Retail

Cushman & Wakefield Brokers $22.6M Sale of Grocery-Anchored Shopping Center in Denville, New Jersey

by Alex Patton April 7, 2020

DENVILLE, N.J. — Cushman & Wakefield has brokered the $22.6 million sale of Denville Commons, a 73,000-square-foot, grocery-anchored shopping center in Denville, a northwestern suburb of New York City. Located at 3130 Route 10, the property is anchored by Corrado’s Market and was 90 percent leased at the time of the sale to 16 tenants including Goldfish Swim School and Orangetheory Fitness. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the seller, Denville Commons Associates LP. The team also procured the buyer, Longpoint Realty Partners.

April 7, 2020

Leasing Activity Northeast Pennsylvania Retail

Domino’s Pizza Signs 1,300 SF Retail Lease in Easton, Pennsylvania

by Alex Patton April 7, 2020

EASTON, PA. — Domino’s Pizza has signed a 1,300-square-foot retail lease in Easton, approximately 70 miles north of Philadelphia. Located at 3011 William Penn Highway in William Penn Plaza shopping center, the retail space has been vacant for the last four years. Other tenants include Weis Supermarket, GameStop and several other retail businesses and restaurants. The new lease for the 1,300-square-foot space carries a 10-year initial term. The opening is slated for late spring or early summer 2020, in accordance with timelines established by the state regarding COVID-19. Seth Lacey and Scott Horner of Colliers International represented the landlord in the lease negotiations.

April 7, 2020

Midwest Ohio Retail

Kroger Introduces Additional Safety Measures Amid Coronavirus Outbreak

by Kristin Harlow April 7, 2020

CINCINNATI — Kroger will limit the number of customers to 50 percent of the international building code’s calculated capacity to allow for proper social distancing in every store. The standard building capacity for a grocery store is one person per 60 square feet. Under Kroger’s new reduced capacity limits that begin today, April 7, the number will be one person per 120 square feet. Cincinnati-based Kroger will monitor the number of customers by using QueVision technology, which already provides a count of the customers entering and exiting stores. Kroger’s new customer capacity limits joins other measures the retailer has established over the last few weeks to promote social distancing, including the addition of plexiglass partitions and floor decals. Kroger is also encouraging associates to wear protective masks and gloves. All locations are expected to have these supplies by the end of the week.

April 7, 2020

Midwest Ohio Retail

Washington Prime Group Launches Small Business Support Initiative to Help Businesses Affected by COVID-19

by Kristin Harlow April 7, 2020

COLUMBUS, OHIO — Washington Prime Group, in partnership with the Institute for Justice Clinic on Entrepreneurship and members of the University of Chicago faculty, has launched the Open for Small Business initiative to address the unprecedented business closures resulting from the coronavirus pandemic. In order to address the issues small businesses face concerning near-term cash flow, Open for Small Business has provided a lease modification as well as other relevant templates that enable the deferral of payments until these local entrepreneurs get back on their feet. Open for Small Business is also hosting educational webinars about how to access U.S. Small Business Administration (SBA) guaranteed loans as well as public and nonprofit agency programs. Columbus-based retail REIT Washington Prime Group hosted its first webinar this past week and more than 300 small business owners participated. The IJ Clinic on Entrepreneurship provides free legal assistance, support and advocacy for low-income entrepreneurs in Chicago.

April 7, 2020

Acquisitions Midwest Minnesota Retail

Upland Negotiates Sale of Pep Boys-Occupied Property in Lakeville, Minnesota

by Kristin Harlow April 7, 2020

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has negotiated the sale of a 6,480-square-foot property net leased to Pep Boys in Lakeville, about 25 miles south of Minneapolis. The sales price was undisclosed, but the asset sold at a cap rate of 6.37 percent. The tenant, a franchisee known as The Pep Boys-Manny Moe & Jack of California, has more than eight years remaining on the lease and operates roughly 236 stores. There are approximately 1,000 Pep Boys locations nationwide.

April 7, 2020

Leasing Activity Retail Washington Western

Sprouts Farmers Market Opens New Store in Silverdale, Washington

by John Nelson April 7, 2020

SILVERDALE, WASH. — Sprouts Farmers Market, a Phoenix-based natural foods grocery, has opened a new store at 11066 Pacific Crest Place NW in Silverdale, about 33 miles west of Seattle. The Silverdale location will be the third Sprouts in Washington and will operate from 7 a.m. to 8 p.m. daily, in line with the grocer’s adjusted hours during the COVID-19 pandemic. The new Sprouts will feature a large produce section, deli, fresh sushi, olive bar, sandwich bar, salad bar and beer and wine. The new store will be the grocery anchor of Trails at Silverdale, a 200,000-square-foot shopping center housing tenants including HomeGoods, Ulta Beauty, Old Navy, Verizon Wireless, Sierra Trading Post, Sleep Number, Total Wine, Carter’s/OshKosh, DSW, MOD Pizza, Jersey Mike’s, Chipotle Mexican Grill, Habit Burger and Marshalls. El Segundo, Calif.-based CenterCal Properties LLC is the owner of the 30-acre shopping center. Sprouts employs more than 30,000 team members and operates over 340 stores in 23 states. According to its website, Sprouts is looking to fill approximately 2,000 roles across its network of stores, distribution centers and support offices.

April 7, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 6,656 SF Retail Strip Center in Metro Houston

by Taylor Williams April 6, 2020

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Fairmont Crossing, a 6,656-square-foot retail strip center located in the eastern Houston suburb of Pasadena. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based developer, in the transaction. The duo also procured the buyer, a local investor.

April 6, 2020

Alabama Market Reports Retail Southeast Southeast Market Reports

Birmingham Retail a Solid Bet Before COVID-19 Outbreak, and it Will Bounce Back

by Alex Tostado April 6, 2020

What a time to write an article on the state of the retail real estate market in Birmingham. A few short weeks ago this would have been a much easier task. The fundamentals of the Birmingham retail market are healthy and exciting despite the current health crisis and the fact that we have experienced very little population growth. I travel across the country regularly, and there is a national undercurrent about Birmingham that is exciting. Birmingham is spoken about nationally as a city with great food and quality of life, which are the types of things always said about a city prior to it hitting a tipping point. We expect that consumer behavior is going to be different coming out of the pandemic, and that the way retail and restaurant businesses operate will continue to adapt to that consumer behavior. Traditional developments Traditional shopping centers continue to be strong regional draws, with tenant mixes focusing on local and national brands. Lee Branch is one of the most successful in Birmingham. The Dick’s Sporting Goods and Golf Galaxy side-by-side concept opened in February at Lee Branch and is the first of its kind in the state. Discount retail, although not new, …

April 6, 2020

Midwest Minnesota Retail

Target Unveils New Measures to Promote Safety, Social Distancing

by Kristin Harlow April 3, 2020

MINNEAPOLIS — Target (NYSE: TGT) has unveiled new safety measures to help reduce the spread of coronavirus. Effective April 4, Target will actively monitor and, when needed, meter guest traffic in its nearly 1,900 stores nationwide to promote social distancing. Additionally, Target will supply its more than 350,000 employees in stores and distribution centers with face masks and gloves to wear at work, while continuing to encourage healthy hygiene habits as provided by the Centers for Disease Control and Prevention (CDC). These updates are on top of action the company has taken in recent weeks, such as rigorous cleaning routines at its stores and distribution centers, social distancing measures, Plexiglass partitions at registers and contactless order pickup. Minneapolis-based Target maintains nearly 1,900 stores nationwide.

April 3, 2020

Acquisitions Midwest Office Ohio Retail

DiFranco Brokers Sale of 34,017 SF Office, Retail Complex in Westlake, Ohio

by Kristin Harlow April 3, 2020

WESTLAKE, OHIO — DiFranco Commercial Real Estate has brokered the sale of 2035 Crocker Road in Westlake, about 17 miles west of downtown Cleveland. The sales price was not disclosed. The 34,017-square-foot office and retail complex was 94 percent occupied at the time of listing. The building is situated directly across from the lifestyle center Crocker Park. Michael DiFranco of DiFranco brokered the sale. Buyer and seller information was not provided.

April 3, 2020

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