OAK ISLAND, N.C. — Halpern Enterprises has delivered Oak Island Market Place, a 35,800-square-foot, Publix-anchored property in Oak Island. Publix occupies 28,800 square feet. The remaining restaurant and retail space is available for lease. The property is situated at 5001 E. Oak Island Drive, 36 miles south of downtown Wilmington. This is the ninth shopping center Halpern has developed or redeveloped with a Publix anchor and the fourth in North Carolina.
SAN ANTONIO — Dallas-based Elm Creek Real Estate has acquired Woodlake Crossing, a 159,703-square-foot retail power center located at 6212 Woodglen Drive in San Antonio. Tenants include Ross Dress for Less, Petco and Office Max. Kevin Catalani of CBRE represented the seller, Illinois-based InvenTrust Properties, in the transaction. Elm Creek also owns the building that shadow-anchors the center, which was previously occupied by Target.
EAST PEORIA, ILL. — Panera Bread has opened a new location at The Levee District in East Peoria in central Illinois. The 4,380-square-foot restaurant is located at 496 W. Washington St., across from Target. Panera Bread relocated from Camp Street Crossing. The new location features a drive-thru and outdoor patio. While full access to the dining room is not yet available due to COVID-19 restrictions, the restaurant is offering curbside pickup, contactless delivery, drive-thru and catering. Cullinan Properties Ltd. owns The Levee District.
SEDONA, ARIZ. — SRS Real Estate Partners has arranged the sale of The Collective Sedona, a shopping center located at 7000 AZ-179 in Sedona. An Arizona-based private investor sold the asset to a California-based private investor for $11.7 million. Built in 2000 and 2003, the six-building property features 52,518 square feet of retail space on 6.2 acres. At the time of sale, the property was 84 percent occupied by a variety of tenants, including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. Sean Thomas of the SRS National Net Lease Group’s Phoenix office represented the seller, while Jim Ashcraft of Ashcraft Investment Co. represented the buyer in the transaction.
BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.
BOSTON — Craft brewing companies, liquor distilleries and wineries that also serve food have been included in Phase II of the Massachusetts reopening plan, according to a statement by Gov. Charlie Baker on Monday, June 1. The ruling clarified initial confusion as to whether craft beverage producers would be treated as restaurants, which will reopen in Phase II, or bars, which will reopen in Phase III. The state, particularly the metro Boston area, is known for a robust community of craft breweries, including Boston Beer Co., owner of Samuel Adams Boston Brewery. However, beverage producers that do not also serve food will be treated as bars. Massachusetts began Phase I of its reopening plan, which included the gradual reopening of outdoor services, construction, personal services, curbside retail and office space, on May 18. Gov. Baker is expected to decide if the state will proceed to Phase II, which includes in-store retail, restaurants, lodging and additional personal services, on Monday, June 8. As of June 2, the Centers for Disease Control and Prevention reported more than 100,800 cases of COVID-19 in Massachusetts and more than 7,000 deaths.
NEW YORK CITY — Urban Edge Properties, a New York City-based management company, has launched dedicated grab-and-go shopping services at select retail properties in New York and New Jersey. Urban Edge will offer short-term parking spaces located near stores that allow shoppers to pick up items ordered online or briefly enter the store. The spaces are designed to limit the amount of time customers physically spend in stores and to emphasize social distancing as retailers gradually begin to reopen their stores amid the COVID-19 outbreak. Urban Edge has launched the new service at 16 properties, including Bergen Town Center and Hudson Mall in Jersey City and Burnside Commons in New York. Additional properties will launch the program throughout June and July. Restaurant and other essential retailers are already using the parking spots.
LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood, Kan.-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased more broadly both domestically and internationally. AMC today released preliminary results from its first quarter that ended March 31. Total revenues for the three months amounted to $941.5 million, compared with $1.2 billion the same time period last year. Net loss for the first quarter is projected between $2.1 billion and $2.4 billion. Net loss for the same time period in 2019 was $130.2 million. As of April 30, AMC had a cash balance of $718.3 million. Second-quarter results are projected to be worse. AMC operates 1,000 theaters and 11,000 screens across the globe. It closed all 630 U.S. locations in mid-March. AMC’s stock price closed at $5.65 per …
BLOOMFIELD HILLS, MICH. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May. Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting for approximately 7.5 percent of annualized base rent. Agree has sold seven properties for gross proceeds of approximately $16.6 million quarter-to-date through May 29. Agree has also executed a new 20-year net lease with an undisclosed tenant for its former Art Van flagship store in Canton, Mich. Rent is expected to commence in the latter half of the third quarter. This was the only Art Van furniture store in the company’s portfolio. Bloomfield Hills-based Agree primarily engages in the acquisition and development of properties net leased to retail tenants. As of March 31, the company owned and operated a portfolio of 868 properties in 46 states with a gross leasable …
HOLLAND, MICH. — Pet Supplies Plus will open at a former Pier 1 Imports store in Holland in western Michigan. The 9,000-square-foot space is located at Tolson Enterprise’s North Park Plaza shopping center, which is home to Walmart and Sam’s Club. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment, along with Bialow Real Estate, represented Pet Supplies Plus in the new lease.
