Retail

Hanley Investment Group Arranges $2.6M Sale of New Starbucks-Occupied Property in Rancho Cordova

by Amy Works February 26, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant retail property located within Zinfandel Village, a shopping center in Rancho Cordova. An Orange County-based private investor acquired the property from Irvine-based Pacific Castle Management for $2.6 million. Starbucks Coffee occupies the 2,200-square-foot freestanding building with a drive-thru, which is located at 2875 Zinfandel Drive. Other tenants at Zinfandel Village include Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, while Eric Reuveni of Encino-based Los Angeles Commercial Real Estate Group represented the buyer in the deal.

February 26, 2021

Loans Multifamily New York Northeast Retail

Urban Standard Capital Provides $2.3M Acquisition Loan for Brooklyn Multifamily, Retail Asset

by Taylor Williams February 26, 2021

NEW YORK CITY — Urban Standard Capital has provided a $2.3 million acquisition loan for a multifamily and retail building located at the corner of Montague and Henry streets in the Brooklyn Heights neighborhood. The three-story building houses nine residential units and features retail space on the ground and second floors. The borrower, a partnership between Conway Capital and Davean Holdings, will use a portion of the proceeds to renovate the building.

February 26, 2021

Development Mixed-Use Multifamily Office Retail Southeast Tennessee

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

by Julia Sanders February 25, 2021

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.

February 25, 2021

Development Mixed-Use Multifamily North Carolina Retail Southeast

Jamestown, Grubb Ventures Break Ground on $150M Raleigh Iron Works Mixed-Use Project in Raleigh

by Julia Sanders February 25, 2021

RALEIGH, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the renovation of the historic Peden Steel mills and warehouses into office and retail spaces, along with the construction of a new seven-story multifamily residential building. The office, retail and residential components are expected to open in 2022. The 18-acre property’s first phase will include a structured parking deck of just under 700 spaces as well as 115 surface slots sitewide, and there is a planned greenway connection. The property will feature flexible seating for informal gatherings, outdoor dining, public art and events.

February 25, 2021

Company News Georgia North Carolina Retail Southeast

Home Depot, Lowe’s Sales Increased in Fourth-Quarter 2020 Despite Pandemic

by Julia Sanders February 25, 2021

ATLANTA AND MOORESVILLE, N.C. — Atlanta-based Home Depot and Mooresville, N.C.-based Lowe’s Cos. Inc. both had strong fourth-quarter sales despite the COVID-19 pandemic. The CEOs of both firms cited increased demand for home improvement products as the catalyst behind their sales jumps. Home Depot’s (NYSE: HD) sales increased 25 percent year-over-year for its 2020 fiscal fourth quarter, which CNBC reports outperformed the 19.2 percent growth that analysts were expecting. Home Depot’s fiscal fourth-quarter 2020 ended on Jan. 31, 2021. Home Depot’s digital sales rose 83 percent in the fourth quarter compared to a year ago. Lowe’s (NYSE: LOW) sales increased 28.1 percent in the fourth-quarter fiscal year 2020, which also outstripped expectations of 22 percent growth, according to CNBC. Lowe’s fiscal fourth quarter 2020 ended Jan. 29. The retailer’s e-commerce sales jumped by 121 percent, while all merchandising departments saw 16 percent growth. According to CNBC, Home Depot gets 45 percent of its sales from professionals, such as electricians and contractors, while the rest come from unprofessional, do-it-yourself customers. This was higher than Lowe’s, which gets 20 to 25 percent of its total sales from professional individuals.

February 25, 2021

Leasing Activity Maryland Retail Southeast

Four Retail Tenants Join National Harbor Development in Metro D.C.

by Julia Sanders February 25, 2021

OXON HILL, MD. — BurgerFi, Roll by Goodyear, Girlkin Lashes and MahoganyBooks have joined National Harbor, a retail and dining development in Suburban Maryland. Peterson Cos. developed National Harbor over 10 years ago. The National Harbor, located at 165 Waterfront St. in Oxon Hill, has over 280,700 square feet of flexible retail space. The development features brands and retailers such as Carhartt, Alex and Ani, Build-A-Bear Workshop, ZAAF, A Beautiful Closet, BrookieGirl and The Furlough Cheesecake. BurgerFi is opening a 2,714-square-foot casual restaurant at National Harbor this summer. Roll by Goodyear will open in the spring in a 1,616-square-foot space. Girlkin Lashes will open its 1,311-square-foot lash and brow salon this spring. Lastly, MahoganyBooks will open its 1,408-square-foot bookstore with books for, by or about African diaspora. The Waterfront District at National Harbor provides easy access and parking, as well as riverfront location to the Potomac River. The tourist attraction is 11 miles from Washington, D.C., and typically has 14 million visitors a year. The property also features the Capital Wheel, a 180-foot observation wheel, and the Guide by Cell outdoor art gallery tour.

February 25, 2021

Idaho Loans Retail Utah Washington Western

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

by Amy Works February 25, 2021

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.

February 25, 2021

Michigan Midwest Restaurant Retail

Global Retail Sales for Domino’s Increased 12 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its global retail sales increased 12 percent in the fourth quarter and 10.4 percent in fiscal 2020. U.S. same-store sales grew 11.2 percent during the quarter and 11.5 percent for the year. However, the Ann Arbor-based pizza chain missed Wall Street’s estimates for its fourth-quarter earnings and revenue, according to CNBC. Pandemic costs weighed on profits and U.S. same-store sales growth slowed compared with prior quarters. Domino’s stock price closed at $364.59 per share on Wednesday, Feb. 24, down slightly from $368.66 per share one year ago. There are more than 17,600 stores in 90 markets worldwide. It is the largest pizza company in the world based on retail stores, according to the company.

February 25, 2021

Midwest Minnesota Retail

Best Buy’s Comparable Online Sales Grew Nearly 90 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

RICHFIELD, MINN. — Domestic online sales for Best Buy Co. Inc. (NYSE: BBY) increased 89.3 percent in the fourth quarter on a year-over-year basis, according to the company. The Richfield-based retailer’s fourth quarter ended Jan. 30. “Online sales grew to a record $6.7 billion and made up 43 percent of our total domestic sales,” said CEO Corie Barry said in a news release. “Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee.” Barry also announced that Best Buy would pay its employees a cash bonus in recognition of their efforts despite the pandemic. In the next few weeks, all hourly U.S. employees will receive $500 if they are full-time workers and $200 if part-time. The retailer is also encouraging its employees to get COVID vaccinations and will offer paid time off to do so. Best Buy’s fourth-quarter net income rose to $816 million, up from $745 million the year prior. Best Buy’s stock price closed at $113.24 per share on Wednesday, Feb. 24, up from $81.89 per share one year ago. There …

February 25, 2021

Illinois Midwest Retail

Three Chicago-Based Firms Form Joint Venture to Provide Real Estate Solutions for Malls, Lifestyle Centers

by Kristin Harlow February 25, 2021

CHICAGO — Frontline Real Estate Partners LLC, Carr Realty Advisors LLC and Stillwater Advisory Group Inc. have formed a new joint venture known as Frontline Real Estate Partners- Shopping Mall and Lifestyle Division. The venture will provide its clients with receivership, property and asset management, and leasing and disposition services for malls and lifestyle centers. “We have all seen the downturn of malls in recent years, with low occupancy levels and retailers going into bankruptcy. The pandemic expedited that even more,” says Matthew Tarshis, principal of Frontline. “We felt the urgency to form this new joint venture to provide real estate solutions for the distressed portion of this niche asset class.” Tarshis is joined by Joey Carr of Carr Realty and Chris Facas of Stillwater. All three real estate firms are based in Chicago.

February 25, 2021

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