BEAVERTON, ORE. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported it revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter revenue performance was impacted by strong Nike Brand digital growth, offset by lower revenue in its wholesale business and Nike-owned stores. Nearly all of the Nike-owned physical stores were open during the quarter. Despite the open stores, Nike experienced year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety-related measures. Nike’s selling and administrative expenses decreased 11 percent to $3 billion, with demand creation expense down 33 percent at $677 million primarily due to lower marketing spend as many live sporting events were postponed or cancelled. Additionally, operating overhead expense decreased 1 percent to $2.3 billion as lower travel and related expenses were slightly offset …
YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million. Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property. Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the deal.
ANTIOCH, CALIF. — Avison Young has brokered the purchase of a retail property located at 3457 Deer Valley Road in Antioch. Dow Credit Union acquired the property for $1.8 million. The buyer plans to use the 5,660-square-foot property as its new headquarters and a store location. In addition to the space Dow is utilizing, the property includes a 1,348-square-foot space occupied by Great Clips, providing additional cash flow for the ownership. Hayden Eaves and Kristen Sullivan of Avison Young represented the buyer in the deal. The property was won via a trust deed sale auction.
CAMDEN, S.C. — Marcus & Millichap has negotiated the $3.5 million sale of Aspen Dental Strip Center, an 8,400-square-foot retail property in Camden. The strip retail center was leased to Aspen Dental, Jersey Mike’s, T-Mobile and a nail salon at the time of sale. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, BM Camden Associates LLC, in the transaction. W Properties LLC, a privately held 1031 exchange investor, acquired the property. The sale represents the final piece of the River Oaks Shopping Center dispositions, which also included the sale of a property ground-leased to Chick-fil-A and the sale of a 146,000-square-foot shopping center anchored by Hobby Lobby and Marshalls. The three segments sold to separate investors for $16.1 million. “This project was a perfect example of how implementing a parcellated disposition strategy will often net sellers significant additional proceeds versus a single shopping center sale inclusive of all outparcels and anchors,” says Taylor. “This approach has become the industry standard over the past six months for our clients, both private and institutional.”
LEWISVILLE, TEXAS — Hills Café will open a 2,810-square-foot breakfast and lunch restaurant at Castle Hills Village Shops in the northern Dallas suburb of Lewisville. The opening is slated for December. Dan Looney and Nick Miller internally represented the landlord, locally based developer Bright Realty, in the negotiations for the 10-year lease. Hunt Kim and James Lee of JLB R&I represented the tenant.
COLUMBUS, OHIO — LemonShark Poké & Makai Grill is opening its first Ohio restaurant at Easton Town Center in Columbus. The Hawaiian-themed establishment, which offers sushi, hibachi-style grilled meats and seafood, is scheduled to open in late fall. A staple of Hawaiian cuisine, Poké incorporates variations of marinated seafood typically over sticky rice with vegetables and sauces. Guests at the restaurant will also enjoy a bar and island-themed drinks. Developed by The Georgetown Co., L Brands and Steiner + Associates, Easton Town Center is a component of the larger Easton, a 1,300-acre mixed-use destination.
ALTAMONTE SPRINGS, FLA. — Miller Construction has broken ground on a 114,000-square-foot, two-story showroom for Florida-based City Furniture in Altamonte Springs. The property is situated at 555 Douglas Ave., overlooking Interstate 4 and 10 miles north of downtown Orlando. Miller is constructing the asset to achieve LEED certification. The property will include interior and exterior LED lighting, a water-conserving HVAC system and seven electric car-charging stations. Deerfield Beach, Fla.-based Gallo Herbert Architects is the designer. Orlando-based Dewberry is the civil engineer. A timeline for construction was not disclosed. City Furniture operates 20 showrooms in Florida as well as 14 Ashley HomeStore showrooms in southern Florida.
SAVANNAH, GA. — TSCG has negotiated a 33,191-square-foot lease for Planet Fitness at the former site of a Bi-Lo grocery store in Savannah. The property is situated within Crossroads Shopping Center at 2132 E. Victory Drive, four miles southeast of downtown Savannah. Current tenants include Starbucks, T-Mobile and The UPS Store. Michael Silverman of TSCG represented Sunshine Fitness, one of the largest Planet Fitness franchisees in the country, in the lease transaction. Kelly Pulignano of TSCG represented the landlord, Crossroads Shopping Center LLC.
WOODBURY, N.Y. — Development and management firm RD Management will open a 1,923-square-foot food hall at Harriman Commons, its 706,230-square-foot retail power center in Woodbury, about 55 miles north of New York City. The food hall will also offer a 3,300-square-foot outdoor dining terrace. Anchor tenants at the center include Walmart, Home Depot and Target. An opening date was not released.
KANSAS CITY, MO. — The COVID-19 pandemic has continued to highlight the importance of strong tenant-landlord relationships, particularly in the retail sector. Tyler Enders, co-owner of local Kansas City shop Made in KC, works with roughly 10 different landlords and has experienced a variety of different approaches to the COVID-19 conversation. “Some local landlords have been very communicative and have come to us with a creative solution. Others have been responding late and are bogged down,” said Enders. “Ultimately, we’ll continue to look at vibrant centers, but we’re going to care way more about who owns it than we have in the past.” Enders’ comments are indicative of the importance of relationships in today’s marketplace. Enders joined a panel of retail experts Wednesday, Sept. 16 for a webinar entitled “Greater Kansas City Retail Outlook” hosted by Heartland Real Estate Business and Shopping Center Business. Fellow panelists included David Block, principal and president of Block & Co.; Erin Johnston, vice president of retail brokerage for Copaken Brooks Commercial Real Estate; Dan Lowe, managing partner for Legacy Development; and Andy Crimmins, founding partner of Crossroads Retail Group. David Waters, partner with Lathrop GPM, moderated the discussion. Block said that his firm has …