Retail

Adler Realty Acquires 67,215 SF Bensalem Crossing Retail Center Near Philadelphia

by Taylor Williams July 16, 2020

BENSALEM, PA. — California-based Adler Realty Investments Inc. has acquired Bensalem Crossing, a 67,215-square-foot retail center located on the northeastern outskirts of Philadelphia, for $11.5 million. The center is leased to three tenants: anchor and grocer ShopRite, CVS and a wireless telecommunications provider. Jim Galbally, Chris Munley and Colin Behr of JLL represented the New York City-based seller in the transaction. Chad Orcutt, Brian Halpern and Mike Pagniucci of JLL arranged $7.1 million in acquisition financing on behalf of Adler Realty.

July 16, 2020

Company News New York Northeast Retail

RTW Retailwinds, Parent Company of New York & Co., Files for Chapter 11 Bankruptcy

by Taylor Williams July 15, 2020

NEW YORK CITY — RTW Retailwinds Inc. (RTW), parent company of women’s apparel chains New York & Co., Fashion to Figure and Happy x Nature, has filed for Chapter 11 bankruptcy protection along with its subsidiaries. The filing came Monday in the U.S. Bankruptcy Court for the District of New Jersey. The company expects to close a significant portion, if not all, of its 378 brick-and-mortar stores and has launched a store closing and liquidation process. In the near term, however, New York City-based RTW will continue to operate its business and reopen stores that were previously temporarily closed due to the COVID-19 pandemic. As of July 13, 92 percent of its brick-and-mortar retail and outlet locations across 32 states had reopened. RTW, which was first incorporated in 1918, says that the bankruptcy will enable it to maintain operations in the ordinary course of business, including the payment of employee wages and benefits, payment of suppliers and vendors and the use of cash collateral.

July 15, 2020

Acquisitions New Hampshire Northeast Retail

Matthews Brokers $7.7M Sale of New Hampshire Retail Asset Leased to Ashley Furniture

by Taylor Williams July 15, 2020

NASHUA, N.H. — Matthews Real Estate Investment Services has brokered the $7.7 million sale of an 83,500-square-foot retail property that is leased to Ashley Furniture Homestore in Nashua, a city located near the Massachusetts-New Hampshire border. The property was built in 2015. Chuck Evans of Matthews represented the undisclosed seller in the transaction. Additional terms of sale were not disclosed.

July 15, 2020

District of Columbia Retail Southeast

NRF Survey: Back-to-School Spending Could Reach Record Levels as Families Gear Up for At-Home Learning Amid Pandemic

by Alex Tostado July 15, 2020

WASHINGTON, D.C. — The novel coronavirus could result in record-levels in spending for back-to-school supplies as families across the country are expected to buy more electronics to prepare for at-home learning, a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics has found. Major school systems around the country, including the Ivy League, Los Angeles Public School District, Atlanta Public Schools, New York City Public School system and the University of California school system have announced virtual learning or a hybrid of in-person and online classes for this fall. According to the annual survey, spending could reach $789.49 per family with children in elementary through high school, which would break last year’s record expectations of $696.70 per family. College students are expected to spend $1,059.20 per family. Retail spending from college students and their families is expected to total $67.7 billion, up from $54.5 billion last year and breaking the record of $55.3 billion set in 2018. Total spending for kindergarten through college combined is projected to reach $101.6 billion — exceeding last year’s $80.7 billion and topping the $100 billion mark for the first time. NRF surveyed 7,481 U.S. consumers from July 1 to 8. …

July 15, 2020

Acquisitions Georgia Retail Southeast

Skyline Seven Arranges $7.1M Sale of Retail Property in Metro Atlanta

by Alex Tostado July 15, 2020

NORCROSS, GA. — Skyline Seven Real Estate has arranged the $7.1 million sale of Peachtree Corners Shopping Center, a 106,257-square-foot retail property in Norcross. The asset is situated at 7050 Jimmy Carter Blvd., 20 miles northeast of downtown Atlanta. The property was 44 percent leased at the time of sale to tenants including Family Dollar, Beauty Mart, Arcadio Pizza, Lily Massage Spa and Island Chef Café, as well as an outparcel leased to Popeye’s and Dekra Emissions Check. Elliott Kyle, Chase Murphy and Reid Maynard of Skyline Seven represented the seller, Frank Flanders (whose father built the 10-acre property in 1985), in the transaction. Andy Lundsberg of Atlanta-based Bull Realty represented the private buyer, Mark Nelkin.

July 15, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Negotiates $5.4M Sale of Retail Center in Sylacauga, Alabama

by Alex Tostado July 15, 2020

SYLACAUGA, ALA. — Marcus & Millichap has negotiated the $5.4 million sale of Payton Park, a 53,400-square-foot retail center in Sylacauga. Walmart shadow anchors the property, which was leased to tenants such as Burke’s Outlet, CATO, Shoe Show and Sally Beauty at the time of sale. Payton Park is located at 41301 U.S. Highway 280, 45 miles southeast of downtown Birmingham. MBD Properties, an Atlanta-based private investor, acquired the asset. The seller, Chattanooga, Tenn.-based Rise Partners, acquired Payton Park and the adjacent Walmart in September 2019 for $15.7 million. Zach Taylor of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction.

July 15, 2020

Acquisitions California Retail Western

SRS Brokers $9.2M Sale of VCA Animal Hospital-Occupied Property in Fountain Valley, California

by Amy Works July 15, 2020

FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property located at 183 Euclid St. in Fountain Valley. An Orange County, Calif.-based family trust acquired sold the asset to a Southern California-based private investor for $9.2 million. VCA Animal Hospital occupies the 23,800-square-foot building and recently extended its lease for an additional 10 years at the property. Built in 1969, the building underwent a $6 million renovation in 2017 sponsored by the tenant. Matthew Mousavi, Patrick Luther and Rich Walter of SRS represented the seller and buyer in the deal.

July 15, 2020

New York Northeast Retail Top Stories

PVH to Close 162 Outlet Stores, Reduce Office Workforce by 12 Percent

by Kristin Harlow July 15, 2020

NEW YORK CITY — In a move to streamline its North American operations and adapt to an evolving retail landscape that has been accelerated by the COVID-19 pandemic, PVH Corp. (NYSE: PVH) announced Tuesday that it will close all of its 162 Heritage Brands outlet stores and reduce its office workforce by approximately 450 positions, or 12 percent. PVH’s Heritage Brands include Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene. The Heritage Brands retail locations are expected to operate through mid-2021. The workforce reductions, which are spread across all three brand businesses of Tommy Hilfiger, Calvin Klein and Heritage Brands, are expected to result in annual cost savings of approximately $80 million. “The structural changes occurring in the North American retail landscape have required us to take a hard look at our North American operations and identify where we can optimize costs across our business model,” says Manny Chirico, chairman and CEO of PVH. “We did not take these decisions lightly, as our Heritage Brands retail business is our oldest retail business, yet no longer met appropriate return metrics.” Stefan Larsson, president of PVH, says that the COVID-19 crisis is dramatically reshaping the retail landscape for the long term …

July 15, 2020

Development Florida Retail Southeast

Sleiman Enterprises to Renovate Three Historic Retail Buildings in Jacksonville

by Alex Tostado July 14, 2020

JACKSONVILLE, FLA. — Sleiman Enterprises will renovate three historic retail buildings in Jacksonville’s San Marco Square. The buildings were built in 1926 and 1927, and are located at 1974, 1980 and 1972 San Marco Blvd., two miles south of downtown Jacksonville. Marsh & Saxelbye originally developed the property, which locally based Sleiman Enterprises acquired in August 2019. The two-story, 8,200-square-foot building situated at 1974 San Marco Blvd. is currently vacant. A Starbucks Coffee occupies the space at 1980 San Marco, and a Beau Outfitters leases the building at 1972 San Marco. The facelift will focus mostly on exterior renovations, including adding a new roof, painting the property similar to its original color and adding a “winged” feature to Starbucks and Beau Outfitters. Sleiman is working with architect Jaycox Architects & Associates, as well as with the San Marco Preservation Society and residents of San Marco, to ensure the renovations evoke the building’s original integrity. A timeline for completion was not disclosed.

July 14, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 14,218 SF Retail Center in Roanoke, Texas

by Taylor Williams July 14, 2020

ROANOKE, TEXAS — Marcus & Millichap has arranged the sale of Roanoke Corners, a 14,218-square-foot retail center in Roanoke, located north of Fort Worth. The property was fully leased at the time of sale to tenants such as AT&T, Donut Paradise and Cinch Cleaners. Philip Levy of Marcus & Millichap represented the seller, a partnership, in the transaction. Levy also procured the buyer, a private investor. Both parties requested anonymity.

July 14, 2020

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