ATLANTA — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.
PHOENIX — Orion Investment Real Estate has brokered the sale of The Shops at 38th Street, a shopping center located in Phoenix’s Arcadia neighborhood. Richard Oliver sold the asset to Alturas Shops at 38th LLC for $6.1 million, or $265 per square foot. The approximately 23,018-square-foot property was fully occupied at the time of sale. Tenants include the Whining Pig, Crumbl Cookies, Club Pilates, H&R Block, Blind Tiger Tattoo, Team 44 Fitness, BoSa Donuts and Autumn Court. Nick Miner of Orion Investment Real Estate represented the seller in the deal.
CINCINNATI — Asia Capital Realty Estate (ACRE) has provided $68.5 million of floating-rate debt to refinance City Club Apartments. The loan, which was underwritten with a loan-to-value ratio of 63.4 percent, has a two-year term and two single-year extension options. Located at 309 Vine St. in Cincinnati, City Club Apartments is a mixed-use property featuring 294 apartments and penthouses, 31,928 square feet of office space and 17,498 square feet of retail space. The sponsor acquired the property in 2016 as a vacant office building and recently repositioned the asset into a Class A mixed-use apartment community. At the time the financing closed, 90 percent of the multifamily units were leased, 100 percent of the retail space was leased and 67 percent of the office space was occupied. Chicago-based Draper and Kramer brokered the transaction.
By Alex Patton During the business lull caused by the outbreak of COVID-19, fast casual sandwich chain Jersey Mike’s made news by rolling out a $150 million nationwide retrofit project for its stores. The project will include aesthetic and comfortability upgrades for 1,700 franchise stores, as well as expanded functionality for delivery and pick-up services — all paid for by the company. “Paying for the retrofits ourselves is a tactical move on our part,” says Peter Cancro, CEO of Jersey Mike’s. “Whenever you put money in your business, it always comes back. It’s an investment into our people — every dollar we put into the project we’ll get back in loyalty and trust from our franchise owners and our customers.” The Manasquan, New Jersey-based company operates approximately 1,750 stores across 48 states and plans to expand to 2,000 by the end of 2021. Though the company is growing its store count quickly, it is still a relatively small player in the national sandwich game. By comparison, Jersey Mike’s two closest competitors, Subway and Jimmy John’s, operate 24,000 and 2,800 stores in the United States, respectively. Amid state-mandated temporary closures of retail stores and restaurants, Jersey Mike’s was able to continue …
SUFFOLK, VA. — Cushman & Wakefield | Thalhimer has negotiated the $2.7 million sale of Obici Shops, a 7,600-square-foot retail property in Suffolk. The property is located at 1910 N. Main St., two miles north of downtown Suffolk. The asset was leased to Chartway Federal Credit Union and Jersey Mike’s at the time of sale. Clark Simpson of Cushman & Wakefield | Thalhimer represented the buyer, Battlefield Consolidated Properties LLC, in the transaction. Venture Obici LLC sold the property.
NEW YORK CITY — Rent the Runway, a New York City-based online service that provides rentals of designer clothes and accessories, will close its stores around the country in order to focus on building its digital platform, according to reports from CNBC and The Wall Street Journal. The New York City-based company will close its stores in Los Angeles, Chicago, San Francisco and Washington, D.C., while its flagship store in New York City will be converted into a permanent drop-off site for product distribution. CNBC reports that the company intends to grow its network of drop-off locations, and has partnered with apparel retailers Nordstrom and West Elm as part of that initiative.
TEMPLE, PA. — Marcus & Millichap has arranged the $11.5 million sale of a 21,850-square-foot retail center in the eastern Pennsylvania city of Temple. The newly built property is situated on 3.2 acres and houses tenants such as Chick-fil-A, Panera Bread, Mod Pizza and Visions Credit Union. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a 1031 exchange investor.
HOWELL, MICH. AND CHILLICOTHE, OHIO — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 million. The second property spans 204,184 square feet and is located at 85 River Trace Lane in Chillicothe, about 48 miles south of Columbus. It sold for approximately $11 million to Agree LP, an institutional investor. Both buildings were constructed in the 1990s and sit on roughly 20 acres.
NORTHFIELD, ILL. — Design Construction Concepts, a subsidiary of Mosaic Construction, has begun building out a new location for Brightmont Academy in Northfield, about 20 miles north of Chicago. The project will be located within a former showroom at 1799 Willow Road and adjacent to a Starbucks. The 3,500-square-foot buildout will retain many of the existing ceiling features and wall treatments. OKW Architects is designing the space to meet the needs of Brightmont’s educational model, which pairs one student with one teacher.
CHICAGO — Marcus & Millichap has brokered the sale of Galewood Plaza in Chicago for $2.7 million. The 14,071-square-foot retail property is located at 6600 W. North Ave. It was fully leased at the time of sale to tenants such as Jackson Hewitt, CD One Price Cleaners and Cricket Wireless. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. The buyer was undisclosed.