Retail

Reimagined Milwaukee Retail Scene Meets Consumer Lifestyle Needs

by Kristin Harlow June 11, 2020

By Ray Balfanz, Outlook Management Group What does Milwaukee bring to mind? Beer? Cheese? TV’s “Happy Days?” Perhaps the city chosen as the site for the 2020 Democratic National Convention? Yes, that’s us — being recognized and happy about it. But since I began penning this piece in March, we’ve experienced a world of change in the realities of group gatherings: we can hardly have 10 people in a group now, let alone thousands of delegates filling our new Fiserv Forum. It’s anybody’s guess how long the multi-trillion-dollar brick-and-mortar retail industry will be effectively shuttered and how the industry will have changed when it’s over. So without a crystal ball, I’m sharing Milwaukee’s story of how our retail developments have kept relevant for our consumers, while hoping for the best possible outcome once we’re on the other side of this coronavirus pandemic. “A great place on a great lake” our tourism slogan once proclaimed — and indeed it is. Milwaukee is a largely undiscovered gem with excellent quality of life and endless spots at which to spend your hard-earned cash: a prolific culinary scene, first-rate arts offerings and vibrant retail. From the reimagined Drexel Town Square, to redeveloped Bayshore, to …

June 11, 2020

Company News Retail Western

Starbucks to Revamp Stores for More Drive-Thru, Pickup Orders After $3.2B Quarterly Loss in Revenues (UPDATED)

by Amy Works June 10, 2020

SEATTLE — Starbucks Coffee plans to accelerate the transformation of its store portfolio across the United States amid the ongoing COVID-19 pandemic. Over the next 18 months, the coffee chain will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as Starbucks Pickup location. UPDATE (June 11): In a letter to shareholders, released through an SEC filing, Starbucks announced that it plans to close approximately 400 company-operated U.S. stores over the next 18 months as part of this new focus on drive-thru and pickup. In that same letter, Starbucks notes that it plans to open 300 new stores this year, though that is down from its initial plan of 600. Even before the COVID-19 outbreak, 80 percent of Starbucks transactions were “on-the-go” sales, according to the letter. Due to the shift in the retail environment because of amid the global pandemic, including store closures and decreased customer sales, Starbucks posted a $3.2 billion loss in revenue during fiscal third quarter and expects same-store sales in the United States and Canada to decline 10 percent to 20 percent for the full fiscal year, according to CNBC. The company’s U.S. store portfolio transformation includes the expansion of …

June 10, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 58,000 SF Retail Property in Marlborough, Massachusetts

by Alex Patton June 10, 2020

MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.

June 10, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Negotiates $3.4M Sale of New Store Leased to Aldi in Phenix City, Alabama

by Alex Tostado June 10, 2020

PHENIX CITY, ALA. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.

June 10, 2020

Kansas Midwest Retail

AMC Theatres Expects to be ‘Fully Open’ Globally in July

by Kristin Harlow June 10, 2020

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) plans to reopen almost all of its U.S. and U.K. theaters in July. The Leawood, Kan.-based movie theater chain has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and expects to be fully open globally in July ahead of the release of Christopher Nolan’s Tenet on July 17 and Disney’s Mulan on July 24. AMC is working closely with local, national and international officials to coordinate timing and requirements of reopening. It is consulting with the Harvard University School of Public Health on how to best create a safe environment for guests and associates. This includes personal protection equipment, cleaning protocols, limited theater capacity and blocked seating. AMC has also partnered with The Clorox Co. for advice on making theater environments as safe as possible. Last week, AMC said it had “substantial doubt” about staying in business if it was forced to keep theaters closed for a longer period. AMC operates 1,000 theaters and 11,000 screens across the globe. Its stock price closed at $5.98 per share on Tuesday, June 9, down from $10.94 one year ago.

June 10, 2020

Indiana Midwest Retail Top Stories

Simon Property Group Terminates $3.6B Taubman Centers Merger Agreement

by Kristin Harlow June 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …

June 10, 2020

Leasing Activity Net Lease Northeast Pennsylvania Retail

Marcus & Millichap Arranges Sale of 4,147 SF Net-Leased Retail Property in Hereford, Pennsylvania

by Alex Patton June 9, 2020

HEREFORD, PA. — Marcus & Millichap has arranged the $1.9 million sale of a 4,147-square-foot net-leased retail property in Hereford, approximately 50 miles northwest of Philadelphia. Turkey Hill Minit Market is the tenant. Located at 3664 Seisholtzville Road, the property was constructed in 1991 and offers proximity to State Route 100. Derrick Dougherty and Steven Garthwaite of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also represented the buyer, another limited liability company. Both parties requested anonymity.

June 9, 2020

Georgia Retail Southeast

Pandemic’s Impact on Retail Imports Easing, But Volume is Still Well Below Last Year, Says NRF

by Alex Tostado June 9, 2020

WASHINGTON, D.C. — COVID-19’s impact on U.S. retail imports is easing, beating prior forecasts, says the National Retail Federation (NRF). The NRF and partner Hackett Associates released their Global Port Tracker on Monday, which showed that ports handled just over 1.6 million 20-foot equivalent units (TEUs), beating expectations from one month ago. “Imports are erratic, with one month up and the next down,” says Ben Hackett, founder of Hackett Associates. “Getting 40 million people back to work will take time, especially with many fearful of catching the virus and staying home. That makes a rapid return to an economic boom unlikely.” Even with an immediate boom delayed, Jonathan Gold, vice president for supply chain and customs policy for NRF, points out that the April numbers show that the economy is recovering faster than what was projected just one month ago. The volume of 1.6 million TEUs in April was down 7.8 percent from April 2019, but it was up 17 percent from March 2020. NRF’s forecast for April showed 1.5 million TEUs coming through the ports. “It may still be too soon to say but we’ll take that as a sign that the situation could be slowly starting to improve,” …

June 9, 2020

Leasing Activity Retail Texas

Teso Life Signs 14,236 SF Retail Lease at Carrollton Town Center in Metro Dallas

by Taylor Williams June 9, 2020

CARROLLTON, TEXAS — Teso Life, a provider of Japanese beauty products, snacks and home goods, has signed a 14,236-square-foot retail lease at Carrollton Town Center on the northern outskirts of Dallas. The store, which will be the company’s first outside of its home base of New York City, is scheduled to open this fall. Heather Nguyen represented the landlord, Houston-based NewQuest Properties, in the lease negotiations on an internal basis. John Nguyen and Grace La, also with NewQuest, represented the tenant.

June 9, 2020

Acquisitions Midwest Ohio Retail

Boulder Group Arranges $2.6M Sale of Property Net Leased to Walgreens in Metro Cleveland

by Kristin Harlow June 9, 2020

PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.

June 9, 2020

Newer Posts

Older Posts