Retail

961-N-Milliken-Ave-Ontario-CA

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.

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20215-N-John-Wayne-Pkwy-Maricopa-AZ

MARICOPA, ARIZ. — Marcus & Millichap has negotiated the sale of a built-to-suit AAMCO Transmission Shop & Total Car Care building located at 20215 N. John Wayne Parkway in Maricopa. A limited liability company acquired the asset from another limited liability company for $2.5 million. The 4,380-square-foot building opened for service earlier this month. The asset includes a 15-year, absolute triple-net lease with a multi-unit franchisee. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller, while Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office procured the buyer in the deal.

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RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.

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TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 2000 S. Mill Ave. in Tempe. A limited liability company sold the property to an undisclosed buyer for $9 million. Walgreens occupies the building on an absolute triple-net corporate lease with 14 years remaining on the term. The property is located two miles from downtown Tempe and near to Arizona State University’s Tempe campus. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

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PEACHTREE CORNERS, GA. — Marcus & Millichap has arranged the $2.4 million sale of a retail property leased to Wells Fargo in Peachtree Corners. The 10,851-square-foot building was built in 1968 and is triple-net-leased to the bank. The asset is situated at 6155 Buford Highway, 17 miles northeast of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the seller, Linkpoint Properties, and the buyer, Matthews Family Investments LLC, in the 1031 transaction. Linkpoint originally purchased the asset in November 2017 for a little over $2 million.

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Pier-1-Imports-West-Hartford

FORT WORTH, TEXAS — Pier 1 Imports Inc. has filed a motion in U.S. Bankruptcy Court to begin the process of closing all of its remaining stores and liquidating its assets, including its intellectual property and e-commerce business, the Fort Worth-based home goods retailer said on Tuesday. Pier 1 closed about 450 stores in January and filed for Chapter 11 bankruptcy in mid-February prior to the outbreak of COVID-19. However, CEO Robert Riesbeck said in the statement that the pandemic had amplified the company’s struggles to restructure debt and secure investment that would keep the business afloat. Pier 1 intends to initiate store closing efforts and liquidation sales once stores can reopen, in compliance with COVID-19 guidelines from local government and health officials. Pier 1 was founded in 1962 and operated about 1,300 stores at the height of its expansion in 2006.

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UPPER SADDLE RIVER, N.J. — Stumpy’s Hatchet House LLP, an entertainment concept that centers on axe-throwing, has signed a 14,194-square-foot retail lease in Upper Saddle River, approximately 30 miles northwest of New York City. The space is located in a 29,795-square-foot building at 107 Pleasant Ave that also houses The Gravity Vault, an indoor rock climbing concept. The store will be Stumpy’s sixth axe-throwing venue in New Jersey. Conor Ryan and Ryan Bednarski of JLL represented Stumpy’s in the lease negotiations. Samuel Bernhaut and Nicole Nannola of CBRE represented the landlord, Northbound Real Estate LLC.

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MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.

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MORTON GROVE, ILL. — The Boulder Group has brokered the $1.5 million sale of a retail property net leased to Just Tires, a wholly owned subsidiary of Goodyear, in metro Chicago. The 4,600-square-foot building is located at 9246 Waukegan Road in Morton Grove. Just Tires has approximately 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate investor. The buyer, also a local investor, completed a 1031 tax-deferred exchange.

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BENTONVILLE, ARK. AND ATLANTA — Retailers Walmart and The Home Depot have reported increased sales during their respective first quarters. Bentonville-based Walmart, which operates on a fiscal year calendar running from Feb. 1 to Jan. 31, reported a spike of 74 percent in its e-commerce department, and an overall growth of 10 percent. Walmart’s total revenue reached $136.4 billion, which was 8.6 percent higher than first-quarter 2019. The uptick from e-commerce was mostly due to grocery pick-up and delivery services. Additionally, overall sales for Sam’s Club was up 12 percent and e-commerce demand for the Walmart-owned brand jumped 40 percent. The Home Depot, which is based in Atlanta, reported sales reached $28.3 billion, which was 7.1 percent higher than its first-quarter 2019. The Home Depot’s fiscal year ends Feb. 2. Despite the increased sales, the company’s revenue dipped by $300 million from first-quarter 2019 due to expanded benefits for its employees. Some of the benefits include extra time off for hourly employees, more still for associates 65 years of age and older, doubled overtimes rate, weekly bonuses for hourly employees and extended dependent care benefits and waived related co-pays.

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