DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March. The company noted that although it was forced to close all stores at some point, strong sales from its e-commerce platform helped to mitigate the decrease in revenue. Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on Friday, June 12, up from $170.89 per share a year ago.
LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.
MOUNT OLIVE, N.J. — Cushman & Wakefield has negotiated a 102,839-square-foot industrial sublease for game publisher and manufacturer Breaking Games LLC in Mount Olive, located 50 miles west of New York City. The space is located within 200 International Drive, an approximately 217,500-square-foot industrial property that was constructed in 1984. The building features 24-foot clear heights, nine loading docks and approximately 6,000 square feet of office space. The property also offers convenient access to Interstate 80 and State Route 46. Stephen Sander of Cushman & Wakefield represented the sublandlord, Bosal USA, in the negotiations
WARREN, N.J. — Newmark Knight Frank has arranged the sale of a 95,111-square-foot office building in Warren, a southwestern suburb of New York City. The Class B property was constructed in 1987 and is located at 30 Technology Drive S. At the time of sale, the property was 92 percent leased to tenants in the medical, engineering and technology sectors. Kevin Welsh, Brian Schulz and Jason Emrani of NKF represented the seller, a joint venture partnership between Ivy Realty and Waterfall Asset Management. The team also procured the buyer, Mountain Development Corp. The sales price was undisclosed.
NEW YORK CITY — Extell Development Co., a New York-based developer, has partnered with delivery service startup Avo to offer product delivery services as an amenity at One Manhattan Square, Extell’s 815-unit residential building in Lower Manhattan. Avo will provide residents with free, same-day delivery of a range of products including groceries, electronics, household goods and personal care items from its own online store. The service will require no minimum order size and will be facilitated through “Experience by Extell,” the developer’s in-house lifestyle management platform. Avo entered the New York market last year, primarily servicing office buildings, but has accelerated its residential partnerships during the COVID-19 outbreak.
EAST WINDSOR, N.J. — CBRE has arranged the $26.2 million sale of Windsor Corporate Center, a 291,5550-square-foot office campus in East Windsor, a northeastern suburb of Trenton. Located at 50 Millstone Road, the four-building campus is situated on 39 acres and was approximately 65 percent leased at the time of sale. The property offers convenient access to the New Jersey Turnpike, Interstate 295 and the Princeton Junction train station. Amenities include a full-service cafeteria, auditorium and a fitness center. Jeffrey Dunne, Jeremy Neuer and Steven Bardsley of CBRE represented the seller, Raith Capital Partners, in the transaction. The team also procured the buyer, Strategic Funding Alternatives LLC.
Five Below Reopens 90 Percent of Stores, Reports 44.9 Percent Decline in Net Sales in Latest Quarter
PHILADELPHIA — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended on May 2. In addition, the company reported a net loss of $50.6 million in the first quarter compared with positive net income of $25.7 million in the first quarter of fiscal 2019. Five Below’s stock price closed at $113.67 per share on June 10, compared with $131.82 per share at the same time last year.
NEW CASTLE, PA — Innovative Industrial Properties (IIP) has acquired a 108,000-square-foot industrial property in New Castle, a city about 55 miles northwest of Pittsburgh. The sales price was $8.9 million. The property sits on approximately 7.4 acres at 911 Industrial St. IIP entered into a long-term, triple-net lease agreement with the tenant, Holistic Industries Inc., which will continue to operate the property as a medical-use cannabis cultivation and processing facility. This transaction marks IIP’s third acquisition and lease with Holistic. The seller was undisclosed.
MEDFORD, MASS. — Cresa has negotiated a 41,000-square-foot office lease for healthcare data collection company ERT in Medford, a northern suburb of Boston. The space is located within One Cabot Road, a 308,954-square-foot, Class A office building. The building features a 10,000-square-foot outdoor patio, fitness center and convenient access to the MBTA transit line. The lobby is undergoing renovations that will be complete this summer and will include a new coffee bar. ERT will move its office from Hood Park in Boston’s Charlestown neighborhood to One Cabot Road in January 2021. Jeff Baker and Matt George of Cresa represented ERT in the lease negotiations. Debra Gould, Rory Walsh and Juliette Reiter of Newmark Knight Frank represented the landlord, The Davis Companies.
ERIE, PA. — Marcus & Millichap has brokered the $1.4 million sale of Washington Square, a 9,783-square-foot retail strip in Erie, approximately 130 miles north of Pittsburgh. Located at 5040 Peach St., the property was constructed in 1982 and was 100 percent occupied at the time of sale. Tenants include Lake Erie Pharmacy, Pizza Hut, Subway, Pella Windows and Great Clips. Scott Wiles, Craig Fuller and Erin Patton led a Marcus & Millichap team that represented the seller, a local private investor, in the transaction. The buyer was undisclosed.