Retail

Palomar Group Arranges $1.8M Sale of Starbucks-Occupied Building Near Chattanooga

by Alex Tostado January 11, 2021

SIGNAL MOUNTAIN, TENN. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net Lease Advisors represented the buyer, an undisclosed real estate developer based in Charleston, S.C.

January 11, 2021

Acquisitions Midwest Minnesota Retail

Upland Real Estate Group Brokers $9.1M Sale of Tesla Service Center Near St. Paul

by Kristin Harlow January 11, 2021

MAPLEWOOD, MINN. — Upland Real Estate Group has brokered the $9.1 million sale of a Tesla service center in Maplewood near St. Paul. Tesla occupies the property on a long-term, net-lease basis. Tesla currently operates more than 330 locations worldwide. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An institutional buyer purchased the asset.

January 11, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $1.6M Sale of Restaurant Property in Moreno Valley, California

by Amy Works January 11, 2021

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million. The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is known for its Michoacan-style carnitas and Mexican dishes, at the location this spring. Albert Lopez of Progressive Real Estate Partners handled the transaction.

January 11, 2021

Company News Development New Jersey Northeast Retail Top Stories

PREIT Receives Zoning Approval to Add Multifamily, Hotel Uses to New Jersey’s Moorestown Mall

by Taylor Williams January 11, 2021

MOORESTOWN, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has received a zoning approval that will allow the Philadelphia-based mall owner to add up to 1,065 multifamily units and a hotel to its Moorestown Mall in Southern New Jersey. For PREIT (NYSE: PEI), which filed for Chapter 11 bankruptcy in early November, the move is part of a larger effort to diversify the real estate at several of its regional malls. Dubbed a “densification plan” by company executives, PREIT’s plan to sell parcels of land to multifamily developers is expected to generate as much as $150 million in proceeds that will be used to reduce its outstanding debt. The company is in the process of delivering 3,500 apartments across its properties as part of the initial phase of the plan, which could ultimately see as many as 7,000 multifamily units and several hotels added to PREIT’s properties. The first phase of the multifamily component at Moorestown Mall will consist of 375 units and a hotel with an unspecified number of rooms. “Our foresight has shaped a high-quality portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district,” said …

January 11, 2021

Midwest Ohio Retail

L Brands Reports Holiday Same-Store Sales Growth of 5 Percent

by Kristin Harlow January 8, 2021

COLUMBUS, OHIO — L Brands Inc., the parent company of retailers Victoria’s Secret and Bath & Body Works, reported that its same-store sales during the holiday period grew 5 percent, compared with a 3 percent drop one year ago. Shoppers purchased more lounge wear, hand soap and candles ahead of the new year. Comparable sales at Bath & Body Works increased 17 percent for the nine-week period that ended Jan. 2. Columbus-based L Brands expects to report its fourth-quarter earnings on Feb. 24.

January 8, 2021

Acquisitions Colorado Retail Western

Dunton Commercial Acquires Belmont Square Retail Center in Colorado for $6M

by Amy Works January 8, 2021

PUEBLO, COLO. — Greenwood Village-based Dunton Commercial has purchased Belmont Square, a grocery-anchored shopping center located in Pueblo, approximately 110 miles south of Denver. Belmont Squared LLC sold the asset for $6 million. Situated on 11 acres at the corner of Bonforte Boulevard and Constitution Road, Belmont Square features 89,619 square feet of retail space. Built in the 1950s, the property underwent renovations in 2011. At the time of sale, the asset was 76 percent occupied. Tenants include a grocery store and a variety of national and local retailers and services. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the transaction.

January 8, 2021

Company News Retail Top Stories

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Katie Sloan January 8, 2021

WARREN, MICH. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional locations between May and October of 2020 in Michigan, Ohio and Pennsylvania. The board of directors for Loves attributes the continuing pandemic, government restrictions on business operations, the need for additional operational financing and creditor demands as reasoning for the Chapter 11 filing. The Warren-based company plans to pare down its store count to 13. The remaining stores will host going-out-of-business sales organized by Planning Furniture Promotions, which assists furniture stores with liquidation, according to reports by The Detroit News. A testament to these struggles is seen in a lawsuit recently filed by Mississippi-based furniture maker Southern Motion Inc. and its subsidiary Fusion Furniture Inc., which alleges a break of contract by Loves …

January 8, 2021

Company News New Jersey Northeast Retail

Bed Bath & Beyond Reports Third-Quarter Sales Growth, Will Continue Store Closures

by Taylor Williams January 7, 2021

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) reported 2 percent comparable sales growth for its fiscal third quarter that ended on Nov. 30, an increase that was fueled largely by 77 percent growth in digital sales compared with the same period a year ago. Despite this growth, the New Jersey-based retailer will continue with its plan that was announced in July of last year to close some 200 stores by mid-2022. According to CNBC, this includes the closing of 43 stores by the end of February. Bed Bath & Beyond also agreed in December agreed to sell its Cost Plus World Market brand to Los Angeles-based private equity firm Kingswood Capital Management. The company’s stock price closed at $21.03 per share on Wednesday, Dec. 6, up from $16.60 per share a year ago. CNBC also reports that as of late August, Bed Bath & Beyond operated about 1,500 stores across the country.

January 7, 2021

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $6.5M Sale of Retail Center in Brookfield, Wisconsin

by Kristin Harlow January 7, 2021

BROOKFIELD, WIS. — Marcus & Millichap has arranged the $6.5 million sale of a Pick ’n Save-anchored retail center in Brookfield, a suburb of Milwaukee. The 70,235-square-foot property, located at 17295 W. Capitol Drive, was fully leased at the time of sale. Other tenants include Club Pilates, Domino’s, CBD Store, Choice Dry Cleaning and Sola Salons. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a developer. The Rowlett Group procured the buyer, a California-based limited liability company.

January 7, 2021

Midwest Missouri Retail

Midwest Retail Properties Rebrands as MRP Capital Group

by Kristin Harlow January 7, 2021

ST. LOUIS — Midwest Retail Properties has rebranded as MRP Capital Group. The St. Louis-based company, founded in 2013, is no longer solely focused on the Midwest region. The private equity real estate firm owns and manages Walmart-anchored shopping centers in secondary and tertiary locations nationwide. MRP’s current portfolio is comprised of more than 1 million square feet of retail space across 15 states.

January 7, 2021

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