REBusinessOnline

Dickson Commercial Group Arranges $3.2M Acquisition of Retail Building in Carson City, Nevada

CARSON CITY, NEV. — Dickson Commercial Group (DCG) has brokered the purchase of a retail property located at 222 Fairview Drive in Carson City. The property traded hands for $3.2 million. The names of the seller and buyer were not released.Nick Knecht, Joel Fountain, Baker Krukow, Chris Shanks and Matt Dericco of DCG represented the buyer in the transaction.At the time of sale, Cash & Carry, formerly Smart Foodservice, occupied the 16,435-square-foot

Local Developer Completes 109,000 SF K Towne Plaza Shopping Center in Metro Dallas

CARROLLTON, TEXAS — A local, Korean family-based developer has completed K Towne Plaza Shopping Center, a 109,000-square-foot retail property located at 4060 State Highway in the northern Dallas suburb of Carrollton. Korean grocer Galleria Mart anchors the property, which features an additional 65 retail spaces. A grand opening will be held Saturday, Oct. 24 and will include kiosks offering Korean food and wares. Gaines Real Estate Co. manages the property. The developer requested

Midwest Retail Properties Buys 13,520 SF Center in Jasper, Texas

JASPER, TEXAS — Midwest Retail Properties (MRP) has acquired Jasper Plaza, a 13,520-square-foot retail center in Jasper, located north of Beaumont near the Texas-Louisiana border. The property is situated off Highway 190, next to Lowe's Home Improvement store and directly in front of a Walmart Supercenter. MRP acquired the center as part of a portfolio of two other retail properties in Boaz, Ala., and Jacksonville, Texas. The seller was not

Primestor Completes 114,431 SF Retail Portion of Jordan Downs in South-Central Los Angeles

LOS ANGELES — Primestor Development, along with Nadel Architecture + Planning as architect, has completed the development of Freedom Plaza, the retail component of the Jordan Downs mixed-use community in Los Angeles’ Watts neighborhood.Located at 9901 S. Alameda St., Freedom Plaza features 114,431 square feet of retail space for stores and restaurants, as well as landscaped promenades and community gathering spaces. Tenants at the plaza include Smart & Final Extra!, Blink Fitness, …

Madison Partners Arranges $18.7M Sale of Retail, Creative Office Property in Santa Monica

SANTA MONICA, CALIF. — Madison Partners has arranged the sale of 1334 Third Street Promenade, a retail and creative office building in Santa Monica. Third Street Limited sold the asset to Vista Investment Group for $18.7 million, or $847 per square foot.At the time of sale, the 22,131-square-foot property was 64 percent occupied. Tenants include Sunglass Hut, SuperDry and Mobile Deluxe.Bob Safai, Matt Case, Brad Schlaak and Randy Starr of Madison Partners represented the seller in the …

Gap Inc. to Shutter 350 Stores, Transition Focus from Malls to E-Commerce

SAN FRANCISCO — Gap Inc. (NYSE: GPS), a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations.Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75 percent scheduled to close in 2021. By that time, the company expects 80 percent of its revenue to come from e-commerce and off-mall …

Newmark Arranges $36.1M Sale of Mixed-Use Property in Beverly Hills

BEVERLY HILLS, CALIF. — Newmark has arranged the sale of a mixed-use building located at 139 S. Beverly Drive in Beverly Hills. Sakioka Farms, which owned the asset for more than 70 years, sold the property to Hakim Family for $36.1 million, or $1,216 per square foot.The three-story building features 29,735 rentable square feet with high-street retail on the ground floor and two levels of office space above. Additionally, the asset features a surface parking area.Kevin Shannon, Rob …

Chipotle Reports $1.6B in Third-Quarter Revenue as Digital Sales Triple

NEWPORT BEACH, CALIF. — Year-over-year revenue for Chipotle Mexican Grill (NYSE: CMG) increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period.The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic.In addition to increased revenue, the …

Target Introduces More Safety Measures Ahead of Holiday Season

MINNEAPOLIS — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of …

Matthews Brokers $9.8M Sale of Walgreens Portfolio in Iowa

JOHNSTON, WATERLOO AND URBANDALE, IOWA — Matthews Real Estate Investment Services has brokered the sale of three standalone properties, each occupied by Walgreens, in Iowa for $9.8 million. The assets are located at 6200 Merle Hay Road in Johnston, 3910 University Ave. in Waterloo and 4600 86th St. in Urbandale. Robert Goldberg, Ben Snyder and Bill Pedersen of Matthews brokered the transaction. The portfolio traded at a cap rate of 6.9 percent, but buyer and seller information was not …

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