Editors’ Weekly News Roundup July 7 – July 11
Depending on the vantage point, there’s an upside to retail bankruptcies, namely the opportunity for well-capitalized retailers to expand their store count and for landlords to bring in fresh tenants, possibly at higher rents than their predecessors. One such backfilling was the basis of the past week’s most-read story on Connect CRE.
TESO Life to Host Grand Opening for Federal Way Store reported that the East Coast-based chain, which focuses on a variety of Japanese products, will take over a former Rite Aid location at Celebration Center in the Seattle suburb of Federal Way. It’s part of a national expansion for TESO Life, which is represented in the Washington and Oregon markets by Kidder Mathews’ Blake Weber and Ned Whalen.
Farther down the West Coast, an affordable multifamily development in the San Diego suburb of Oceanside will move ahead with a combination of private and public financing. The past week’s second most-read story, Oceanside Affordable Project Secures $100M-Plus in Financing detailed the various funding sources for El Camino Commons.
These include loans from KeyBank, a construction loan through the California Municipal Finance Authority and tax credits through private companies. Through two different groups, KeyBank is providing both construction and permanent financing.
The week’s third most-read story returned to the retail sector while moving from the West Coast to the Baltimore/Washington area. The operation described in Discount Retail Store Planned Near BWI Airport is a new concept for LC Liquidations, which will house both a store and its headquarters at the International Trade Center in Glen Burnie, MD.
LC Liquidations acquires closeout and returned merchandise from big box retailers. In the new retail division, Deals & Steals, it will make that merchandise available to consumers.
Our fourth and fifth most-read stories of the past week both focused on M&A activity. Greeting Connect CRE readers as they returned to work following the July Fourth holiday weekend was a breaking news story, BlackRock to Acquire ElmTree Funds.
Not yet known are the financial terms of the acquisition, which will put one of the largest investors in triple-net leased real estate under BlackRock ownership. What is known is the size of the ElmTree portfolio: 122 properties and $7.3 billion in assets under management.
ElmTree is headquartered in the Midwest—St. Louis, to be precise—as is the company being acquired in the past week’s fifth most-read story, Hilco Global. A diversified financial services company headquartered in Northbrook, IL, Hilco is familiar to Connect CRE readers for activities ranging from auctions to development. Another diversified financial services company, ORIX Corporation, will acquire 71.4% ownership of Hilco.
ORIX Corporation to Acquire Majority Stake in Hilco Global reported that the deal will add Hilco Global’s valuation expertise, advisory platform and asset-based lending investment capabilities to expand ORIX USA’s middle-market-focused credit platform. The transaction is valued at $776 million and is expected to close by the end of the third quarter.
The ORIX/Hilco deal was announced just before the holiday weekend, as was an even larger one: the final passage of the One Big Beautiful Act of 2025. Contained within the massive tax and spending package are some potential uncertainties, which Marcus & Millichap’s John Chang discusses in the latest edition of Weekender.