Retail

New York Life Taps Trademark Property to Manage Redevelopment of North Point Mall in Metro Atlanta

by Alex Tostado January 13, 2021

ALPHARETTA, GA. — Trademark Property Co. will oversee the redevelopment of North Point Mall in Alpharetta. According to several media outlets, the previous owner, Brookfield Properties, relinquished ownership back to New York Life Insurance Co. earlier this month. Trademark will also manage and lead the leasing effort for the property. North Point Mall spans 1.3 million square feet and is located near the intersection of Ga. Highway 400 and Encore Parkway, 25 miles north of downtown Atlanta. The enclosed mall features 129 stores and restaurants, including Dillard’s, JC Penney, Von Maur, H&M, Macy’s, Sephora, AMC Theatres and The Cheesecake Factory. A timeline for redevelopment plans was not disclosed. Fort Worth, Texas-based Trademark has also redeveloped centers such as Bridgewater Commons in New Jersey; La Palmera in Corpus Christi, Texas: Victory Park in Dallas; Rice Village in Houston; WestBend in Fort Worth; Zona Rosa in Kansas City, Mo.; Annapolis Town Center in Annapolis, Md.; and Saddle Creek in Germantown, Tenn.

January 13, 2021

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Acquires 41,439 SF Retail Property Near Nashville

by Alex Tostado January 13, 2021

HERMITAGE, TENN. — Ziff Real Estate Partners has acquired Jackson’s Courtyard, a 41,439-square-foot retail center in Hermitage, for an undisclosed price. The property is located at 3441 Lebanon Pike, 13 miles east of downtown Nashville. At the time of sale, the property was leased to tenants including Co. Capelli Salon & Spa, Subway, Hermitage Dance Academy and Mirage Nails Salon. The seller was not disclosed.

January 13, 2021

Midwest Minnesota Retail

Target Reports Same-Store Sales Growth of 17.2 Percent Over Holidays

by Kristin Harlow January 13, 2021

MINNEAPOLIS — For the November and December holiday season, Target’s comparable sales rose 17.2 percent over the same period last year. Store-originated sales grew 4.2 percent and digital sales grew 102 percent. Store traffic increased 4.3 percent and the average ticket grew by 12.3 percent. The Minneapolis-based retailer also reported that its same-day services, such as order pick-up and drive-up, rose 193 percent. “The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio,” said Brian Cornell, chairman and CEO, in a news release. The merchandise category with the strongest growth was home goods. Target operates nearly 1,900 stores in the U.S. The company’s stock price closed at $199 per share Tuesday, Jan. 12, up from $123.87 per share one year ago.

January 13, 2021

California Development Mixed-Use Multifamily Office Retail Western

STC Ventures Receives Approval for 12-Story Mixed-Use Project in Sunnyvale, California

by Amy Works January 13, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, has received approval from Sunnyvale Planning Commission to develop a 12-story, mixed-use project at 200 S. Taafee St. within CityLine Sunnyvale. Situated in downtown Sunnyvale, the two-building property will feature 479 apartments, 30,000 square feet of retail space and a new public open area at Redwood Square. The public space will function as a “living room” for downtown Sunnyvale, which is anchored by the just-approved mixed-use development and recently opened Whole Foods Market and AMC Theaters. Fifty-three of the apartments will be offered at below-market rate, providing housing for qualifying households with income levels ranging from approximately $55,000 per year up to $130,000 per year. The 200 S. Taafee Street project is the first of four upcoming developments slated for the second phase of CityLine Sunnyvale. The overall project will redevelop four parcels in Sunnyvale’s downtown core into residences, ground-level retail space and office space. Last year, STC Ventures received approval of its Downtown Specific Plan that allows for a buildout of an additional 817 residences and 709,000 square feet of office space above 642,000 square feet of ground-level retail.

January 13, 2021

Acquisitions Nevada Retail Western

Phillips Edison Divests of 191,345 SF Sunrise Marketplace in Las Vegas

by Amy Works January 13, 2021

LAS VEGAS — Cincinnati-based Phillips Edison & Co. has completed the sale of Sunrise Marketplace, a wholly owned neighborhood shopping center in Las Vegas. A Los Angeles-based private investment firm purchased the property for an undisclosed amount to complete a 1031 exchange. Situated on 15.1 acres at the southeast corner of NE Nellis Boulevard and Steward Avenue, Sunrise Marketplace features 191,345 square feet of retail space. At the time of sale, the property was 99 percent leased to Smith’s Food & Drug Store, Chase, Dotty’s, Applebee’s Neighborhood Grill & Bar, Wingstop, Verizon, Southwest Medical and Southern Nevada Health District. The shopping center was built in 1988 and renovated in 2006. Preston Fetrow of CBRE, along with the firm’s National Retail Partners-West team, represented the seller, while the buyer was represented by a cooperating broker.

January 13, 2021

Company News Northeast Pennsylvania Retail

Urban Outfitters Reports 8.4 Decrease in Net Sales to Close 2020, Announces Leadership Changes

by Taylor Williams January 13, 2021

PHILADELPHIA — Urban Outfitters (NASDAQ: URBN) reported an 8.4 percent sales decrease for the two months that ended on Dec. 31, 2020 compared with the same period a year earlier. The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined by 14.3 percent year-over-year, although the retailer did open 18 new stores over the last 12 months. In addition, Urban Outfitters has announced that current CEO Trish Donnelly will be stepping down on Jan. 31, 2021 after a seven-year stint with the company and will be replaced by Sheila Harrington. Urban Outfitters’ stock price opened at $27.90 per share on Wednesday, Jan. 13, up from $26.47 per share a year ago.

January 13, 2021

Development Retail Southeast Virginia

Liberty University to Redevelop Portion of River Ridge Mall in Lynchburg, Virginia

by Alex Tostado January 12, 2021

LYNCHBURG, VA. — Liberty University will redevelop the west end of River Ridge, a regional mall in Lynchburg that the university owns. The enclosed shopping mall is located less than one mile from campus. The university will demolish the Macy’s building in the first quarter of this year and plans to turn the area into an open-air shopping center with a food hall. The renovated shopping area will feature higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family-themed community events. Liberty University plans to deliver the food hall in late 2021 and the rest of the project in 2022. JLL manages the mall on behalf of the owner.

January 12, 2021

Acquisitions Florida Retail Southeast

Tiktin Real Estate Negotiates $4.9M Sale of Property Leased to 7-Eleven in Metro Orlando

by Alex Tostado January 12, 2021

WINTER GARDEN, FLA. — Tiktin Real Estate Investment Services (TREIS) has negotiated the $4.9 million sale of a 4,794-square-foot building leased to 7-Eleven in Winter Garden. The freestanding building is located at 4200 Winter Garden Vineland Road, 16 miles west of downtown Orlando. A Mobil gas station on the property was not included in the sale. Stablewood Properties acquired the property from an entity doing business as 600 East LLC. Adam Tiktin, Alejandro Snyder and Michael Williams of TREIS represented both the seller and buyer in the transaction.

January 12, 2021

Acquisitions Retail Texas

Coldwell Banker Brokers Sale of 172,000 SF Main Place Retail Center in McAllen

by Taylor Williams January 12, 2021

MCALLEN, TEXAS — Coldwell Banker Commercial has brokered the sale of Main Place Shopping Center, a 172,000-square-foot retail power center located in the Rio Grande Valley city of McAllen. Main Place Indoor Market anchors the property, which was built on 20 acres in 1988. Daniel Galvan and Julissa Trevino of Coldwell Banker represented the buyer, locally based firm Big Sky Real Estate Investments LLC, in the transaction. The center was 84 percent leased at the time of sale.

January 12, 2021

Leasing Activity Massachusetts Northeast Retail

Aldi to Open 21,000 SF Grocery Store at Dartmouth Mall in Massachusetts

by Taylor Williams January 12, 2021

DARTMOUTH, MASS. — German discount grocer Aldi will open a 21,000-square-foot store at Dartmouth Mall in southeastern Massachusetts in the fourth quarter. Aldi will backfill a space previously occupied by Sears and will join Burlington, Old Navy, H&M and Five Below as some of the largest tenants at the property. Pennsylvania Real Estate Investment Trust (PREIT) owns Dartmouth Mall.

January 12, 2021

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