Retail

Disney-Grand-Californian-Hotel-Spa-Anaheim-CA

Disneyland to Reopen California Amusement Parks on April 30

by Amy Works April 12, 2021

ANAHEIM, CALIF. — Disneyland Resort will reopen its theme parks Disneyland Park and Disney California Adventure Park on April 30, with limited capacity and more than 10,000 cast members. Additionally, Disney’s Grand Californian Hotel & Spa will welcome guests starting on April 29, as part of Hotels of the Disneyland Resort’s phased reopening. To comply with government requirements and promote physical distancing, various new measures are in place at the park, with the Disneyland Resort managing attendance through a new theme park reservation system that requires all guests to obtain a reservation for park entry in advance. Theme park reservations will be limited and subject to availability, and until further notice, only California residents may visit the parks. Groups must be no larger than three households, in line with current state guidelines. Disneyland’s phased reopening includes: Downtown Disney District – currently open Disney’s Grand California Hotel & Spa — April 29 Disneyland Park and Disney California Adventure Park — April 30 Disneyland Hotel and Disney’s Paradise Pier Hotel — to be determined Disneyland Resort will reopen and operate updated sanitization and distancing protocols, including enhanced cleaning and housekeeping modifications, plus operational changes for physical distancing and reduced contact. Guests planning …

April 12, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $11.3M Sale of Miami Beach Property Leased to 7-Eleven

by Julia Sanders April 12, 2021

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $11.3 million sale of a 4,370-square-foot retail property leased to 7-Eleven in Miami Beach. Alejandro D’Alba and Scott Sandelin of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust known as Armando’s Service Station, Inc. (dba 7/11 Store). The buyer was Power Petroleum Inc, a fuel supplier based in South Florida that distributes multiple brands. The 7-Eleven convenience store is located on 6348 Collins Ave. and has been operating at this location since 2009. The property has a parking lot size of 20,740 square feet.

April 12, 2021

Leasing Activity New York Northeast Retail

Dick’s Sporting Goods Opens 100,000 SF House of Sport Store at Eastview Mall in Victor, New York

by Taylor Williams April 12, 2021

VICTOR, N.Y. — Dick’s Sporting Goods (NYSE: DKS) has opened a 100,000-square-foot store known as House of Sport at Eastview Mall in Victor, located in western New York. The store features a 17,000-square-foot outdoor turf field and running track, a rock-climbing wall, batting cage, golf driving bays and a health and wellness area for customers dealing with athletic injuries. The Pittsburgh-based retailer plans to open a second House of Sport store in Knoxville, Tenn., later this year.

April 12, 2021

Development Retail Southeast Virginia

Federal Realty to Redevelop 144,000 SF Shopping Center in Falls Church, Virginia

by Julia Sanders April 9, 2021

FALLS CHURCH, VA. — Federal Realty Investment Trust will soon break ground on the redevelopment of Falls Plaza, a 144,000-square-foot, grocery-anchored shopping center located at 1200 W Broad St. in Falls Church. The project will include façade renovation, new signage, landscaping, decorative lighting and multiple outdoor amenity areas. Federal Realty projects a completion date later this year, just ahead of the holiday shopping season. In addition to the renovation, the Fall Plaza shopping center will be renamed and rebranded to Birch & Broad. The new name and branding will represent the intersection of Birch and Broad streets located between the eastern and western portions of the shopping center. Along with the renovation, longtime anchor Giant Food will also undergo an interior remodel. In addition to Giant, Birch & Broad features a mix of retail, dining and services including Conte’s Bike Shop, CVS/pharmacy, Plaka Grill, Starbucks, Jersey Mike’s and Road Runner Sports.

April 9, 2021

Acquisitions Midwest Retail Wisconsin

Boulder Group Arranges $7M Sale of Grocery Property in Metro Green Bay

by Kristin Harlow April 9, 2021

APPLETON, WIS. — The Boulder Group has arranged the sale of a single-tenant property net leased to Pick ’n Save in Appleton for $7 million. The 54,340-square-foot building is surrounded by a Walmart, Chase Bank, Lowe’s, Kohl’s, Target, Home Depot, Best Buy and Menards. Randy Blankstein and John Feeney of Boulder represented the buyer, a Midwest-based real estate investor. The seller information was not disclosed.

April 9, 2021

Acquisitions Indiana Midwest Retail

Black Gate Partners Acquires 24,691 SF Emerson Way Shopping Center in Indianapolis

by Kristin Harlow April 9, 2021

INDIANAPOLIS — Black Gate Partners has acquired Emerson Way Shopping Center in Indianapolis for an undisclosed price. Located at 5450-5502 Emerson Way, the shopping center spans 24,691 square feet. Dollar General and Papa John’s are the anchor tenants. Black Gate plans to add a new roof, parking lot, façade and landscaping, as well as build out the 3,000-square-foot end cap vacancy. This is Black Gate’s second acquisition in Indianapolis over the last two years. The name of the seller was not released. Black Gate is based in Columbus, Ohio.

April 9, 2021

Acquisitions California Retail Western

Capital Rivers Commercial Brokers $3.1M Sale of Retail Property in Antioch, California

by Amy Works April 9, 2021

ANTIOCH, CALIF. — Capital Rivers Commercial has arranged the sale of a retail asset located at 111 E. 18th St. in Antioch. San Jose-based DLP Investments sold the property to Antioch-based Antioch Partners for $3.1 million. Situated on 2.5 acres, the asset is a 33,000-square-foot, second-generation grocery store. Capital Rivers Commercial represented the buyer and seller in the deal.

April 9, 2021

Market Reports Retail Texas Texas Market Reports

Where Does the San Antonio Retail Market Stand One Year into the Pandemic?

by Taylor Williams April 9, 2021

By David Nicolson, president, Weitzman San Antonio In March 2020, health officials first used the term “pandemic” in reference to COVID-19. Since then, our communities, economy, commercial real estate industry and retailers and restaurants have gone through a year of challenges that few could have foreseen at the start of 2020. The fact that today we are in better shape than we could have predicted during the shutdown a year ago shows that the disruptions caused by the pandemic have been met with innovation, creativity and plain hard work. Here in San Antonio, those disruptions did result in a number of retail and restaurant closings. But since the second half of 2020, we’ve seen an upswing in tenant demand. In terms of closings, Sears closed its 150,000-square-foot store at South Park Mall and its approximately 134,000-square-foot store at Rolling Oaks Mall. With these store closings, Sears — once the nation’s largest retailer — no longer has a presence in the San Antonio market. Other closures include Stein Mart (three box vacancies), Pier 1 (five closed stores), Gold’s Gym (three closed locations) and Tuesday Morning (one closed location). Combined, these closings resulted in approximately 564,000 square feet of total vacancy being …

April 9, 2021

New York Northeast Retail

Moody’s: American Malls Post Record 11.4 Percent Vacancy in First Quarter

by Taylor Williams April 8, 2021

NEW YORK CITY — U.S. regional and superregional malls posted a record vacancy rate of 11.4 percent in the first quarter of 2021, up 90 basis points from 10.5 percent in the fourth quarter of 2020, according to a new report from New York City-based Moody’s Analytics. The total U.S. retail vacancy rate registered 10.6 percent in the first quarter of 2021, up 40 basis points from 10.2 percent during the same period a year ago, according to Moody’s Analytics. On a nationwide basis, retail vacancy was relatively unchanged between the fourth quarter of 2020 and the first quarter of 2021. In formulating the report, Moody’s Analytics sourced data from 77 U.S. metros, finding that 40 of those markets experienced declines in effective rent growth. However, the report noted that this data actually reflects improvement; of the 77 metros surveyed in the fourth quarter of last year, 60 reported declining rental rates. The average effective rent in the U.S. retail sector clocked in at $18.58 per square foot in the first quarter of 2021, down from $18.87 per square foot on a year-over-year basis.

April 8, 2021

Connecticut Leasing Activity Northeast Retail

Garavel Automotive to Open 34,502 SF Subaru Dealership in Norwalk, Connecticut

by Taylor Williams April 8, 2021

NORWALK, CONN. — Car dealer Garavel Automotive will open a 34,502-square-foot Subaru dealership at the site of the former Best Friends Pet Hotel in Norwalk, located in the southern coastal part of the state. The dealer acquired the 2.3-acre site at 520 Main Ave. for $3.9 million. Jeffrey Gage and Robert Crane of CBRE represented the seller, Morganth Properties LLC, in the land deal. Dan DiBuono of Tower Realty Corp. represented Garavel Automotive.

April 8, 2021

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