades, new signage …

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DevelopmentFinanceNevadaNews

Gantry Secures $12.7 Million Bridge Financing for Shopping Center in Reno, Nevada

by Hayden Spiess

Reno, Nev. — Gantry has secured a $12.7 million bridge loan to finance construction and leasing at North Reno Plaza, a shopping center located in Reno. The property is currently undergoing renovations including the addition of a new junior-anchor space and preparations for the opening of tenants Starbucks Coffee and El Super. Tony Kaufmann, Charlie Kokernak and Andrew Ferguson of Gantry arranged the financing on behalf of the undisclosed borrower. 

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FinanceFloridaGrocery-anchoredNews

JLL Arranges $47.1 Million Refinancing for 529,212-Square-Foot Retail Center in Metro Orlando

by Hayden Spiess

Kissimmee, Fla. — JLL Capital Markets has arranged a $47.1 million loan for the refinancing of The Crosslands, a 529,212-square-foot retail center in Kissimmee, roughly 20 miles outside Orlando. The borrower is a joint venture between Hampshire Cos., Federated Hermes and O’Connor Capital Partners. The Fresh Market, Burlington, Academy Sports, Hobby Lobby, Marshalls/HomeGoods and Ross Dress for Less anchor the property, which was developed between 2014 and 2016 and fully leased at the time of financing. Jon Mikula, Michael Klein, Brian Gaswirth, Michael Kavaler and Val McWilliams of JLL secured the …

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CaliforniaFinanceNews

CBRE Arranges $36.4 Million in Financing for La Canada Flintridge Town Center in Los Angeles

by Hayden Spiess

Los Angeles — CBRE has secured $36.4 million in post-acquisition financing for the recapitalization of the purchase of La Canada Flintridge Town Center in Los Angeles. Target anchors the 115,939-square-foot property, which was 96.7 percent occupied at the time of financing. Other tenants at the center include HomeGoods, Panera Bread, Habit Burger and Taylor’s. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE arranged the seven-year, full-term interest-only loan on behalf of the borrower, TRC.

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FinanceGrocery-anchoredNewsWashington

Gantry Secures $10 Million Refinancing for Retail Center in Yakima, Washington

by Hayden Spiess

Yakima, Wash. — Gantry has secured a $10 million permanent loan for the refinancing of Nob Hill Shopping Center, a retail center located in Yakima. Safeway anchors the property, which comprises 88,500 square feet. Tony Kaufmann and Erinn Cooke of Gantry arranged the 30-year, fixed-rate financing through a life insurance company on behalf of the borrower. 

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CaliforniaFinanceNews

Marcus & Millichap Arranges $11.2 Million Refinancing for Joann-Occupied Building in Glendale, California

by Katie Sloan

Glendale, Calif. — Marcus & Millichap Capital Corp. has secured $11.2 million in refinancing for a single-tenant retail building located at 1000 S. Central Ave. in the Los Angeles suburb of Glendale. Joann, a fabric and crafts retail chain that recently declared bankruptcy, occupies the property. Ron Bayls of Marcus & Millichap Capital Corp. arranged the 10-year loan, which includes a 5.97 percent interest rate with a 30-year amortization and 50 percent loan-to-value ratio.

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Company newsFinanceNewsPennsylvania

PREIT Completes Financial Restructuring 

by Hayden Spiess

Philadelphia — PREIT Realty has completed a financial and corporate restructuring. This marks the company’s emergence from bankruptcy — it initially filed for Chapter 11 bankruptcy protection in December 2023, with the company’s creditors agreeing to a “prepackaged” bankruptcy. The Philadelphia-based company owns and operates malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina, in addition to properties in the multifamily, hotel and healthcare sectors.  PREIT reduced its total debt by roughly $835 million through a previously announced reorganization plan and received commitments of approximately $130 …

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