MILFORD, CONN. — Press | Cuozzo Commercial Services has brokered the sale of a retail building in Milford, a western suburb of New Haven. Located at 135 Cherry St., the property is part of Milford Plaza, a 182,000-square-foot shopping center. Amity Physical Therapy will lease the building for its fourth store. Stephen Press of Press | Cuozzo represented the seller, Hale Properties LLC, in the transaction. Press also procured the buyer, Dow Enterprises LLC. The sales price was undisclosed.
HOUSTON — Locally based firm NewQuest Properties has brokered the sale of Inwood Forest Shopping Center, an 89,213-square-foot retail center located at 5700-46 W. Little York Road in Houston. About 75 percent of the six-acre property’s tenant roster consists of businesses that have been deemed essential. Grocer La Michoacana anchors the center. David Luther, Bob Conwell and Josh Friedlander of NewQuest represented the seller, RPI Interests I Ltd., and procured the buyer, Fahra International Inc.
DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, has implemented a program called Bedrock Relaunch, which will build off its rent relief program that began in March with three months of rent abatement. Through Bedrock Relaunch, the landlord will provide all eligible, operating restaurant and retail tenants with the option to waive all rent and fees for the month of June; waive base rent in favor of paying 7 percent of gross sales starting in July; and apply the security deposit toward reopening costs. The temporary lease amendments will span the remainder of 2020. “It is becoming clear that even when all businesses are able to reopen, it’s unlikely their sales volume will immediately return to pre-pandemic levels, and we want to make sure that rent payments aren’t a barrier to success,” says Matt Cullen, Bedrock CEO. “Dan Gilbert founded Bedrock 10 years ago on the principle that a landlord should be an invested partner with each tenant as well as a responsible corporate citizen. We are committed to doing everything we can to make sure we all come out of this together, including looking into experiential initiatives that will help drive traffic …
IOWA — Iowa Gov. Kim Reynolds has signed a new proclamation permitting the reopening of outdoor performance venues, casinos, bowling alleys, amusement parks, skating rinks, skate parks and outdoor playgrounds starting June 1. The proclamation enables bars, wineries, breweries, distilleries and social and fraternal clubs to reopen starting May 28 with the same public health measures that restaurants have put in place. Under the order, social or sports gatherings of more than 10 people are permitted if public health measures are implemented, including limiting attendance to 50 percent of capacity and maintaining six feet of distance between participants. The state has also extended the public health disaster emergency until June 25, extending regulatory relief to those affected by the pandemic.
DANVILLE, ILL. — Cresco Labs has opened its sixth cannabis dispensary in Illinois in the city of Danville, which is located in the eastern part of the state near the Indiana border. The dispensary is located at 369 Lynch Drive. Sunnyside Danville spans 4,800 square feet and is open seven days a week. Additional Sunnyside dispensaries are located in Chicago’s Wrigleyville, Elmwood Park, Buffalo Grove, Rockford and Champaign. Cresco plans to open additional stores in Chicago as well as locations in South Beloit and Schaumburg.
LOUISVILLE, KY. — Papa John’s International Inc. has reported its May sales were up 33.5 percent in the U.S. and Canada on a year-over-year basis, marking the second month in a row that the pizza chain recorded its highest sales on record, according to president and CEO Rob Lynch. The May sales period was recorded from April 27 to May 24, and the company said it will continue to provide monthly updates through the end of the second quarter. In April, the Louisville-based chain reported a 26.9 percent increase in sales. The introduction of contactless deliveries has helped spike sales, the company said in a press release. Additionally, Papa John’s reported a 7 percent increase in international sales during May. As of Sept. 29, 2019, Papa John’s had 3,296 locations in the U.S. and Canada and a total of 2,047 stores in 47 other countries.
CHATTANOOGA, TENN. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements and deferrals to several tenants and expect to collect April and May rents later in 2020 and into 2021. CBL also reported that its same-center net operating income (NOI) declined 8.7 percent year-over-year in March. Additionally, in an effort to save cash, CBL delayed approximately $60 million to $80 million in expenditures and redevelopments for 2020. CBL owns 91 total properties in 26 states, including Mayfaire Town Centre in Wilmington, N.C.; Fayette Mall in Lexington, Ky.; Brookfield Square in Milwaukee; The Outlet Shops at Atlanta in Woodstock, Ga.; and CoolSprings Crossing in Franklin, Tenn.
SYLACAUGA, ALA. — Marcus & Millichap has arranged the $12.9 million sale of a 178,420-square-foot Walmart in Sylacauga. The property, which was built in 1996, is double net-leased to Walmart with 11 years remaining on the lease. The asset is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the buyer, Agree Development, and the seller, RP Payton Park LLC, in the transaction.
WASHINGTON, D.C. — The National Retail Federation (NRF) has shown its support for the Pandemic Risk Insurance Act (PRIA), a proposed bill that would establish a federal program to help businesses obtain insurance coverage for future pandemics. PRIA is based on a model of the Terrorism Risk Insurance Act (TRIA), which was enacted following the attacks of Sept. 11, 2001, and grants companies the ability to get insurance money from a terrorist attack. “The development of a public-private partnership to address this risk will provide certainty for businesses and organizations of all sizes and will ensure that we can meet future pandemic events with greater resilience,” says NRF vice president for government relations, banking and financial services Leon Buck. The bill was written with input from Washington, D.C.-based NRF, which says the potential funding would only cover future pandemics and not provide coverage for the current COVID-19 outbreak. The funding would reimburse insurers when claims related to a pandemic or epidemic exceed $250 million nationwide. Coverage would also be required for large gatherings, ranging from sporting events to concerts to conventions, that are canceled. The program would be capped at $750 billion. The bill has been assigned to the House Financial …
AUSTIN, TEXAS — Texas Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs and food-court dining areas within shopping malls to resume operations at limited capacities. Beginning Friday, May 29, under Phase II of the state’s reopening plan, these establishments may reopen at 25 percent of their normal operating limits. All businesses must adhere to designated sanitation and social-distancing protocols as well. In addition, starting Sunday, May 31, recreational sports programs for adults can resume, but games and similar competitions may not begin until June 15. This announcement follows the governor’s plan to allow bars to reopen in advance of Memorial Day weekend.