Quantum Capital arranges refi for Las Vegas retail centers
Beverly Hills, Calif. — Quantum Capital Partners, a real estate finance and advisory firm, has arranged two new loans to refinance two retail properties in Las Vegas for a private investor.
A $1.04 million loan will refinance the 12,000-sq.-ft. El Mercado, an L-shaped retail center in east Las Vegas, and a $1.19 million loan will refinance Wigwam, a 10,300-sq.-ft. strip center about four miles south of the Las Vegas Strip.
First Security Bank of Nevada provided the 10-year 5 + 5 loans — the first five years will carry a fixed interest rate of 5.25%, while the second five years reset the interest rate to the prevailing rate at the time.
El Mercado tenants include Latino Mercado, Laundry Land, Angels Beauty Salon and Tattoo Lounge. The property is 90% occupied but has a number of leases expiring soon. The Wigwam strip center tenants include Deli/Pizzeria, Labor Ready, Vinson Insurance, Cash Plus, Vegas Spa, Big V Mart and Jess Vanes Beauty Salon.
Stein Mart works to maintain momentum through fourth quarter
Stein Mart posted strong sales in October, driven partly by upgraded designer and national brands. Total sales for the four-week period ended Nov. 2, increased 6.9% and comparable-store sales increased 5.4%.
For the third quarter ended Nov. 2, total sales increased 6.1% and comparable-store sales increased 4.8%.
Linens, dresses, ladies’ career sportswear, women’s and intimate apparel posted the strongest sales for the month, while ladies’ accessories, men’s furnishings, ladies’ boutique, ladies’ casual sportswear and petites were more challenged. Boutique sales performance was impacted by the shift of a boutique event from October last year to November this year. Geographically, October sales were strongest in the Southeast and New Jersey, while the Gulf States and most of the Midwest performed lower than the chain. October sales also benefited from our first full month of e-commerce.
"I can assure you that we are working hard to maintain our momentum through the fourth quarter, despite the shortened holiday selling season and highly promotional environment we see around us,” said CEO Jay Stein.
The company operated 264 stores at the end of October this year compared to 262 stores last year. It opened a store this month in Watchung, N.J., and relocated another in Anaheim, Calif., to an improved site.
Stone-care company secures supermarket distribution
Granite Gold’s nationwide distribution expanded with the addition of Shaw’s Supermarkets in the Northeast and Stater Bros. Markets in Southern California.
Shaw’s Supermarkets, which has more than 120 stores throughout Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, now carries Granite Gold Daily Cleaner and Granite Gold Polish.
Stater Bros. Markets — the largest privately owned supermarket chain in Southern California — now carries Granite Gold Daily Cleaner in more than 160 stores, from Los Angeles and Orange counties to Riverside and San Bernardino counties and south to San Diego County.
Granite Gold Polish quickly and easily enhances the shine and luster of granite, marble, travertine and all other natural-stone and quartz surfaces, the San Diego-based company said.