COON RAPIDS, MINN. — Upland Real Estate Group has arranged the $4.7 million sale of an investment property net leased to Caliber Collision in Coon Rapids. The names of the seller and buyer were not released. Caliber Collision has operated at this location in the suburbs of Minneapolis for 20 years and recently signed a new 15-year, triple-net lease with rent increases every 5 years. The property’s lease has a corporate guarantee by WAND NEWCO 3, which operates more than 1,100 stores in 37 states and the District of Columbia. Deb Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the seller in the deal.
UNIONDALE, N.Y. — Marcus & Millichap has brokered the sale of a 60,896-square-foot retail asset in the Long Island city of Uniondale that is net-leased to grocer ShopRite. The sales price was $19.5 million. Barry Wolfe and Glen Kunofsky of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. Brad Nathanson of Marcus & Millichap’s Institutional Property Advisors (IPA) division in Philadelphia procured the buyer. Michael Helpern and Christopher Marks in Marcus & Millichap Capital Corporation’s (MMCC) Manhattan office arranged acquisition financing for the buyer through a regional bank.
HOBOKEN, N.J. — New Jersey-based medical marijuana provider Harmony Dispensary will open the first such facility in Hoboken, located across the Hudson River from Manhattan. The dispensary will be located within a 5,000-square-foot building at 95 Hudson St. that previously housed a primary care provider. Jersey City-based Dresdner Robin, the land-use consultant for the project, has completed the revised rezoning requirements for the site. The satellite space is expected to come on line by the end of the year.
CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire revolving credit facility, experienced $215.3 million in losses over the first half of the year, and expected to enter foreclosure proceedings on four malls. Those properties include Park Plaza in Little Rock, Arkansas, with $77.6 million in outstanding debt; Hickory Point in Forsyth, Illinois, with $27.4 million outstanding; EastGate Mall in Cincinnati with $31.9 million outstanding; and Burnsville Center in Minneapolis with $64.5 million outstanding. In addition, CBL is in discussion with lenders about restructuring or extending a $64.5 million loan on Greenbrier Mall in Chesapeake, Virginia; a $63 million loan on Asheville Mall in Ashville, North Carolina; and a $131.5 million loan on Oak Park Mall in …
MOORESVILLE, N.C. — Lowe’s Home Improvement posted a 30 percent increase in same store sales during its second quarter, which ended July 31. The total sales reached $27.3 billion, compared with $21 billion in the second quarter of 2019. Lowe’s also invested $460 million during the quarter to support frontline hourly associates. In 2020, the company thus far has invested $560 million in COVID-19-related financial support for its associates and community pandemic relief, with a focus on minority and rural small businesses and healthcare workers. Mooresville-based Lowe’s is an essential retailer, meaning it has remained open throughout the COVID-19 pandemic. As of July 31, Lowe’s operates 1,968 home improvement and hardware stores in the United States and Canada.
FAIRFAX, VA. — Giant Food will debut a 53,000-square-foot grocery store in Fairfax. The store, situated at 9400 Fairfax Blvd., will open Friday. The new location is 15 miles west of downtown Washington, D.C., and will house 180 employees. The new Fairfax location will also support some of Giant’s services including Giant’s Pickup service, where shoppers place their grocery orders on GiantFood.com or through the Giant Food mobile app and in-store associates will hand-select, pack and deliver orders right to shoppers’ cars. The location will also be home to a full-service Starbucks with café seating, a beer/wine shop, full-service floral shop and a PNC bank.
MINNEAPOLIS — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales during the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s digital customer base expanded by some 10 million shoppers. Target’s stock price opened at $148.50 per share on Wednesday, Aug. 19, up 12 percent from the previous day and up 72 percent from $86.23 per share a year ago.
MESA, ARIZ. — Evergreen Devco has acquired an anchor-tenant building at the southwest corner of Mesa Drive and Southern Avenue in Mesa. Terms of the transaction were not released. Evergreen plans to redevelop the vacant, 30,400-square-foot property. The company is also working with a national retail tenant on a lease agreement to occupy the space, a former Big Lots location. The building is situated on approximately 89,000 square feet less than a quarter-mile from the Superstition Freeway (US 60), a popular retail and traffic corridor that has more than 180,000 residents within a three-mile radius.
GEORGETOWN, TEXAS — Harbor Freight Tools, a discount hardware and equipment retailer based in California, will open a 16,000-square-foot store in the northern Austin suburb of Georgetown this week. The store will be located within Republic Square, a retail center at the northeast corner of Interstate 35 and Williams Avenue that also houses tenants such as Dollar Tree, Starbucks and Chipotle Mexican Grill. Jeff Lewis and Brett Maze of Weitzman handled lease negotiations on behalf of the locally based landlord. CLD Realty represented the tenant.
BENTONVILLE, ARK. — Walmart’s e-commerce sales jumped 97 percent in the second quarter, which ended July 31. The Bentonville-based retailer increased its e-commerce capabilities, including increasing same-day delivery and curbside pick-up options as well as hiring at least 200,000 people during the pandemic. Walmart includes a grocery section, deeming the retailer essential and allowing it to remain open through the crisis. Additionally, the U.S. government passed the CARES Act, which included stimulus checks for millions of Americans. As a result of increased spending, Walmart’s same-store sales increased 9.3 percent in the second quarter. Total revenues rose 5.6 percent to $137.74 billion from $130.38 billion a year earlier. The company incurred $1.5 billion of COVID-related costs during the second quarter, including benefit payments and inventory purchases. Sales at Sam’s Club locations were up 8.8 percent in the second the quarter. E-commerce sales increased 39 percent.