RENO, NEV. — Safeway has broken ground for a new grocery store at Damonte Ranch Town Center, located at the corner of Steamboat Parkway and Damonte Ranch Parkway in south Reno. The 62,000-square-foot store will be the grocery store chain’s third location in the Reno-Sparks market. Safeway will join RC Willey and The Home Depot as anchor tenants at the 509,000-square-foot shopping center, which Lewis Retail Centers owns. The retail center is part of the 2,000-acre Damonte Ranch master-planned community, which includes approximately 19,497 households within a three-mile radius of the shopping center.
UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …
NEW YORK CITY — Brooks Brothers Group Inc. is the latest retailer to file for bankruptcy protection, according to The Wall Street Journal and other media outlets. The two-century-old men’s apparel company is based in New York City. The Chapter 11 bankruptcy filing in Delaware will enable the company to seek a buyer and restructure its debts. Brooks Brothers is set to close 51 of its 250 North American stores, according to media reports.
CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with new paint, renovation of the patio area and the addition of more food options. The property is situated on an outparcel to Corona Marketplace, a 270,000-square-foot shopping center. Victor Buendia of Progressive Real Estate represented the buyer and seller in the deal.
PORT CHESTER, N.Y. — Target has signed an 89,781-square-foot retail lease to occupy a two-story space at Gateway Port Chester, a 494,000-square-foot, open-air retail center located near the New York-Connecticut border. An opening date has not yet been determined. Jessica Curtis of CBRE represented the landlord, a partnership between M&J Wilkow and MetLife Investment Management, in the lease negotiations. Jeff Howard of Ripco represented Target. Other tenants at the center include HomeGoods, Ulta Beauty and Old Navy.
CHRISTIANSBURG, VA. — A group of developers will build a new prototype of the specialty grocer in Christiansburg. Walt Rector, founding principal of Flagstaff, Ariz.-based Bromont Investments, and investment partner Chris Carlsen, are leading the development of the Earth Fare, which will be located within Christiansburg Marketplace. The new store will feature a smaller footprint than previous Earth Fare stores. Fletcher, N.C.-based Earth Fare closed all of its 46 stores and filed for bankruptcy in February. Randy Talley, cofounder of the original Earth Fare, and Dennis Hulsing, an Asheville, N.C.-based investor, teamed up to acquire shuttered Earth Fare locations in mid-April, as well as the grocer’s trade name. The Christiansburg location is slated to open in spring 2021. The investors have also recently reopened closed Earth Fare stores in Roanoke, Va.; and Asheville and Boone, N.C. Other tenants at Marketplace at Christianburg include AspenDental, Chipotle, Elegant Nails, Harbor Freight, Mission BBQ, Orangetheory Fitness, Sandros, Skyline Bank, Starbucks and Verizon.
STARKVILLE, MISS. — SRS Real Estate Partners has negotiated the sale of a 60,835-square-foot retail property in Starkville. Vowell’s Marketplace, a regional grocery store, fully occupies the building with two years remaining on its corporate-guaranteed lease. The property was built in 1992 and is located at 118 Mississippi Highway 112, less than one mile from downtown Starkville and less than two miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick Luther and Martin Smith of SRS represented the seller, a New York-based private investor. The buyer was a private investor from Starkville.
CHANDLER, ARIZ. — Evergreen Devco has acquired Chandler Pavilions, a shopping center located at 800-890 N. 54th St. in Chandler. Invesco sold the asset for an undisclosed price. Built in 1998, the value-add center features 163,594 square feet of retail space. Current tenants include REI, Bed Bath & Beyond, Golf Galaxy and Cost Plus World Market. Pat Dempsey of JLL represented the seller. Phoenix Commercial Advisors will continue to serve as leasing agents for the property.
SURPRISE, ARIZ. — Orion Investment Real Estate, along with Property Dimensions Real Estate Group, has arranged the sale of an 18.5-acre commercial land site located at the northwest corner of Litchfield and Cactus roads in Surprise. Veramonte Land Holdings sold the parcel to Terry B. Brodkin & Associates, as 18.5 Litchfield & Cactus LLC, for $2.2 million. The buyer is working with LGE to develop high-quality flex space at the back of the property, while frontage is being sold off as retail pads. Judi Butterworth of Orion and Cathy Cheshier of Property Dimensions represented the seller in the transaction.
DURANGO, COLO. — Marcus & Millichap has arranged the sale of Durango Town Center, a retail shopping center located in Durango. A private partnership led by David Spriggs of Denver-based DMS Real Estate sold the asset to a private local investor for $13.3 million. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller, while Brian Hagger, also of Marcus & Millichap, represented the buyer. Phillip Gause of Marcus & Millichap Capital Corp. placed financing on behalf of the buyer. Located at 1125, 1145 and 1185 S. Camino Del Rio, Durango Town Center features 41,781 square feet of retail space.