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PK Market Leases 52,000 SF on Olive Street

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PK Market, a South Korean retailer, leased 51,700 square feet of retail and office space for its new headquarters at 712 S. Olive St. in Downtown Los Angeles. The seven-story, 169,594-square-foot property in the Jewelry District was constructed in 1917 and renovated in 1988. Mike Condon Jr., Peter Collins, Kelli Snyder and Brianna Demus of Cushman & Wakefield represented the landlord. Matthew Fainchtein, Carter Magnin and James Chung, also...

KLLR Realty Pays $7.4M for Portillo’s Bldg

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KLLR Realty LLC acquired the Portillo’s Restaurant building at 8450 Hudson Rd. in Woodbury, Minnesota, from Launch Properties for $7.48 million, or about $834 per square foot. The retail building delivered in August 2017 amid the Shoppes at Arbor Lake shopping center, just west of Hemlock Lane. It totals 8,964 square feet and has a long term lease with Portillo’s, the 1920's-themed Chicago eatery known for its hot dogs and Italian beef sandwiches...

Sears Holdings Plans for Proceeding With Chapter 11 Bankruptcy Protection

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Second day of a Sears store closing sale at Miami International Mall. Photo credit: Phillip Pessar via Flickr. Sears Holdings is stepping into an unfamiliar world as the 125-year-old retailer, once the world’s biggest, navigates Chapter 11 bankruptcy in a last-ditch effort to save the struggling Sears and Kmart

National Stores Ramps Up Closings After Filing for Chapter 11 Bankruptcy Protection

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National Stores Inc. said it would close 184 stores, more than twice as many as it planned when it filed for Chapter 11 bankruptcy protection in August. Discount retailer National Stores Inc. is now shutting 184 locations instead of the 74 it announced when it filed for Chapter 11 bankruptcy protection in August, closings at properties that retail real estate brokers said may attract interest from developers. The Los Angeles-based home goods...

Beyond Bed & Bath: Real Estate Beckons to Specialty Grocers as Home Decor Chains Close Stores

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Fresh produce in specialty grocery stores may be edging out household items in more retail space. When it comes to retail real estate, the kitchen is edging out the bedroom. Across the country, closed Mattress Firm outlets and Bed, Bath and Beyond stores may be replac

N.J. EDA Pilot Program Will Award Towns for Proposals on Empty Malls, Vacant Office Complexes

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The main building at the former Toys R Us corporate headquarters at 1 Geoffrey Way, a four-story, 415,000-square-foot sprawling office building constructed in 1962. The New Jersey Economic Development Authority has created a pilot program that will award municipalities grants to come up with proposals for distressed commercial real estate properties, vacant shopping malls and empty s

Now Legal, Cannabis Drives Up Canadian Retail Rents

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Ed Sonshine of RioCan said marijuana users may fit into the profile of tenants at The Well, the massive mixed-use development RioCan and Allied REIT are developing in downtown Toronto. Even before online cannabis sales began across Canada on Wednesday, real estate firm RE/MAX said demand from the marijuana industry had already started turning places like Edmonton, Alberta, and Kelowna, British Columbia, into commercial real estate "hot spots" expected...

David's Weed? Co-Founder of David's Tea Has Some Ideas on Selling Cannabis

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David Segal, one of the founders of David's Tea, offered advice for cannabis retailers Tuesday at the Ottawa Real Estate Forum. Photo credit: Garry Marr of CoStar Group. David Segal keeps hearing how he needs to open up a "David's Weed" in the wake of new cannabis rules that will allow for recreational use across Canada. But Segal, one of the founders of David's Tea, did have some advice for the would-be cannabis retailers that can begin selling...

Organic Grocery Store Signs 10 Year Retail Deal in Miami

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Lucky’s Market, an organic grocery store chain, signed a 10-year lease for 23,000 square feet in the Shops of Kendall shopping center at 12528-12650 SW 88th St. in Miami. The 145,853-square-foot neighborhood center was built in 1976 on 22 acres in the Kendall submarket of Miami/Dade County. Adrian Jimenez and Eddy Solera with Sterling Organization represented the landlord in-house.

Clothing Retailer Takes Space in Ozark, Alabama

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The 90,039-square-foot Ozark Square shopping center in Ozark, Alabama. Clothing retailer The Mission signed a 19,302-square-foot lease at City of Ozark’s Ozark Square shopping center in Ozark, Alabama. The single-story structure at 264-282 N. Union Ave. was built in 1978. The center spans nine acres less than 17 miles from Dothan Regional Airport. Debbie Bruggink provided in-house representation on behalf of the landlord.

Chicago REIT Sells Longview Shopping Center for $38.3 Million

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Chicago-based Highlands REIT, a non-traded investment trust, sold a 260,627-square-foot shopping center in Longview, Washington, to a private investor based in San Diego for $38.3 million, or about $142 per square foot. Highlands REIT originally acquired the shopping center in 2016 before the REIT was created as a spin-off for InvenTrust’s non-core assets. Located at 1015 Ocean Beach Highway, the community retail center was built in 2014 and...

Vancouver’s Premise Properties Grows Footprint in Greater Toronto with Purchase of Brampton Shopping Centre

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Premise Properties, a private investment, asset management and real estate advisory firm headquartered in Vancouver, has acquired a single-storey retail strip centre in Brampton, Ontario, as the company looks to grow its portfolio outside of British Columbia with an eye on the Greater Toronto Area. Premise paid $59 million, or approximately $248 per square foot, to Greystone Managed Investments for the 410 @ 7 Centre, with the firm noting it was...

Canopy Growth Executive Urges Real Estate Crowd to Rethink Cannabis

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Mario Castillo, regional general manager of Canopy Growth, speaks at the Ottawa Real Estate Forum. Mario Castillo had his doubts about joining Smiths Falls, Ontario-based Canopy Growth, the world's largest cannabis company, when a recruiter called him. "There is a job description for a company that is confidential if you are interested, but it's a large pharmaceutical company in Smiths Falls," Castillo recalled, drawing laughter from an audience...

Hobby Lobby Coming to North Point Market Center in Alpharetta, Georgia

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Hobby Lobby will join the tenant lineup at the North Point Market Center in Alpharetta, Georgia, after agreeing to backfill Toys R Us' former 50,275-square-foot space on a 10-year deal. The Oklahoma City-based arts and crafts retailer will join an established tenant roster anchored by a number of national brands including Dick's Sporting Goods, Marshalls, Nordstrom Rack, Old Navy, PetSmart, Stein Mart, Bed Bath & Beyond and Target, which operates...

Investment Manager Based in Dallas Secures $69 Million to Refinance Suburban Salt Lake City Retail Center

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Regal Cinemas at the 726,306-square-foot Crossroads of Taylorsville retail center in Taylorsville, Utah. Dallas-based TriGate Capital, an investment manager focused on the recapitalization and repositioning of real estate assets and companies, secured $69 million to refinance Crossroads of Taylorsville, a 726,306-square-foot retail center in Taylorsville, Utah. Jim Curtin, a managing director at HFF, arranged the three-year, floating-rate loan...

Brixmor Property Group Sells 327,000-SF Shopping Center Near California State University, Fresno

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The 326,608-square-foot Clovis Commons shopping center in Clovis, California. Brixmor Property Group, a New York-based REIT, sold a 326,608-square-foot shopping center in Clovis, California, to an undisclosed buyer. Clovis Commons sold for $45 million, or about $138 per square foot. The Class B center at 645-685 W. Herndon Ave. was buil

Local Investor Pays $7.3 Million for Suburban Kansas City Retail Center

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The 90,122-square-foot Lenexa Center at 9150-9220 Marshall Drive in Lenexa, Kansas. A local private investor purchased a 90,122-square-foot retail center in Lenexa, Kansas, from Goehausen & Company. Lenexa Center sold for $7.3 million, or $81 per square foot. The single-story structure at 9150-9220 Marshall Drive was built in 1973. The property spans nearly four acres less than 16 miles from downtown Kansas City, Kansas. Jonny Lefko with...

Local Family Trust Pays $8.5 Million for Fully Leased Retail Center in Las Vegas

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The 22,400-square-foot Santoli Center in Las Vegas. A private local family trust purchased a 22,400-square-foot retail center in Las Vegas from Allay Investments. Santoli Center sold for $8.5 million, or about $379 per square foot. The fully leased, single-story structure at 7965 S. Rainbow Blvd. was built in 2016. The Class B property spans nearly two acres less than eight miles from McCarran International Airport. Chris Richardson, Jason...

Central Market to Anchor New Luxury Tower in Dallas’ Uptown Neighborhood

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Central Market signs deal to anchor KDC's new luxury mixed-use project in Uptown Dallas. Texas-based grocer Central Market plans to anchor a new 19-story office and retail tower along McKinney Avenue in Uptown Dallas, which will revitalize a city block held vacant by the grocer for the past two years. The grocery store, which is a division of H-E-B, is teaming up with Dallas-based developer KDC on the project, which, upon completion, will bring...

Experiential Retailers Dominating Sacramento Leasing as Consumers Continue to Crave Experiences

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The 40,407-square-foot Tower Plaza in Sacramento, California. Experiential retail concepts have dominated recent leasing in greater Sacramento. Four of the five largest retail lease signings in the past 12 months were transacted by experiential concepts. Struggling or bankrupt tenants have left area landlords with large spaces to rent. But as consumers increasingly crave experiences, a number of new retailers are filling the void. Like many...

Orange County Shopping Center Sets Retail Sales Record at $65.5 Million

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The 155,275-square-foot Edinger Plaza in Huntington Beach, California. San Francisco-based Stockbridge Capital Group has acquired Edinger Plaza in Huntington Beach, California, for $65.5 million in the most expensive total retail sale in Orange County this year, according to CoStar records. A CoStar Comps analytic search shows that the latest retail deal is the largest retail sale in Huntington Beach of the past 30 years and possibly ever....

Neiman Marcus, Owner of Bergdorf Goodman, Last Call, May Seek to Restructure Debt

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Neiman Marcus may be working with creditors to pay down debt. Luxury retailer Neiman Marcus Group LTD LLC may be in discussions with bondholders and lenders to restructure its debt after warning that its "substantial indebtedness" could disrupt business as the important holiday sales season approaches. The company is making the moves to avoid filing for bankruptcy, according to a report in The Wall Street Journal, which cited people familiar...

Tractor Supply Plans 800 New Stores

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Tractor Supply is opening new locations at a faster pace. Tractor Supply Co. is racing toward its goal of 800 new locations as it opens stores at a fast pace. Tractor Supply, by far the largest operator of rural-oriented retail stores in the U.S., opened 23 locations in its just-completed third quarter and remains on track to open 80 this year, Chief Executive Greg Sandfort told investors during the company’s third-quarter earnings call on Thursday...

Ottawa Company Lands Five New Cannabis Retail Locations in Alberta

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A new retail cannabis store is set to open at this Calgary strip mall as the province continues to lead the country in allowing new outlets. Five of Ottawa-based National Access Cannabis Corp.'s retail locations in Alberta have been granted licenses in the province. The company said Thursday that it wants to open 37 retail cannabis locations in Alberta, which includes, including 25 proposed NewLeaf Cannabis stores and 12 proposed META stores NAC...

Chicago Firm Pays $61.3 Million for Industrial-to-Office Portfolios in Minneapolis, Milwaukee

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The Timbers in Milwaukee is one of more than a dozen properties R2 Cos. purchased from Sara Investment Real Estate. Chicago real estate investment firm R2 Cos. has gone on a $61.3 million buying spree of historic buildings adapted to new uses, picking up two port

Online Companies Click With Physical Stores at Faster Speed

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Amazon is one of a growing number of companies that began online that are opening brick-and-mortar locations. Jennifer Fleiss had no plans to open her five brick-and-mortar stores when she co-founded her online clothing rental company, Rent the Runway, 10 years ago. Then she discovered how the combination of physical stores and e-commerce could drive sales and raise brand awareness -- and she's not the only one. E-commerce companies are opening...

Amazon Choosing a Small City for HQ2 Would Give Company a ‘Test Bed’ for Products, Expert Says

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If Amazon chooses to locate its second headquarters in a small community, it could have greater influence on that area than it did with its headquarters in Seattle (above), one expert says. Wherever Amazon’s second headquarters ends up, author and researcher Bert

Operators Bet on One-Stop Entertainment Complex in Downtown San Diego

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The new Theatre Box includes a movie theater, restaurant and other dining and entertainment elements in one downtown San Diego building. Credit: Theatre Box. Downtown San Diego’s popular Gaslamp Quarter is preparing to get a new entertainment complex featuring specialty restaurant Sugar Factory and a luxury movie theater from the company that operates Hollywood's famous Chinese Theatre where celebrity handprints are preserved in cement across...




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