ROCHESTER, MINN. — Upland Real Estate Group has brokered the sale of a Sleep Number-occupied retail property in Rochester for $2.4 million. Sleep Number relocated from Apache Mall in 2018 to this 3,000-square-foot, freestanding store at 2257 Commerce Drive NW. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the 1031 exchange buyer in the acquisition of the net-leased property. Tom Gommels of Marchs & Millichap represented the seller, a limited liability company.
NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.
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.
SUGAR LAND, TEXAS — A local developer doing business as LJ Parkway LLC has sold Riverstone Plaza, a 28,000-square-foot retail center in the southwestern Houston suburb of Sugar Land. Built in 2018, the property was 98 percent leased at the time of sale to a roster of 16 tenants that includes salons, medical services, a learning center and restaurants. Marc Peeler of NewQuest Properties represented the seller in the transaction. Bob Yuanjie of Ping Management LLC represented the undisclosed, locally based buyer.
GLENDALE, CHANDLER, MESA, TEMPE AND PHOENIX, ARIZ. — Progressive Real Estate Partners has arranged the sale of six single-tenant Sunrise Preschool locations in Arizona for a combined total of $16.9 million. Brad Umansky and Mike Lin of Progressive, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller in the deals. The transactions include: The $2.6 million sale of an 8,500-square-foot location at 5801 W. Mohawk Lane in Glendale. The $2.3 million sale of a 7,000-square-foot preschool at 1114 W. Elliot Road in Chandler. The $3.8 million sale of an 8,775-square-foot property at 102 N. Lindsey Road in Mesa. The $3.4 million sale of a 12,485-square-foot location at 1365 S. Gilbert Road in Mesa. The $2.5 million sale of a 7,000-square-foot asset at 4110 W. Northern Ave. in Phoenix. The $2.3 million sale of a 7,000-square-foot building at 800 E. Minton Drive in Tempe.
NEW YORK CITY — HSBC Holdings has announced plans to exit its U.S. mass-market retail banking business through the sale of 90 of its 148 domestic branches. HSBC will retain 20 to 25 of its existing physical locations in the U.S., which will be repurposed into international wealth centers. These branches will focus exclusively on the banking and wealth management needs of high-net-worth clients. These centers will be located in cities such as New York, Washington, D.C., San Francisco, Seattle, Los Angeles and Miami, according to reports by The Wall Street Journal. Citizens Bank has agreed to purchase the company’s mass-market and retail-business-banking operations on the East Coast, which includes 80 branches and approximately 800,000 customers. The company will also purchase HSBC’s online banking portfolio. Together, both portions of the business had a combined total of $9.2 billion in deposits and $2.2 billion worth of outstanding loans at the end of March. Cathay Bank will acquire the company’s mass-market and retail-business-banking operations on the West Coast, which includes 10 branches and approximately 50,000 customers with $1 billion in deposits and $800 million worth of outstanding loans as of the end of March. Both transactions are expected to close by the …
WASHINGTON, D.C. — EagleBank, a community bank in the Washington, D.C., area, has provided $26 million in acquisition financing for the revitalization of Mazza Gallerie, a landmark retail space in D.C.’s Friendship Heights neighborhood. The borrower, Tishman Speyer, a real estate developer and owner based in New York City, will use the loan to fund both the purchase of the property and the ground-up construction of approximately 350 apartments and 26,000 square feet of ground-floor retail at the site. Barb Mackin, Sameera Rizvi and Jeniffer Mejia of EagleBank originated the loan, the terms of which were not disclosed. Mazza Gallerie is situated on the Wisconsin Avenue retail corridor and is adjacent to the Friendship Heights Metro rail station. The property has access to walkable outdoor amenities and 440,000 square feet of shops and restaurants.
HAMBURG, PA. — Colliers International has negotiated the sale of a 37,840-square-foot retail center located at 552 State St. in the Lehigh Valley city of Hamburg. Pennsylvania-based grocer Weis Markets anchors the center. Scott Horner and Derek Zerfass of Colliers represented the seller, private investor Linda King, in the transaction. The duo also procured the buyer, Sar & Co.
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.
MIAMI BEACH, FLA. — ALTO Real Estate Funds has purchased a 7,142-square-foot retail property located in Miami Beach for $18.9 million. The property is situated along Lincoln Road, Miami Beach’s high street retail corridor. The seller was Gombinski Properties, who bought the property in 1985. Ran Ziv and Sean Shahar Ziv of GLT Group Brokerage represented the seller and the buyer. The property comprises two suites located at 900 and 904 Lincoln Road, at the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2016 and now has restored façades, high ceilings and large glass storefronts. The 900 suite is leased to Aerie, the underwear and activewear subsidiary of American Eagle Outfitter. Dallas-based ALTO expects to lease the vacant 904 store by next year. Jonathan Carter of Colliers International South Florida is in charge of leasing. Lincoln Road is a one-mile corridor located close to the Miami Beach Convention Center, hotels, restaurants and beaches. It features brands such as Nike’s only flagship store in Florida, the largest H&M and Zara stores in the Southeast and an Apple store. Lincoln Road features more than 800,000 square feet of retail and restaurants space.