Retail

Greystar Completes 13-Story The Pullman Apartment, Retail Community in Denver

by Amy Works August 28, 2020

DENVER — Greystar, as owner and operator, has completed the construction of The Pullman, an apartment and retail community located at 1959 Wewatta St. in Denver’s Union State neighborhood. Designed by The Mulhern Group, the 13-story property features 168 apartments in a mix of one-, two- and three-bedroom layouts plus two-story penthouses. Units range from 819 square feet to 3,784 square feet and offer KitchenAid gas cooktops, quartz countertops, engineered hardwood flooring and custom wood cabinetry. Penthouses suites include in-wall fireplaces, secondary butler’s entrances, full-body showers and Wolf and Subzero appliances. Community amenities include a hotel-style lobby, 8,000-square-foot rooftop and spa terrace, outdoor kitchen and dining area, fitness center and yoga studio, billiards lounge with wet bar, pet spa, bicycle storage, demonstration kitchen, members-only club room, and a coffee and tea bar. The property also features 3,500 square feet of ground-floor retail space, plus above- and below-ground structured parking for 212 vehicles.

August 28, 2020

Features Heartland Feature Archive Michigan Midwest Retail

Pandemic Accelerates Need for Omnichannel Presence, Say Retail Webinar Panelists

by Kristin Harlow August 28, 2020

As the nation’s retailers adapt to more curbside pickup and outdoor offerings as a result of COVID-19, what will happen in cold-weather states like Michigan once winter hits? Panelists pondered this question during “Michigan Retail Outlook,” a webinar hosted by Shopping Center Business and Heartland Real Estate Business that took place Tuesday, Aug. 25. “We have tenants that are expanding their outdoor seating and planning ahead for winter by adding covers, plastic vinyl or outdoor heaters,” said Mike McBride, senior vice president of asset management for RPT Realty, which has an office in Southfield, Mich. “We’re seeing them expand for the long term with outdoor equipment.” Joining McBride on the panel were Deno Bistolarides of Encore Real Estate Investment Services, Thomas Litzler of Schostak Brothers & Co., Cynthia Kratchman of Mid-America Real Estate — Michigan, Nathan Forbes of The Forbes Co. and Eric Larson of Downtown Detroit Partnership. Todd Sachse of Sachse Construction moderated the discussion. “Europe has lived with outdoor seating 12 months per year forever,” noted Forbes, who is managing partner in Southfield, Mich. “There have to be ways to keep that outdoor space open during the winter months through temporary heating or other measures. We have to …

August 28, 2020

Leasing Activity Northeast Pennsylvania Retail

DSW Opens 15,616 SF Store at Fashion District Philadelphia

by Taylor Williams August 27, 2020

PHILADELPHIA — Designer Shoe Warehouse (DSW) has opened a 15,616-square-foot store at Fashion District Philadelphia, a shopping, dining and entertainment destination in the Center City neighborhood. DSW’s opening comes on the heels of the debuts of tenants such as Kate Spade Outlet and Industrious, as well as the re-openings of Candytopia and Wonderspaces. Pennsylvania Real Estate Investment Trust (PREIT) owns Fashion District Philadelphia.

August 27, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $3.7M Sale of Retail Building in Algonquin, Illinois

by Kristin Harlow August 27, 2020

ALGONQUIN, ILL. — Marcus & Millichap has arranged the sale of a 7,926-square-foot retail building in Algonquin for $3.7 million. Located at 1496 S. Randall Road, the property serves as an outparcel to a Walmart Supercenter. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a developer. A Midwest-based investment company purchased the asset, which was fully leased at the time of sale to The Vitamin Shoppe, FedEx and Bentley’s Pet Stuff.

August 27, 2020

Acquisitions Illinois Midwest Restaurant Retail

Hanley Investment Group Brokers $3.5M Sale of Panera Bread-Occupied Property in East Peoria, Illinois

by Kristin Harlow August 27, 2020

EAST PEORIA, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.5 million sale of a newly constructed retail property occupied by Panera Bread in East Peoria, about 70 miles north of Springfield. The 4,380-square-foot, drive-thru location is situated within a 650,000-square-foot mixed-use development known as The Levee District. Jeff Lefko and Bill Asher of Hanley represented the seller, Cullinan Properties Ltd. David Rush of CBRE represented the buyer, a Santa Barbara, Calif.-based private investor.

August 27, 2020

Leasing Activity Retail Texas

Dick’s Sporting Goods to Open 45,000 SF Store at Simon’s Midland Park Mall This Weekend

by Taylor Williams August 27, 2020

MIDLAND, TEXAS — Dick’s Sporting Goods will open a 45,000-square-foot store at Simon’s Property Group’s Midland Park Mall in West Texas. The grand opening will be held over the course of this weekend. The enclosed shopping and dining destination was built in 1980 and is currently anchored by J.C. Penney, Bealls and Ross Dress for Less. Pittsburgh-based Dick’s Sporting Goods, which also opened three new stores in Northeastern malls this month, as well as one in metro Atlanta, is backfilling an anchor space at Midland Park Mall that was previously occupied by Dillard’s.

August 27, 2020

Acquisitions Arizona Retail Western

Phillips Edison Sells 100,486 SF Safeway Center at Lake Powell in Arizona

by Amy Works August 27, 2020

PAGE, ARIZ. — Cincinnati-based Phillips Edison & Co. has completed the disposition of Safeway Center at Lake Powell, a shopping center located at 608 Elm St. in Page. A private investor from Beverly Hills, Calif., acquired the 100,486-square-foot asset for an undisclosed price. Safeway anchors the 100,486-square-foot shopping center, which was 93 percent occupied at the time of sale. Other tenants include Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was built in 1986 and renovated in 1990. Hanley Investment Real Estate Advisors represented the seller, while Kalen Rickard of Phoenix-based Western Retail Advisors represented the buyer.

August 27, 2020

California Civic Development Mixed-Use Restaurant Retail Western

Plenitude Holdings Plans 87-Acre Sports Entertainment Project Near Los Angeles

by Amy Works August 26, 2020

CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …

August 26, 2020

California Company News Retail Western

Nordstrom’s Net Sales Fall 53 Percent in Second Quarter, Operating Cash Flow Positive Despite Temporary Store Closures

by Amy Works August 26, 2020

SEATTLE — Seattle-based Nordstrom (NYSE: JWN) has reported a 53 percent decrease in net sales from last year for the second quarter ended Aug. 1, reflecting temporary store closures due to COVID-19. The company experienced a second-quarter net loss of $255 million, which included after-tax COVID-19-related charges of $14 million, a decrease from net earnings of $141 million during the same period in fiscal 2019. While the reductions were in line with the company’s expectations, Nordstrom still managed to generate positive operating cash flow of more than $185 million, with total liquidity of $1.3 billion, through improved merchandise margins and significant overhead cost reductions. The company’s exceeded cash flow enabled it to pay down $300 million on its revolving line of credit. “At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” says Erik Nordstrom, chief executive office of Nordstrom. During the first quarter, Nordstrom reduced its inventory by more than 25 percent to mitigate markdowns and seasonal inventory and bring in newness for customers, resulting in second-quarter merchandise margin trends improving and exceeding expectations. In preparation for its yearly anniversary sale, which began August, the company increased inventory to …

August 26, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Starbucks Ground Lease in Riverside, California

by Amy Works August 26, 2020

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the sale of the ground lease for a retail property located at 1303 University Ave. in Riverside. An Idaho-based private developer sold the asset to a California-based family office for $4.3 million. Starbucks occupies the property, which is located near University of California Riverside, under a new 20-year lease term with three 10-year options to extend, including 10 percent rental increases. Don MacLellan, Rich Chichester and Phil Ramming of Faris Lee, along with Cypress Retail Group, represented the seller in the deal.

August 26, 2020

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