OKLAHOMA CITY — Hobby Lobby is in the midst of expanding its Florida footprint with three new 55,000-square-foot stores. The Oklahoma City-based arts and crafts retailer opened a location in Panama City Beach on July 6, a store within Terra’s Pines City Center in Pembroke Pines on Aug. 8 and will open a store in Urban-X Group’s River Landing project in Miami on Sept. 8. Hobby Lobby locations are typically single-story stores in suburban areas. The location in River Landing will be the first multi-level Hobby Lobby. David Emihovich of Katz & Associates represented Hobby Lobby in the lease negotiations.
MINNEAPOLIS — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer will have higher expenses once all of its stores are reopened, according to CFO Matt Bilunas. “As we plan for the back half of the year, we continue to weigh many factors, including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time and the availability of inventory to match customer demand,” says Bilunas. There are more than 900 Best Buy stores nationwide. Best Buy’s stock price closed at $117.36 per share Monday, Aug. 24, up from $67.65 per share one year ago.
FORT WORTH, TEXAS — Studio Movie Grill will open a 12-screen theater on Friday, Aug. 28 at The Shops at Chisholm Trail Ranch, a 250,000-square-foot retail center by StreetLevel Investments in Fort Worth. The 40,000-square-foot venue will be the company’s first in Fort Worth and 14th in Texas. The theater will open at 50 percent of its designated capacity and will offer a variety of food and beverage options.
BURLESON, TEXAS — Developer Bright Realty has sold a 6,667-square-foot retail property located at 264 SE John Jones Drive in the Fort Worth suburb of Burleson. The strip retail center was built in 2018 and was fully leased at the time of sale to Chicken Salad Chick, HotWorx and Mint Dentistry. Nick Miller and Britton Lankford of Bright Realty represented the firm internally in the transaction. Jordan Wood with Coldwell Banker represented the 1031 exchange buyer.
ORLAND PARK, ILL. — Duluth Trading Co. has opened a new store in Orland Park within metro Chicago. This is the 64th location for Duluth Trading, which offers men’s and women’s casual wear, workwear and accessories. The store is located at 29 Orland Square Drive. Duluth Trading is based in Mount Horeb, Wis.
GLENDALE, ARIZ. — Orion Investment Real Estate has arranged the sale of a retail building located at the intersection of West Peoria and North 43rd avenues in Glendale. An affiliate of DeRito Partners sold the property to a Santa Clara, Calif.-based buyer for $3.8 million, or $387.72 per square foot. Originally constructed in 1987 as a single-tenant restaurant property, the 9,801-square-foot building is now a multi-tenant property. At the time of sale, the property was 89 percent occupied by Denny’s, Subway and Alta Dental. The asset is an outparcel to Glendale Towne Center, which Target anchors. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Joel Owens of Canton, Ga.-based All World Realty represented the buyer in the deal. The new owner has retained DeRito Partners for both leasing and property management
MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of McKinney Shopping Center, 15,127-square-foot retail center located north of Dallas. Tenants at the center include Mattress Firm, Charles Schwab and Thai Noodle Wave. Philip Levy of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity.
CANTON, GA. — JLL has arranged the $18.6 million sale of Hickory Flat Commons, a Kroger-anchored shopping center located along Hickory Flat Highway in Canton, about 34 miles north of downtown Atlanta. The 115,000-square-foot property was 97 percent leased at the time of sale to tenants such as Anytime Fitness, Mathnasium, furniture store Phillips Trading, Great Clips and Platinum Cleaners. Jim Hamilton of JLL represented the undisclosed seller in the transaction. Phillips Edison & Co. acquired the center as part of a 1031 tax exchange.
PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of a retail building located at 1625 Camelback Road in Phoenix. An affiliate of Menin Development sold the asset to an undisclosed institutional buyer for $20.3 million. Target occupies the single-tenant, 50,428-square-foot property on a long-term net lease with fixed rental increases. The retailer opened the store, its first small footprint location in Arizona, in July 2017. Matt Berres, Samer Khalil and David Guido of NKF Net Lease Capital Markets represented the seller and procured the buyer in the transaction.
WILMINGTON, CALIF. — PSRS has secured a $1.5 million loan for the refinancing of a retail plaza located in Wilmington. The retail lot features a one-story, 6.500-square-foot building. Michael Tanner and Jonny Soleimani of PSRS Los Angeles executed the non-recourse, 10-year loan, which features a 30-year amortization schedule, with a life insurance company lender.