Retail

Macy’s to Reopen 68 Stores on Monday, as U.S. Economy Seeks to Stabilize

by Alex Patton April 30, 2020

NEW YORK CITY — Macy’s Inc. plans to reopen 68 of its approximately 775 stores Monday, after state and federal mandates forced the retailer to temporarily close its stores during the COVID-19 outbreak. The New York City-based retailer plans to open an additional 50 stores on May 11. The department store chain closed all of its stores and furloughed most of its storefront workforce on March 17. The closures also included the company’s subsidiary chains, Bloomingdale’s and Bluemercury, but all three chains have maintained their online services. The newly opened Macy’s stores will offer touch-free consultations and demonstrations of beauty products and will only offer a few fitting rooms at a time, which will be frequently sanitized.

April 30, 2020

Acquisitions New York Northeast Office Retail

Marcus & Millichap Brokers $10.4M Sale of Office, Retail Asset in Manhattan

by Alex Patton April 30, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $10.4 million sale of a 5,029-square-foot office and retail asset in the SoHo neighborhood of Manhattan. Located at 52 Greene St., the property features a ground-level retail space and two office units. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a local private owner. The duo also procured the buyer, an international investor.

April 30, 2020

Leasing Activity New Jersey Northeast Retail

Family Dollar Expands Retail Lease to 10,000 SF in Plainfield, New Jersey

by Alex Patton April 30, 2020

PLAINFIELD, N.J. — Family Dollar has expanded its retail lease to 10,000 square feet in Plainfield, a southwestern suburb of New York City. The retailer previously leased 6,000 square feet in a building located at 227 E. Front St. and will expand by an additional 4,000 square feet into the adjacent former furniture store. Family Dollar also plans to remodel its original space. Danielle Brunelli and Pete Nicholson of R.J. Brunelli & Co. represented Family Dollar in the lease negotiations. The landlord was undisclosed.

April 30, 2020

Acquisitions California Retail Top Stories Western

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado April 30, 2020

LOS ANGELES — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over one-third of the property vacant. Cinemark Theater is also a tenant. The Macy’s and IHOP locations at the mall were not part of the sale. A timeline for the sale closing was not disclosed. The asset is adjacent to the Crenshaw-LAX metro light-rail station, an eight-mile line that will connect the neighborhood to Los Angeles International Airport. The station is slated to open by the end of the year. CIM Group reportedly plans to add office space to the property, closing the door on rumors that residential units might go up at the mall. “We have the opportunity to bring a fresh perspective to the future of …

April 30, 2020

Development Georgia Retail Southeast

Atlanta Developer to Build Virtual Golf Entertainment Concept in Metro Atlanta

by Alex Tostado April 29, 2020

ALPHARETTA, GA. — Neal Freeman will begin construction in May on Fairway Social, a golf and entertainment concept in Alpharetta. The 11,000-square-foot entertainment destination, Fairway Social, will be located in The Maxwell, a joint development between Mayfair Street Partners, LLC and The Providence Group of Georgia LLC. The Maxwell will include 44,000 square feet of retail, restaurant and office space, as well as 138 residential units. Seven sports simulators will offer virtual golfing on more than 80 notable courses, as well as provide simulated games for baseball, football, soccer, lacrosse, hockey, cricket and zombie dodgeball. The venue will also feature a section called Back Nine, which will have nine customizable holes on synthetic turf with synthetic sand traps, bridges and putting challenges. The indoor and outdoor bar area, named Par Bar, will be adjacent to seating for more than 80 diners in an area to be known as The Tee Room. There will also be an indoor-outdoor patio bar on the rooftop called Eagles Nest. The Maxwell is situated 25 miles north of downtown Atlanta.

April 29, 2020

Company News Georgia Restaurant Retail Southeast

Longtime Atlanta Restaurant Broker Harold Schumacher Dies at Age 72

by Alex Tostado April 29, 2020

ATLANTA — Harold Schumacher, founder of The Schumacher Group in Atlanta, died Saturday at the age of 72. Schumacher attended Michigan State University and moved to Atlanta as a public school teacher in the 1970s. He worked part-time as a restaurant critic for The Atlanta Journal-Constitution. Schumacher worked at The Shopping Center Group, now known as TSCG, as a broker for four years before founding The Schumacher Group in 1991. Some of Schumacher’s major clients include Verizon Wireless, Bruster’s, Metrotainment Cafes (Hudson Grill and Garrison’s), Varasano’s Pizza and Golden Corral. The firm also is part of the Retail Brokers Network, a national consortium of independent retail and restaurant pros.

April 29, 2020

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates 25,067 SF Retail Lease for Fitness Center in Yardville, New Jersey

by Alex Patton April 29, 2020

YARDVILLE, N.J. — R.J. Brunelli & Co. has negotiated a 25,067-square-foot retail lease for fitness chain Jersey Strong in Yardville, a southeastern suburb of Trenton. The fitness center will be located within Dover Park Plaza, a 56,000-square-foot retail center at 1-23 Sunnybrae Blvd. Other tenants include a CVS pharmacy and several restaurants. Robert Kwiatkowski of R.J. Brunelli represented Jersey Strong in the lease negotiations. Danielle Brunelli and Peter Miller, also with R.J. Brunelli, represented the landlord.

April 29, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 5,967 SF Net-Leased Retail Asset in Wilkes-Barre, Pennsylvania

by Alex Patton April 29, 2020

WILKES-BARRE, PA. — Marcus & Millichap has brokered the $3.7 million sale of a 5,967-square-foot retail asset in Wilkes-Barre, approximately 65 miles north of Allentown. Located at 989 Schechter Drive, the freestanding property is net-leased to Chick-Fil-A. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was undisclosed.

April 29, 2020

Acquisitions Midwest Retail Wisconsin

JLL Brokers Sale of Two-Building Retail Property in Downtown Milwaukee

by Kristin Harlow April 29, 2020

MILWAUKEE — JLL Capital Markets has brokered the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee. The sales price was undisclosed. Built in 1916, Downer East is home to Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, Café Hollander, Downer Wine & Spirits and Robert Laurence Salon & Spa. Completed in 1912, Downer West features two multifamily units in addition to retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, Optix on Denver, Boswell Book Co. and Starbucks. Both buildings were renovated in 2006. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the seller, C-III Asset Management. Bridge33 Capital was the buyer.

April 29, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Arranges $6.8M Sale of Natural Grocers-Occupied Retail Asset in Denver

by Amy Works April 29, 2020

DENVER — Marcus & Millichap has arranged the sale of a retail property located at 18471 Green Valley Ranch Blvd. in Denver. The newly constructed building traded for $6.8 million, setting a nationwide pricing record for a fee-simple Natural Grocers store, according to Marcus & Millichap. Cory Gross of Marcus & Millichap’s Denver office represented the undisclosed buyer and undisclosed seller in the deal. Natural Grocers occupies the 13,000-square-foot property on a 15-year triple-net lease basis. The organic and natural foods grocery store is set to open in the coming weeks. The company was founded in 1955 and focuses on providing nutrition education, high-quality products, connection to the local community and healthy lifestyles for its employees.

April 29, 2020

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