CINCINNATI — Digital sales at the Kroger Co. (NYSE: KR) increased 92 percent in the first quarter, according to the company’s latest financial results. Total company sales were $42 billion in the first quarter, compared with $37 billion for the same period last year. Cincinnati-based Kroger does not separately break out its e-commerce sales from total sales. Excluding fuel and dispositions, sales grew 19.1 percent. Kroger’s first quarter ended on May 23. Kroger says its most urgent priority during the pandemic has been “to provide a safe environment for associates and customers with open stores, e-commerce solutions and an efficiently operating supply chain.” Kroger has invested more than $830 million to reward associates and safeguard its employees, customers and communities. The company’s stock price closed at $31.80 per share on Thursday, June 18, up from $23.64 one year ago.
ODESSA, FLA. — Publix Super Markets Inc. has opened a 25,147-square-foot GreenWise Market in Odessa, its fourth Florida location for the grocer. The organic grocery store is situated within Preserve Marketplace, a shopping center located along State Road 54 about 25 miles north of Tampa. The Sembler Co. is the owner of the newly built, 56,331-square-foot shopping center. The new GreenWise includes five “experience zones” labeled Cares (vitamins and soaps), Cuts (meats), Eats (prepared meals including sandwiches and pizza), Finds (wine and cheese) and Pours (a bar serving wine, coffee and beer that patrons can drink while shopping). The store also features a mural by artist Candace Knapp. There are currently eight open GreenWise locations in the Southeast, and another is set to open on Saturday, June 20 in Ponte Vedra, Fla. Publix also plans to open a GreenWise at Channelside in downtown Tampa next year.
LOS ANGELES — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure Fish House and Finney’s Crafthouse & Kitchen. The project team included Mike Lebeman of JLL’s Project and Development Services group and Moorefield Construction. The full development includes a recently completed, three-story medical office building occupied by Kaiser Permanente, a 100-room Hampton Inn & Suites slated for completion in 2021 and a 266-unit apartment community scheduled to open this fall.
ST. LOUIS — Tarlton Corp. is serving as the general contractor for the reimagining of Tower Tee in St. Louis. Plans call for a 27-acre golf and recreation complex. Originally opened in 1963, Tower Tee was home to batting cages, an 18-hole golf course, a driving range and miniature golf. In 2018, the owners closed the business. Steve Walkenbach of Scottrade purchased the site in May 2019. The new Tower Tee Golf Complex will feature a 6,000-square-foot clubhouse, two single-level driving ranges, a two-story driving range, covered practice tee boxes, a nine-hole golf course, an outdoor training area, concession area and two outdoor pavilions. Non-golfers can enjoy a miniature golf course, bocce courts and batting cages. Construction is expected to begin in July with completion slated for next year. FGM Architects is the project architect. Art Schaupeter, a member of the American Society of Golf Course Architects, designed the new nine-hole course.
BEAUFORT, S.C. — The Stellar Group has completed the $2.7 million renovation of Marine Corps Exchange (MCX) on the Marine Corps Air Station in Beaufort. Stellar upgraded the 16,000-square-foot mall and food court, as well as the adjacent 6,500-square-foot fueling station. MCX carries items needed for a quick one-stop shopping experience for personnel, including men’s and women’s athletic wear, athletic shoes, beauty aids, personal care, military gifts and electronics. The United States Marine Corps Non-Appropriated Funds (NAF) and Appropriated Funds (APF) provided the capital for the design and construction of the renovation. U.S. Army Installation Management Command (IMCOM) managed the contract.
PENNSAUKEN, N.J. — Soloff Realty & Development Inc. has arranged the sale of a 20,000-square-foot retail building in Pennsauken, an eastern suburb of Philadelphia. Located at 7937 S. Crescent Blvd., the freestanding building was constructed in 1985 and offers convenient access to State Route 130. At the time of sale, furniture store Howard Hill was the sole tenant of the building. David Dunkelman of Soloff represented the seller, Shane Properties Inc., in the transaction. A local investment firm purchased the building for an undisclosed price.
PHOENIX AND MESA, ARIZ. — Newmark Knight Frank (NKF) has brokered the sales of three retail properties totaling 48,188 square feet in Phoenix and Mesa. The properties include Don Carlos Plaza, located at 2651-2667 W. Baseline Road in Mesa; Meineke, located at 2056 W. Southern Ave. in Mesa; and Fairway Plaza, located at 5843 W. Indian School Road in Phoenix. Terms of the transactions were not released. Chase Dorsett, Steve Julius and Jesse Goldsmith of NKF represented the sellers for the Don Carlos Plaza and Meineke deals and both parties at Fairway Plaza.
VICTORVILLE, CALIF. — A private Orange County, Calif.-based developer has completed the disposition of a retail property located at 14528 Palmdale Road in Victorville. A private 1031-exchange investor acquired the building for $9.9 million. Cardenas, a Hispanic grocery store, occupies the asset. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of Newmark Knight Frank represented the seller, while Ed Barkett of Atlas Properties represented the buyer in the deal.
By Steve Nowak, Siegel Jennings Co. A recent decision from an Ohio appeals court highlights a developing and troubling pattern in the state’s property tax valuation appeals. In a number of cases, an appraiser’s misuse of the highest and best use concept has led to extreme overvaluations. Given its potential to grossly inflate tax liabilities, property owners and well-known tenants need to be aware of this alarming trend and how to best respond. In the recently decided case, a property used as a McDonald’s restaurant in Northeast Ohio received widely varied appraisals. The county assessor, in the ordinary course of setting values, assessed the value at $1.3 million. Then a Member of the Appraisal Institute (MAI) appraiser hired by the property owner calculated a value of $715,000. Another MAI appraiser, this one hired by the county assessor, set the value at $1.9 million. The average of the two MAI appraisals equals $1.3 million, closely mirroring the county’s initial value. Despite the property owner having met its burden of proof at the first hearing level, the county board of revision rejected the property owner’s evidence without analysis or explanation. The owner then appealed to the Ohio Board of Tax Appeals (BTA). …
DALLAS — The Communication Workers of America (CWA) has announced that Dallas-based AT&T has informed the telecommunications and IT union its plans to permanently shutter 250 AT&T Mobility and Cricket Wireless stores. The move would impact 1,300 retail jobs. There are currently more than 16,000 AT&T retail locations in the United States, including authorized retailers and company-owned stores and kiosks. CWA also reports that A&T plans to cut 3,400 technician and clerical jobs across the country over the next few weeks. The Dallas Morning News reports that AT&T had to inform CWA, which represents 100,000 AT&T workers, of the planned job cuts due to a collective bargaining agreement covering the workers. The newspaper also reports the job cuts and store closures are part of AT&T’s $6 billion cost-cutting plan. According to CWA, AT&T’s CEO Randall Stephenson pledged in 2017 to create 7,000 new jobs if President Donald Trump’s corporate tax cuts passed. Instead, a CWA review of AT&T’s quarterly reports shows that the company has cut over 41,000 jobs, not including the planned cuts announced June 16.