Retail

Marcus & Millichap Negotiates $3.7M Sale of Strip Retail Center in Central Georgia

by Alex Tostado December 16, 2020

WARNER ROBINS, GA. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says Taylor. Tomahawk Properties LLC acquired the asset.

December 16, 2020

Development Mixed-Use Restaurant Retail Utah Western

CenterCal Properties Selects General Contractor for Phase II of Mountain View Village Project in Utah

by Amy Works December 16, 2020

RIVERTON, UTAH — Developer CenterCal Properties has selected Okland Construction to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton. The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces. The first phase includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland Construction will begin work immediately on the second phase. Upon built-out, Mountain View Village will be a community gathering place, commercial hub and residential community.

December 16, 2020

Acquisitions California Retail Western

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5M

by Amy Works December 15, 2020

LOS ANGELES — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. A private investment company acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of CBRE’s downtown Los Angeles office represented the seller in the deal.

December 15, 2020

Acquisitions Net Lease Retail Washington Western

Newmark Arranges $16.2M Sale of Net-Leased Retail Property in Walla Walla, Washington

by Amy Works December 15, 2020

WALLA WALLA, WASH. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

December 15, 2020

Acquisitions California Net Lease Retail Western

JLL Brokers $10.6M Sale of Three Retail Pads at Vista Terrace Marketplace in Vista, California

by Amy Works December 15, 2020

VISTA, CALIF. — JLL has arranged the sale of a portion of Vista Terrace Marketplace, a retail property in Vista. Black Lion Investment Group sold the asset to an undisclosed buyer for $10.6 million. The transaction included three retail pads occupied by O’Reilly Auto Parts, Dunkin Donuts, AT&T and Verizon Wireless. Daniel Tyner and Gleb Lvovich of JLL represented the seller in the transaction. Brian Pyke and Connor Stevens of Retail Insite handle the leasing on behalf of the owner. Black Lion still owns two pad site and the anchor building at the retail center.

December 15, 2020

Development New Jersey Northeast Retail

Lidl Opens 30,000 SF Grocery Store in Bayonne, New Jersey

by Taylor Williams December 15, 2020

BAYONNE, N.J. — German discount grocer Lidl has opened a 30,000-square-foot store within Harbor Point Marketplace in the Northern New Jersey city of Bayonne. Larry Anderson, Steve Durak and Dina Santarelli of Sabre Real Estate Advisors LLC, the national retail advisory practice of the Sabre real estate group of companies, represented Lidl in its site selection and acquisition of the land. The grand opening took place on Nov. 18.

December 15, 2020

Acquisitions California Company News New Jersey Northeast Retail Top Stories Western

Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores

by John Nelson December 15, 2020

UNION, N.J. AND LOS ANGELES — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, Calif. Both companies have agreed to a transition services agreement (TSA) following the close of the transaction to help ensure business continuity. The sales price was not disclosed. Cost Plus World Market opened its first store in 1958 on San Francisco’s famous Fisherman’s Wharf. Today the company operates stores in 39 states coast to coast, as well as one in Washington, D.C. Bed Bath & Beyond acquired Cost Plus World Market in 2012. The transaction is scheduled to close prior to the end of Bed Bath & Beyond’s fiscal year on Feb. 27, 2021, and is subject to customary closing conditions. Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities Inc. and Bryan Cave. In addition to the sale …

December 15, 2020

Development Retail Texas

Brookshire Grocery, City of Fate Begin Construction on 66,000 SF Grocery Store

by Taylor Williams December 14, 2020

FATE, TEXAS — Tyler, Texas-based owner-operator Brookshire Grocery Co. and the City of Fate, located northeast of Dallas, have broken ground on a 66,000-square-foot grocery store for Brookshire’s FRESH concept. The public-private partnership expects to complete the project in late 2021 and to bring about 200 new jobs to the community. The store will be Brookshire’s second under the FRESH brand, with the first opening in Tyler in 2011. The concept in Tyler includes authentic Japanese ramen and Vietnamese pho counters, a taco bar, coffee bar, patio dining and onsite public spaces with live music and play areas for children.

December 14, 2020

California Company News Restaurant Retail Western

DoorDash Stock Soars 86 Percent on Market Debut, Closes at $60.2B

by Amy Works December 11, 2020

SAN FRANCISCO — DoorDash, a technology-based food delivery company, debuted on the New York Stock Exchange on Wednesday, Dec. 9 offering its initial public offering at $102 per share, which was above its previous range of $90 to $95. The company closed its first day of trading with an 86 percent increase in pricing to $189.51, for a total valuation of $60.2 billion, or 17 times revenue. The San Francisco-based door-to-door delivery service focuses primarily on restaurant deliveries, which resulted in a 268 percent revenue growth in the third quarter, up to $879 million, from the previous year. Additionally, during the first nine months of 2020, DoorDash’s order volume soared to $16.5 billion, from $5.5 billion last year. According to the company’s prospectus, it has 390,000 merchants on its platform, ranging from fast-food chains like Chick-fil-A, Chipotle and McDonald’s to upscale restaurants that have been forced to rely on delivery services during the COVID-19 pandemic. The company has rapidly expanded its business and services to meet the needs of customers during the pandemic and has implemented practices and strategies that reduced its losses, resulting in profits on every order.

December 11, 2020

Company News Restaurant Retail Washington Western

Starbucks Predicts 20 Percent Growth by 2022, Market Cap Climbs to $122B

by Amy Works December 11, 2020

SEATTLE — Starbucks (NASDAQ: SBUX) has predicted a resurgence in its cafes and customer demand for its coffee by 2022, forecasting a growth of more than 20 percent by fiscal 2022. With this news, shares of the Seattle-based coffee roaster and retailer jumped more than 4 percent in extended trading. The stock, which has a market value of $122 billion, has increased 18 percent so far this year. Pat Grismer, CFO, reaffirmed the company’s fiscal 2021 forecast with adjusted earnings per share of $2.70 to $2.90 at the company biennial investor day. In 2023 and 2024, Starbucks expects to hit long-term growth targets with adjusted earnings per share growth of 10 percent to 12 percent. Starbucks also is adjusting its forecast for ongoing long-term revenue growth by increasing it to a range of 8 percent to 10 percent, upgrading its 2018 prediction of 7 percent to 9 percent. The company is projecting a net new unit growth of 6 percent worldwide as it aims for 55,000 cafes globally by 2030, with a 3 percent growth in the United States and a low-teens net unit growth rate for China. Currently, the company has nearly 33,000 stores worldwide.

December 11, 2020

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