Retail

Roark Capital Invests $200M in The Cheesecake Factory Amid Pandemic-Related Closures

by John Nelson April 21, 2020

ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …

April 21, 2020

Loans New Jersey Northeast Retail

NJEDA, Local Institutions to Provide Over $20M in Financing to Small Businesses Impacted by COVID-19

by Alex Patton April 20, 2020

TRENTON, N.J. — The New Jersey Economic Development Authority (NJEDA) has partnered with six community development financial institutions (CDFIs) to provide between $20 million and $30 million in low-cost financing to small businesses and nonprofits impacted by COVID-19. The CDFI Emergency Loan Loss Reserve Fund is a $10 million capital reserve fund that the NJEDA will use to take a first loss position on COVID-related loans that provide low-interest working capital to small businesses that have been negatively impacted by the outbreak. The NJEDA will back these loans up to 50 percent if they default in the future. Institutions including New Jersey Community Capital, UCEDC, Regional Business Assistance Corporate, Cooperative Business Assistance Corp., Greater Newark Enterprise Corp. and 1st Bergen Federal Credit Union will all participate in the CDFI Emergency Loan Loss Reserve Fund.

April 20, 2020

Connecticut Leasing Activity Northeast Retail

AutoZone Signs 7,500 SF Retail Lease in Branford, Connecticut

by Alex Patton April 20, 2020

BRANFORD, CONN. — AutoZone has signed a 7,500-square-foot retail lease in Branford, an eastern suburb of New Haven. The auto parts retailer will be the principle tenant of the 9,331-square-foot building, which is located at 854 W. Main St., Route 1. Kevin Daly of Sullivan Hayes Northeast represented AutoZone in the lease negotiations. Ron Lyman of Lyman Real Estate represented the landlord, LA-IN-USA LLC.

April 20, 2020

Development Florida Retail Southeast

International Management Co. to Develop Publix-Anchored Center in Jacksonville’s Northside District

by Alex Tostado April 20, 2020

JACKSONVILLE, FLA. — International Management Co. LLC will develop Northpoint Village Shopping Center, a planned 88,000-square-foot shopping center in Jacksonville’s Northside submarket. A 48,387-square-foot Publix will anchor the property, which will be built in phases. Phase I will comprise the Publix and 16,600 square feet of inline space adjacent to the grocer, as well as five outparcels. Completion of Phase I is slated for summer 2022. Depending on demand, Phase II may be developed in conjunction with Phase I or at a future date with entitlements to develop up to 64,000 square feet of retail, medical and/or office uses. At completion, Northpoint Village will consist of approximately 142,000 square feet spanning 27 acres. The property is situated at the intersection of New Berlin and Yellow Bluff roads, 15 miles north of downtown Jacksonville.

April 20, 2020

Arkansas Company News Retail Southeast

Walmart Reaches Goal to Hire 150,000 Associates, Pledges to Hire 50,000 More Amid COVID-19 Crisis

by Alex Tostado April 20, 2020

BENTONVILLE, ARK. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. Walmart said it worked with more than 70 companies that furloughed workers to hire the associates. In stores, Walmart will hire cashiers, stockers and personal shoppers. In distribution centers and fulfillment centers, it will hire additional fillers and pickers. Walmart also plans to add more drivers to its fleet. Walmart is considered an essential business, so its doors remain open and its e-commerce operations are still running as well.

April 20, 2020

298-Kingsbury-Grade-160-Pineridge-Dr-Stateline-NV

Acquisitions Industrial Mixed-Use Nevada Office Retail Western

Dickson Commercial Arranges $2.7M Sale of Mixed-Use, Multi-Tenant Asset in Nevada

by Amy Works April 20, 2020

STATELINE, NEV. — Dickson Commercial has negotiated the sale of a two-building property located at 298 Kingsbury Grade and 160 Pineridge Drive in Stateline. Kingsbury General Improvement District acquired the assets from JM Ranches for $2.7 million. The two multi-tenant properties offer a total of 15,788 square feet of office, industrial and retail space. Travis Hansen of Dickson Commercial Group represented the seller in the transaction.

April 20, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Barber Murphy Negotiates 1,381 SF Lease for Papa John’s in O’Fallon, Illinois

by Kristin Harlow April 20, 2020

O’FALLON, ILL. — Barber Murphy has negotiated a 1,381-square-foot retail lease for Papa John’s USA Inc. in O’Fallon near St. Louis. OHM Family Enterprises LLC is the landlord for the property, which is located at 105-106 Regency Park Plaza Drive. Barber Murphy represented both parties in the lease.

April 20, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $3.2M Sale of Shoppes at Veranda Park in Orlando

by Alex Tostado April 17, 2020

ORLANDO, FLA. — SRS Investment Properties Group has brokered the $3.2 million sale of Shoppes at Veranda Park, the ground-floor retail portion of a four-story condominium building in Orlando. Shoppes at Veranda Park houses eight retail tenants spanning 17,603 square feet. At the time of sale, the property was fully leased to tenants including Rhythm Dance Academy, Goodwill, Axianta Financial Partners, Filutowski Eye Institute, Gemini Hookah Lounge, Easy Work Space, Alora Health Spa and Caterings Best. The property is located at 2295 S. Hiawassee Road, nine miles west of downtown Orlando and within MetroWest. The master-planned, 1,805-acre MetroWest development features 10,000 residential units spread over a wide range of single-family homes, apartments, townhomes and condominium developments. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, Unicorp National Developments Inc., in the transaction. John Krzyminski and Max Krzyminski of JLL represented the undisclosed buyer.

April 17, 2020

Acquisitions Arizona Restaurant Retail Western

Winlee Development Sells Two Buildings at Chandler Viridian Primegate in Arizona for $12.8M

by Amy Works April 17, 2020

CHANDLER, ARIZ. — Winlee Development has completed the disposition of the last component of Chandler Viridian Primegate for $12.8 million. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the four-building project for a total of $20.8 million, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components are the Panera building, which sold for $4.3 million, and The Sicilian Butcher restaurant, which sold for $3.7 million. Winless Development, the commercial real estate division of Phoenix-based Winfield Lee Investments, developed Primegate. Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions. Primegate is the restaurant and retail portion of Chandler Viridian, a 25-acre, $250 million, mixed-use project located at the entrance of Chandler Fashion Center in Chandler. A consortium that includes Hines, Winlee Development, Alliance Residential and Concord Hospitality is developing the larger Chandler Viridian project. The development features office, residential, hospitality, restaurant and retail space, as well as wellness trails, fountains and a dog park. The Primegate development team includes Alliance Bank, Berry Riddell, Sacks Tierney, Wespac Construction, Reigle & Associates and Larson Engineering. CBRE’s …

April 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.2M Sale of CVS Pharmacy-Occupied Property in Suburban Chicago

by Kristin Harlow April 17, 2020

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.

April 17, 2020

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