Retail

COVID-19 Continues to Put Tenant-Landlord Relationships Under Microscope, Say Kansas City Retail Webinar Panelists

by Kristin Harlow September 22, 2020

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 …

September 22, 2020

Caesars-Forum-Conference-Center-Las-Vegas

Loans Nevada Retail Top Stories Western

VICI Properties Provides $400M Mortgage Loan to Caesars Entertainment

by Taylor Williams September 21, 2020

LAS VEGAS — VICI Properties (NYSE: VICI), a New York City-based REIT, has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas. The deal was set in motion in June when VICI and Caesars entered into an agreement whereby VICI provided Eldorado Resorts with a $400 million loan secured by the recently opened Caesars Forum Convention Center. The loan was conditioned to completion of the $17.5 billion merger between Eldorado and Caesars, which was officially completed in July. No details on what proceeds will specifically be used for were provided, but the COVID-19 pandemic has created major disruption within the gaming and hospitality industry and forced many operators like Caesars to function at reduced capacity and profit margins. VICI Properties also agreed to purchase 23 acres of undeveloped land in Las Vegas. Best U.S. Casinos, which covers the gaming and entertainment industry, reported that VICI agreed to pay $103.5 million for that acreage, but did not disclose any specific plans for future development. The financing bears an initial interest rate of 7.7 percent, has a term of five years and is pre-payable …

September 21, 2020

Company News Retail Texas

Dave & Buster’s Reports 85 Percent Drop in Quarterly Revenue, Flirts With Bankruptcy

by Taylor Williams September 21, 2020

DALLAS — Dave & Buster’s (NASDAQ: PLAY) reported an 85 percent drop in total revenue for the second quarter relative to that period a year ago, prompting several media organizations, including The Wall Street Journal, to report that bankruptcy filings may be imminent. Comparable store sales decreased by 87 percent during the second quarter, which saw the Dallas-based entertainment chain gradually reopen its venues. About 90 of Dave & Buster’s 137 locations are currently open for business across 27 states. Multiple news outlets, including The New York Post, have also reported that Dave & Buster’s could soon be issuing a massive round of layoffs that could affect more than 2,000 employees. The company’s stock price opened at $15.68 per share on Monday, Sept. 21, down from $41.35 per share a year ago.

September 21, 2020

Acquisitions Net Lease New Jersey Northeast Retail

SRS Real Estate Arranges $6.7M Sale of Wawa Store in Roselle, New Jersey

by Taylor Williams September 21, 2020

ROSELLE, N.J. — SRS Real Estate Partners has arranged the $6.7 million sale of a retail asset that is occupied by convenience store chain Wawa in Roselle, located south of Newark. Patrick Nutt and Andrew Fallon represented the seller in the transaction. The buyer was an undisclosed private investor. The store opened in May 2019.

September 21, 2020

Development Nevada Restaurant Retail Western

Experiential Art, Entertainment Complex AREA15 Opens in Las Vegas

by Amy Works September 21, 2020

LAS VEGAS — AREA15, an experiential art and entertainment complex in Las Vegas, is now open to the public. While the complex is free to enter, pre-registration and masks are currently required to manage capacities and ensure a safe environment. AREA15 offers art installations, socially distanced activities, unique retail, bars and eateries. The property houses 40,000 square feet of indoor and outdoor event space with more than 800 free parking spaces. Currently open retailers and experiences include Art Island, Birdly Virtual Reality Experience, Emack & Bolios, Gallerie 360 inside The Portal, Haley’s Comet, Oddwood, Sanctuary, Shogyo Mujo, The Beast Pop-up Food Experience, The SPINE, Valyrian Steel and Wild Muse Boutique. Additional experiences that are slated to open soon include Meow Wolf’s Omega Market, Lost Spirits Distillery, Dueling Axes, Emporium Bar and Arcade, Wink World, The Beast Food Hall by Todd English, Rocket Fizz candy shop, Intel Innovation Hub, Five Iron Golf and Virtualis. AREA15 is a collaborative venture between real estate development firm Fisher Brothers and creative agency Beneville Studios.

September 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of 7-Eleven Property in Alsip, Illinois

by Kristin Harlow September 21, 2020

ALSIP, ILL. — Marcus & Millichap has brokered the $5.1 million sale of a 4,000-square-foot property occupied by 7-Eleven in Alsip, a southern suburb of Chicago. The build-to-suit property is located on 127th Street. The tenant has a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. The duo also secured and represented the buyer, an out-of-state investor completing a 1031 exchange.

September 21, 2020

Arizona Development Leasing Activity Retail Western

Sprouts Farmers Market to Anchor 75,000 SF Sonoran Creek Marketplace Near Phoenix

by Amy Works September 21, 2020

MARICOPA, ARIZ. — Thompson Thrift Retail Group, a wholly owned company of Indianapolis-based Thompson Thrift, has inked a deal for Sprouts Farmers Market to anchor Sonoran Creek Marketplace, the company’s $30 million retail center under development in Maricopa. The Phoenix-based specialty grocery chain is expected to open its 23,293-square-foot location in September 2021. Situated on 14 acres at the intersection of John Wayne Parkway and Edison Road, Sonoran Creek Marketplace will feature 75,000 square feet of retail and restaurant space. Additional recently signed tenants include The Joint Chiropractic, State Farm Insurance, Jimmy John’s Gourmet Sandwiches and Filiberto’s Mexican Food. Also included in the development are Dutch Bros, Culver’s and Fast & Friendly Express Carwash, all of which are currently open for business. This is Thompson Thrift Retail Group’s first project in Maricopa, and the company’s 2021 Southwest pipeline is projected to include more than $120 million in volume across metro Phoenix.

September 21, 2020

Leasing Activity Retail Southeast Virginia

Trader Joe’s Signs 12,995 SF Lease at Shopping Center in Richmond

by Alex Tostado September 18, 2020

RICHMOND, VA. — Trader Joe’s has signed a 12,995-square-foot lease at Stony Point Village in Richmond. The 114,347-square-foot property is located at 3096 Stony Point Road, nine miles west of downtown Richmond. The Monrovia, Calif.-based grocer will join tenants such as Good Foods Grocery, Gelati Celesti Ice Cream and Einstein Bros. Bagels. Mount Pleasant, S.C.-based Ziff Properties Inc. owns the shopping center.

September 18, 2020

Company News New York Northeast Retail

WSJ: Ascena Retail Group to Sell Plus-Size Chain Catherines to FullBeauty Brands for $40.8M

by Taylor Williams September 18, 2020

MAHWAH, N.J. — Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, will sell its plus-size chain Catherines to FullBeauty Brands Operations LLC for $40.8 million, according to a new report from The Wall Street Journal. FullBeauty Brands is a New York City-based holding company whose brands include plus-size chains such as Woman Within, Jessica London Inc. and Swimsuits for All. Ascena Retail Group filed for Chapter 11 bankruptcy in July with plans to close an unspecified but “significant” number of stores.

September 18, 2020

Acquisitions Illinois Midwest Retail

Cushman & Wakefield Brokers $30M Sale-Leaseback of Crash Champions Portfolio in Metro Chicago

by Kristin Harlow September 18, 2020

CHICAGO — Cushman & Wakefield has brokered the $30 million sale-leaseback of a Crash Champions property portfolio in metro Chicago. Crash Champions is an auto body collision and paint repair company based in Chicago with additional operations in California and Ohio. Jack Chang of Cushman & Wakefield represented the seller and procured the undisclosed buyer. The sale includes multiple Crash Champions shops.

September 18, 2020

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