KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.
The COVID-19 outbreak had a tremendous impact on retail across the country, and Charlotte was no exception. As stores were forced to close, business owners had to devise creative ways to operate during the pandemic. Rent deferral, Paycheck Protection Program funds, layoffs and furloughs were some of the ways owners addressed cash flow. Many restaurants faced questions regarding takeout, delivery service, menu adjustments, table spacing and employee safety. Enhanced cleaning procedures, payment procedures, marketing adjustments and general overall operations were other issues facing many restaurants and retailers. Restaurants with drive-thrus and takeout, as well as ones capable of adding “COVID-19-friendly” delivery options, were able to remain open, albeit with decreased sales volume. Despite all efforts, the trickle-down effect will likely cause several restaurants and retailers to permanently close and not survive this downturn at all. As Phase I and II of North Carolina’s economic reopening went into effect and additional stores began to reopen in some capacity, retailers began to adapt to new ways to operate with safety protocols in place. As a result, more discounts and flash sales were offered, and curbside pick-up became a prevalent way to shop. The next six months should reveal how the COVID-19 pandemic …
PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.
BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills, Mich.-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, chairman and CEO. Taubman’s portfolio consists of 26 super-regional and outlet shopping centers. The company is currently being sued by Simon Property Group over a merger agreement, the latest details of which can be found here.
MILWAUKEE — Target has unveiled plans to open a 128,512-square-foot, two-story store at Bayshore in Milwaukee. The retailer will occupy the space within a former Boston Store. Construction is now underway, but the opening date has not yet been determined. Mid-America Real Estate – Wisconsin LLC represented both Target and Bayshore ownership in the lease transaction. Bayshore is an open-air shopping center that features a variety of retail shops, restaurants, offices and multifamily units. Cypress Equities is the owner.
WALDORF, MD. — The Republic Family of Cos. has broken ground on Waldorf Park, a 35,000-square-foot retail project in Waldorf. The development is expected to open in the first half of 2021. Committed tenants at Waldorf Park include Chick-fil-A, Jersey Mike’s and Starbucks. The property is located along Crain Highway, about 20 miles southeast of downtown Washington, D.C. Venture Construction Co. is the general contractor for Waldorf Park, and Jimmy Richards & Sons Excavating is the site contractor. The architect is Brasher Designs. Sandy Spring Bank provided construction financing.
SOUTH WHITEHALL, PA. — Newmark Knight Frank (NKF) has negotiated a 15,499-square-foot retail lease renewal for Grocery Outlet Inc. in South Whitehall, a western suburb of Allentown. Located at 4680 Broadway Road, the property is part of the 248,533-square-foot Tilghman Square shopping center, which offers convenient access to State Routes 22 and 309 and Interstates 78 and 476. Other tenants include New Vision Theaters, Dollar Tree and Staples. Grocery Outlet Inc. had previously leased the space for 14 years. Michael LaRue of NKF represented Grocery Outlet in the lease negotiations. Larken Associates is the landlord.
PHILADELPHIA — Charlie’s Pizza has signed a 2,000-square-foot retail lease at Morrell Plaza, a 103,000-square-foot shopping center that is located at the intersection of Frankford Avenue and State Route 13 in Philadelphia. A 63,000-square-foot ShopRite supermarket anchors the center. Other tenants include Northeast Cycle, Wingstop, Freedom Credit Union, Rite Aid, T-Mobile, Supercuts, Dunkin’ and Yamato Sushi & Hibachi. Sidney Singer of Levin Management Corp., which serves as the property’s exclusive leasing and managing agent, negotiated the lease on behalf of the landlord.
HOUSTON — O’Reilly Auto Parts has signed a 36,823-square-foot retail lease at Mercado 6 Marketplace, a shopping center located at 7355 Highway 6 S. in Houston. Taki Dallis and Joaquin Orozco of RESOLUT Real Estate represented the undisclosed landlord in the lease negotiations. Ford Jones of Independence Commercial Real Estate represented the tenant.
LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has delayed its U.S. reopening date until July 30. The company will resume operations of 450 U.S. theaters as part of a phased plan that is expected to bring the 600-plus U.S. theaters to full operation by early August. AMC says the new reopening date aligns with updated release timing for major movies such as Teneton Aug. 12 and Mulanon Aug. 21. Previously, AMC had expected to be fully open globally in July when Christopher Nolan’s spy film Tenet was scheduled to release on July 17 and Disney’s live-action Mulan on July 24. Once the U.S. reopening commences, AMC will have theaters open in all 15 countries in which it operates. Theater general managers across the U.S. started working full time on June 29 to begin readying theaters for reopening. AMC maintains approximately 1,000 theaters across the globe.
