Retail

Caesars, Vici to Sell Harrah’s Louisiana Downs Casino in Bossier City for $22M

by Alex Tostado September 4, 2020

BOSSIER CITY, LA. — Caesars Entertainment and Vici Properties have entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment for $22 million. The buyer, Rubico Acquisition Corp., will pay Vici $5.5 million and Caesars $16.5 million. The sale is expected to close by early 2021. The property is located at 8000 E. Texas St. in Bossier City, 10 miles east of downtown Shreveport. The casino floor offers 150,000 square feet of games, dozens of TVs and a high-limit area. Louisiana Downs also features a dirt horse-racing track. Louisiana Gov. John Bel Edwards ordered casinos to close in March due to the COVID-19 outbreak. Casinos in the state were allowed to reopen in May at limited capacity.

September 4, 2020

Company News New Jersey Northeast Retail

AMC to Reopen All 27 New Jersey Theaters Over Next Week

by Taylor Williams September 4, 2020

NEW JERSEY — AMC Theatres (NYSE: AMC) will open all 27 of its theaters in New Jersey over the course of the next week, beginning with the reopening of AMC Jersey Gardens 20 and AMC Wayne 14 this Friday. An additional seven locations are scheduled to open on Monday, Sept. 7, with all remaining theaters then opening on Thursday, Sept. 10. New Jersey is AMC Theatres’ sixth-largest market by screen count.

September 4, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $4.9M Sale of Chicago CVS Property

by Kristin Harlow September 4, 2020

CHICAGO — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.

September 4, 2020

Acquisitions North Carolina Retail Southeast

JLL Arranges $34.9M Sale of Wegmans-Leased Property in Raleigh-Durham

by Alex Tostado September 3, 2020

CARY, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL represented the seller in the transaction. San Diego-based Realty Income Corp. purchased the property.

September 3, 2020

Acquisitions Midwest Ohio Retail

Gosula Realty Acquires 100,999 SF Shopping Center in Delaware, Ohio

by Kristin Harlow September 3, 2020

DELAWARE, OHIO — Gosula Realty Ltd. has acquired Glennwood Commons in Delaware, about 30 miles north of Columbus. The purchase price was undisclosed. Tenants include OfficeMax, Dollar Tree and Pet Supplies Plus. CBRE’s National Retail Partners Midwest team represented both Gosula and the seller, Principal Real Estate Investors.

September 3, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers Sale of 9,900 SF Dollar General-Occupied Property in Polo, Illinois

by Kristin Harlow September 3, 2020

POLO, ILL. — Marcus & Millichap has brokered the sale of a 9,900-square-foot retail property occupied by Dollar General in Polo in northwest Illinois. Renovated for Dollar General in 2009, the building is located at 107 E. Dixon St. Daniel Hurd and Edward Kemp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

September 3, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 4,495 SF Retail Property Leased to Panera Bread in Harrisburg

by Taylor Williams September 3, 2020

HARRISBURG, PA. — Marcus & Millichap has brokered the sale of a 4,495-square-foot retail property net leased to Panera Bread in Harrisburg. The store is located on an outparcel of High Point Commons, a 324,000-square-foot power center that houses retailers such as Orangetheory Fitness, Petco and Verizon Wireless. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the buyer, a private investor, in the transaction. Sean Beuche of Marcus & Millichap also assisted with the deal.

September 3, 2020

California Development Office Retail Western

RevOZ, Argosy Plan Redevelopment of 127,000 SF Office Building in Sacramento

by Amy Works September 3, 2020

SACRAMENTO — RevOZ Capital has formed a joint venture with Argosy Real Estate Partners to purchase a 127,000-square-foot office property located at 660 J St. in downtown Sacramento. SG Downtown LLC, an affiliate of the Sacramento Kings ownership group, sold the building for an undisclosed price. The joint venture plans to rehabilitate and re-image the four-story building into a mix of office and retail space to complement the recently completed Downtown Commons (DoCo) sports and entertainment district. Renovation plans include redesigning the building to LEED-certification standards, re-skinning the building’s exterior, recreating a lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. LPA is serving as architect and Cushman & Wakefield will market the property upon completion in late 2021.

September 3, 2020

Florida Retail Southeast

Lenders are Slow Out of the Gate as Central Florida Retail Market Begins Recovery, Says Webinar Panel

by Alex Tostado September 3, 2020

Commercial real estate lenders have remained timid as retail businesses in the Central Florida market navigate how to operate successfully during the COVID-19 crisis. As of this writing, Orange County had the 23rd most cases by county in the United States with 36,400 positive coronavirus cases and 378 deaths, according to Johns Hopkins University (JHU). The metro Orlando county is currently in Phase II of the Sunshine State’s reopening plan, which includes allowing restaurants to bump up capacity from 50 percent in Phase I to now 75 percent; retailers can operate at full capacity; fitness centers can operate at 50 percent capacity; and bars can operate at 50 percent of standing room capacity. Phase II for most of the state’s counties went into effect June 5. While residents and businesses have begun the process of returning to pre-pandemic shopping norms, Chuck Whittall, president of Unicorp National Developments, said banks are still cautious. “There is a lot of fear on the credit side of the world,” said Whittall. “We experienced it after 9/11, in 2009 and we are experiencing it again now.” Orlando-based Unicorp broke ground last month on O-Town West, a $1 billion mixed-use development along Interstate 4 and three …

September 3, 2020

Company News New York Northeast Retail

Macy’s Reports 34.7 Percent Drop in Second-Quarter Sales, Strong Digital Growth

by Taylor Williams September 2, 2020

NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $3.56 billion in net sales across its Macy’s, Bloomingdale’s and Bluemercury brands during its fiscal second quarter ending Aug. 1, a 34.7 percent decline from the same period in 2019. However, the New York City-based retailer said its second-quarter performance exceeded expectations, thanks largely to a 53 percent spike in year-over-year sales across its digital platforms. Digital sales represented 54 percent of Macy’s total revenue figure for the quarter. Macy’s CEO Jeff Gennette also said that the successful reopening of a number of stores helped the company beat expectations for the second quarter, and that Macy’s top priority moving forward was the execution of a successful holiday shopping season. Macy’s stock price opened at $7.45 per share on Wednesday, Sept. 2, up 8 percent from the previous day but down nearly 50 percent from $14.65 per share a year ago.

September 2, 2020

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