Property Type

Sportsman’s Warehouse to Acquire Field & Stream Store in Kalamazoo, Michigan

by Kristin Harlow March 23, 2020

KALAMAZOO, MICH. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is a retailer of hunting, fishing, camping and outdoor recreation merchandise that is a subsidiary of Dick’s. Sportsman’s says the acquisitions are consistent with its “growth strategy of opportunistically expanding its store footprint in strong markets with well-established customer bases.”

March 23, 2020

Acquisitions Nevada Retail Western

Sun Commercial Brokers $3.5M Sale of Retail Building in North Las Vegas

by Amy Works March 23, 2020

NORTH LAS VEGAS, NEV. — Sun Commercial Real Estate has arranged the sale of a retail asset located in North Las Vegas. Passco Management Services sold the property to an undisclosed buyer for $3.5 million. Located at 1820 E. Lake Mead Blvd., the building features 28,129 square feet of retail space. Roy Fitz and Dylan Heroy of Sun Commercial Real Estate represented the seller in the transaction.

March 23, 2020

Indiana Midwest Retail

Vera Bradley to Temporarily Close All Stores Through April 2

by Kristin Harlow March 23, 2020

FORT WAYNE, IND. — As a result of COVID-19, Vera Bradley Inc. has temporarily closed all of its full-line and factory stores through Thursday, April 2. Store associates will be compensated through that date. The Fort Wayne-based handbag retailer will continue to serve its customers through its website. Vera Bradley also postponed its annual outlet sale, traditionally slated for April in Fort Wayne. The company says it is also “addressing day-to-day operations, including reducing expenses, inventory levels and capital spending.”

March 23, 2020

Acquisitions Illinois Midwest Multifamily

First Western Properties Brokers Sale of 11-Unit Multifamily Building in Chicago

by Kristin Harlow March 23, 2020

CHICAGO — First Western Properties has brokered the sale of an 11-unit multifamily building located at 1712-1716 W. 87th St. in Chicago’s Beverly neighborhood. The sales price was undisclosed. The property includes 10 paved parking spaces. Paul Tsakiris and Melsi Bifsha of First Western brokered the transaction. Buyer and seller information was not disclosed.

March 23, 2020

Company News Hospitality Top Stories

Marriott to Furlough Two-Thirds of Domestic, International Corporate Staff

by Taylor Williams March 23, 2020

BETHESDA, MD. — Marriott International Inc. (NASDAQ: MAR) will furlough approximately two-thirds of its 4,000 corporate staff members in the company’s Bethesda office, as well roughly two-thirds of its international corporate staff, according to multiple media sources. A company spokesperson first confirmed the news to The Wall Street Journal, which also reported that most furloughs are expected to last 60 to 90 days. Hospitality and travel blog One Mile at a Time reported the same time frame. The announcement comes on the heels of Marriott’s decision last week to furlough what could ultimately be tens of thousands of employees at its hotels around the world. According to the company’s website, Marriott owned and operated about 7,300 properties under 30 brands in 134 countries. Those properties total more than 1.3 million rooms. Marriott also employs some 130,000 people worldwide. On a conference call late last week, Marriott CEO Arne Sorenson told investors that after seeing strong growth in revenue per available room (REVpar) in its European and North American hotels during the first two months of the year, these properties were now seeing an average occupancy rate of about 25 percent. That figure stood at roughly 70 percent a year ago, …

March 23, 2020

Market Reports Maryland Retail Southeast Southeast Market Reports

Baltimore Retail Market Stands Tall, Poised for Another Solid Year Ahead

by Alex Tostado March 23, 2020

It’s gearing up to be another solid year for Baltimore’s retail industry. Thus far, the first quarter has shown few surprises and has largely been a continuation of the success the sector saw in fourth-quarter 2019. Rent has remained relatively flat the past two years, outside of a few developments that have delivered, and we’re expecting more of the same this year. After a small bump in the road five years ago, the market has stabilized and retail vacancy in the Baltimore metro region remains tight. With limited new supply coming to market, landlords are focused on backfilling existing space. Class A and B properties continue to show healthy leasing trends, while Class C properties continue to be the value options for mostly local retailers. Baltimore metro’s primary retail corridors — York Road, Reisterstown Road, the core of downtown Baltimore, Columbia, White Marsh and Annapolis — continue to thrive. We’re also seeing strong growth along Ritchie Highway from Pasadena to Glen Burnie, buoyed by a string of new store openings at the Pasadena Crossroads Shopping Center, which is anchored by Sprouts Farmers Market, Ulta Beauty, T.J. Maxx, DSW, LA Fitness, Party City, Hobby Lobby, HomeGoods and Gardiner Wolf Furniture. In …

March 23, 2020

Acquisitions Multifamily Southeast Tennessee

GBT Realty Sells Two Multifamily Communities in Nashville for $52.2M

by Alex Tostado March 20, 2020

NASHVILLE, TENN. — GBT Realty Corp. has sold Village 21 and Belcourt Park, two multifamily communities in Nashville, for a total of $52.2 million. Atlanta-based TriBridge Residential acquired both properties. The 101-unit Village 21 sold for $31.7 million. The property is situated at 1620 21st Ave. S., two miles southwest of downtown Nashville. The community offers studio, one- and two-bedroom floor plans and communal amenities including a pool, fitness center, business center, pet washing station, car charging stations and a clubhouse. Village 21 features ground-floor retail space that was not included in the sale. Brentwood, Tenn.-based GBT Realty also sold Belcourt Park, a 76-unit community, for $20.5 million. Belcourt Park is situated at 1710 Belcourt Ave., three blocks from Village 21. The community also offers studio to two-bedroom floor plans. Communal amenities include a clubhouse, fitness center and a lounge.

March 20, 2020

Florida Loans Retail Southeast

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

Company News Retail South Carolina Southeast

United Development to Close Myrtle Beach Mall Today Until Further Notice Due to COVID-19 Outbreak

by Alex Tostado March 20, 2020

MYRTLE BEACH, S.C. — United Development Co. will close Myrtle Beach Mall at 7 p.m. local time today indefinitely due to growing concerns of the worldwide COVID-19 outbreak. The owner said the exterior entrances to Belk, Bass Pro Shops, Books-A-Million and JC Penney will remain open as long as those retailers continue to be open to the public. The owner also said that a deep cleaning will be initiated immediately following the closing, then again prior to the reopening. Myrtle Beach Mall is situated at 10177 N. Kings Highway, 11 miles north of downtown Myrtle Beach.

March 20, 2020

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $5.5M Sale of Travelodge Hotel in Orlando

by Alex Tostado March 20, 2020

ORLANDO, FLA. — Marcus & Millichap has arranged the $5.5 million sale of Travelodge by Wyndham Orlando Near Florida Mall, a 132-room hotel in Orlando. The property is situated at 1850 W. Landstreet Road, eight miles south of downtown Orlando and two miles from The Florida Mall. The hotel offers free parking, a pool, business center and laundry facilities. Ahmed Kabani of Marcus & Millichap represented the seller, an undisclosed limited liability company, and the buyer, a private investor, in the transaction.

March 20, 2020

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