RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its revenue increased 36 percent in the first quarter compared with the same period a year ago. The Richfield-based electronics retailer’s first quarter ended May 1. Additionally, enterprise comparable sales increased 37.2 percent. “Customer demand for technology products and services during the quarter was extraordinarily high,” says Corie Barry, CEO. “This demand is being driven by a continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertainment, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment.” As sales momentum is continuing into the second quarter, Best Buy is raising its annual comparable sales growth outlook to a range of 3 to 6 percent, according to CFO Matt Bilunas. In the first quarter, the company generated comparable sales growth across almost all of its categories, with the largest drivers being home theater, computing and appliances. Best Buy’s stock price opened at $121 per share Thursday, May 27, up from $79.08 one year ago. The retailer operates more than 900 stores nationwide.
NEW HAVEN, IND. — Lunar Distribution LLC has signed a 145,600-square-foot industrial lease at 10785 Rose Ave. within the Cedar Oak Industrial Park in New Haven, just east of Fort Wayne. The distributor of comic books for publishers such as DC and Marvel will occupy the space beginning in June. The facility, which features a clear height of 30 feet, is located at the corner of I-469 and U.S. Highway 24. Bill Drinkall and Brook Steed of Bradley Co. represented the undisclosed landlord.
INDIANAPOLIS — Real estate owner and developer SomeraRoad has opened an office in Indianapolis. The company maintains headquarters in Nashville and New York City, with satellite offices in Cleveland and Pittsburgh. SomeraRoad first entered the Indianapolis market with the purchase of an industrial property in 2017. SomeraRoad acquired several former Marsh supermarket properties in 2019, and in January of this year it became majority owner of the historic Stutz factory, which was originally built in 1912 for Stutz Motor Car Co. In addition to opening the new office, SomeraRoad also added Imran Harris to its staff. Based in Indianapolis, Harris will focus on the redevelopment of the Stutz building as well as other projects in the region. Harris previously worked for Indianapolis-based Keystone Group.
ZANESVILLE, OHIO — Grandbridge Real Estate Capital LLC has arranged an $8.5 million loan for the refinancing of Kensington Village Apartments Phase I, a 156-unit property in Zanesville, about 55 miles east of Columbus. Developed in 2007 and 2008, the community sits on 21.3 acres. Amenities include a clubhouse and pool. Ken Bowen and Ben Williams of Grandbridge’s Columbus office arranged the fixed-rate loan through Freddie Mac. The borrower was undisclosed.
EUCLID, OHIO — Trevian Capital has provided a $3.5 million bridge loan for the acquisition and renovation of a 94-unit apartment complex in Euclid, an inner-ring suburb of Cleveland. The seller, which acquired the garden-style property in 2018 as part of a 3,500-unit portfolio, elected to dispose of the property since it was one of only two assets outside the Columbus market, according to Trevian. Proceeds from the acquisition loan also funded $1.1 million for capital expenditures. The borrower was undisclosed.
WATERTOWN, WIS. — The Boulder Group has brokered the $3.2 million sale of a retail property net leased to Piggly Wiggly in Watertown, about 50 miles west of Milwaukee. The 27,000-square-foot building is located at 1330 Memorial Drive next to Watertown Regional Medical Center. Jimmy Goodman and John Feeney of Boulder represented the seller, a Wisconsin-based private investor. The buyer was also a Wisconsin-based investor. Piggly Wiggly’s lease expires in December 2029. There are more than 530 Piggly Wiggly stores in 17 states.
NAPERVILLE, ILL. — Maverick Commercial has arranged a $2.1 million first mortgage loan for two retail properties in Naperville. The first asset at 236 S. Washington St. spans 6,500 net rentable square feet and is leased to Potbelly Sandwich Works and several professional services companies. The second property, located at 116 S. Webster St., spans 8,820 net rentable square feet and is leased to a variety of long-term tenants. The fixed-rate loan features a five-year term and a 25-year amortization schedule. The loan paid off the existing first mortgage, funded a tax and insurance escrow and paid for closing costs.
CLARKSVILLE, IND. — A new apartment community known as Bolt + Tie has opened in Clarksville, just north of Louisville. Leasing is currently underway. Located in Water Town Square on Main Street, Bolt + Tie rises four stories with 96 units. The project also includes office suites, retail space and a restaurant on the first floor. Apartment residents have access to amenities such as a clubhouse, rooftop deck, indoor bike storage, coworking space and conference rooms. Monthly rents start at $999. Cornerstone Group was the developer. The name Bolt + Tie pays homage to the history of the area, according to Cornerstone. The land that Bolt + Tie and Water Tower Square occupy was originally a rail car yard. The bolt and tie was what connected the rail cars together.
MINNETONKA, MINN. — JLL Capital Markets has negotiated the $11.2 million sale of Minnetonka Corporate Center in Minnetonka, about 15 miles southwest of Minneapolis. The 94,435-square-foot property features office and warehouse space. Renovated in 2004, Minnetonka Corporate Center is fully leased to six tenants. Located on Clearwater Drive, the property features five dock doors and four drive-in doors. Colin Ryan and David Berglund of JLL represented the seller, Onward Investors LLC. The duo also procured the buyer, WinPark Associates LLC.
SHOREWOOD, MINN. — NorthMarq has arranged an $8 million loan for the refinancing of a Cub Foods-occupied retail property in Shorewood, about 20 miles southwest of Minneapolis. Andy Finn of NorthMarq’s Minneapolis office arranged the 15-year loan at a fixed interest rate below 3 percent. A life insurance company provided the loan for the undisclosed borrower.