Retail

Palomar Group Arranges $5.4M Sale of Myrtle Ridge Grocery-Anchored Shopping Center in Conway, South Carolina

by Julia Sanders June 1, 2021

CONWAY, S.C. — The Palomar Group has arranged the $5.4 million sale of Myrtle Ridge, a grocery-anchored shopping center located at 1901 Highway 544 in Conway, a town near Myrtle Beach. Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction. Both the undisclosed buyer and seller are both private companies that primarily own grocery-anchored shopping centers throughout the Southeast. The 59,240-square-foot Myrtle Ridge is anchored by Food Lion, Dollar Tree and Walgreens. Food Lion recently executed an early renewal at this location, taking its term to just under 10 years. The shopping center was 96 percent leased at the time of sale.

June 1, 2021

Acquisitions North Carolina Retail Southeast

Thompson Thrift Retail Group Sells 11,000 SF Retail Building in Metro Charlotte

by Julia Sanders June 1, 2021

CONCORD, N.C.— Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The sales price was not disclosed. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita, a retail development located at Derita Road and Carolina Lily Lane. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Biscuitville Fresh Southern recently opened a restaurant on an outparcel that Thompson Thrift sold last year. Thompson Thrift expects the two remaining lots to be sold during the third quarter. The firm also owns Christenbury Corners, a 130,000-square-foot, Kohl’s-anchored shopping center that is adjacent to Shops on Derita. David Hoppe of Atlantic Capital Partners represented Thompson Thrift on the sale of the building. Thompson Thrift is a real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest.

June 1, 2021

California Loans Retail Western

PSRS Arranges $40M Refinancing for La Alameda Shopping Center in Los Angeles

by Amy Works June 1, 2021

LOS ANGELES — PSRS has arranged a $40 million refinancing for La Alameda Shopping Center, a 244,554-square-foot retail plaza located in Los Angeles. Kostas Kavayiotidis, Mike Davis and Jacob Lee secured the financing for the undisclosed borrower. The non-recourse loan features 10 years of interest-only payments. Built in 2008, La Alameda Shopping Center consists of six one- and two-story building clusters offering a total of 226,826 square feet of retail space and 17,728 square feet of office space on 18.3 acres. The multi-tenant property also features pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain.

June 1, 2021

California Company News Development Retail Western

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

by Amy Works June 1, 2021

LOS ANGELES — Paris Saint-Germain (PSG), one of the top soccer teams in the world, has opened a permanent retail store within Westfield Century City Mall in Los Angeles. In partnership with apparel retailer Fanatics, the sports club is expanding its global retail presence with several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020. Fanatics, which is part owner of Lids, will tap into Lids’ physical retail experience to open and operate the new Westfield store.

June 1, 2021

California Company News Retail Western

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

by Amy Works May 28, 2021

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). Old Navy’s comparable sale were up 35 percent year-over-year and 25 percent versus 2019. Additionally, Athleta reported 113 percent digital growth compared to the first quarter of 2019, with comparable sales up 27 percent year-over-year and 46 percent versus 2019. Overall, first-quarter online sales for Gap Inc. grew 82 percent versus first-quarter 2019 and represented 40 percent of the total business. Store sales declined 16 percent compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

May 28, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 16,300 SF Retail Center in Lexington, Kentucky

by Julia Sanders May 28, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial Real Estate represented the seller.

May 28, 2021

Kansas Leasing Activity Midwest Retail

Seven Retailers Join Tenant Lineup at Park Place Village in Leawood, Kansas

by Kristin Harlow May 28, 2021

LEAWOOD, KAN. — Seven retailers have joined the tenant lineup at Park Place Village, a 484,002-square-foot office and retail property in Leawood. The new tenants include day spa MassageLuXe, local Italian restaurant Plate, Thai restaurant Bamboo Penny’s, ice cream shop Ice Cream Bae, island-themed coffee shop and bar Outta the Blue, menswear company Moda Domani and custom-designed jeweler Moshiri Jewelry. Matt Rau of CBRE represented the owner, KBS, in the seven lease transactions, which range in size from 803 to 5,972 square feet. The 10-building Park Place Village, located at 11549 Ash St., was completed in 2013.

May 28, 2021

Acquisitions Midwest Minnesota Retail

Upland Brokers $2.4M Sale of Sleep Number-Occupied Retail Property in Rochester, Minnesota

by Kristin Harlow May 28, 2021

ROCHESTER, MINN. — Upland Real Estate Group has brokered the sale of a Sleep Number-occupied retail property in Rochester for $2.4 million. Sleep Number relocated from Apache Mall in 2018 to this 3,000-square-foot, freestanding store at 2257 Commerce Drive NW. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the 1031 exchange buyer in the acquisition of the net-leased property. Tom Gommels of Marchs & Millichap represented the seller, a limited liability company.

May 28, 2021

Acquisitions Georgia Retail Southeast Virginia

SRS Brokers $10.6M Sale of Two New Petsuites-Occupied Stores in Virginia, Georgia

by Julia Sanders May 27, 2021

NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.

May 27, 2021

Midwest Minnesota Retail

Best Buy’s First-Quarter Revenue Rises 36 Percent, Driven by Demand for At-Home Tech Products

by Kristin Harlow May 27, 2021

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its revenue increased 36 percent in the first quarter compared with the same period a year ago. The Richfield-based electronics retailer’s first quarter ended May 1. Additionally, enterprise comparable sales increased 37.2 percent. “Customer demand for technology products and services during the quarter was extraordinarily high,” says Corie Barry, CEO. “This demand is being driven by a continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertainment, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment.” As sales momentum is continuing into the second quarter, Best Buy is raising its annual comparable sales growth outlook to a range of 3 to 6 percent, according to CFO Matt Bilunas. In the first quarter, the company generated comparable sales growth across almost all of its categories, with the largest drivers being home theater, computing and appliances. Best Buy’s stock price opened at $121 per share Thursday, May 27, up from $79.08 one year ago. The retailer operates more than 900 stores nationwide.

May 27, 2021

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