Wednesday, June 25, 2025
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FloridaRetailSoutheast

ESJ Capital Partners Purchases Jungle Island Park in Miami for $60M

by John Nelson

MIAMI — ESJ Capital Partners has purchased Jungle Island, an 18-acre zoological park located on Watson Island along the MacArthur Causeway in Miami. The $60 million transaction includes transfer of the existing lease on the City of Miami-owned Watson Island to ESJ Capital, along with assuming existing park debt to the City of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development (HUD). ESJ Capital will renovate and expand the park in three phases and add a private beach club. The initial phase of the two-year, multimillion-dollar renovation will debut this summer and feature zip lines, children adventure areas, water slides and a crystal lagoon. Enhancements will also be made to the park’s banquet facilities. Jungle Island will continue to be managed by John Dunlap of Iconic Attractions Group, the San Diego-based company currently responsible for the park’s operations and day-to-day administrations.

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FloridaLoansRetailSoutheast

FirstBank Provides $22.3M Construction Loan for Retail Center in Miami Beach

by John Nelson

MIAMI BEACH, FLA. — FirstBank has provided a $22.3 million construction loan for a Michaels-anchored retail center located at 1824 Alton Road in Miami Beach. The borrower, Saber 1800 Alton LLC, will use the loan to develop the 32,491-square-foot property, which was formerly the site of a gas station. The borrower purchased the site in 2015 and signed Michaels to anchor the center with a 22,492-square-foot store. Mahesh Pattabhiraman and Elsie Alvarez of FirstBank closed the financing.

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RetailTexas

Marcus & Millichap Negotiates Sale of 12,169 SF Retail Center in Madisonville, Texas

by Taylor Williams

MADISONVILLE, TEXAS — Marcus & Millichap has negotiated the sale of Corral Plaza, a 12,169-square-foot retail property situated on 2.6 acres at 3303 E. Main St. in Madisonville, approximately halfway between Houston and Dallas. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a private investor, in the transaction, and procured the buyer, a limited liability company. At the time of sale, the center was 100 percent leased to tenants such as Subway, Shipley’s Donuts and Electric Vape.

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RetailTexas

Baker Katz Sells Land, Building Occupied by Advance Auto Parts in Houston

by Taylor Williams

HOUSTON — Baker Katz, a Houston-based brokerage firm, has completed the sale of 30,000 square feet of land, on which resides a 7,000-square-foot retail building occupied by Advance Auto Parts. The property lies at the intersection of Farm to Market Road 1960 and Aldine Westfield Road on Houston’s north side. Baker Katz purchased the land in 2016 and constructed the freestanding store on behalf of Advance Auto Parts. Bob Moorhead of Trivanta represented Baker Katz in the transaction. The name and representative of the buyer, a private investor, were not released.

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MidwestMissouriRestaurantRetailTop Stories

JAB Continues Expansion into U.S Restaurant Industry with $7.5B Acquisition of Panera Bread

by John Nelson

ST. LOUIS — JAB Holding Co., the private investment firm that purchased Krispy Kreme Doughnuts last year, has agreed to purchase Panera Bread Co. (NASDAQ: PNRA) in a transaction valued at approximately $7.5 billion. JAB will acquire Panera Bread for $315 per share in cash and will assume approximately $340 million of net debt. Panera Bread’s board of directors has unanimously approved the purchase agreement, which is expected to close in the third quarter of this year. “We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation and balanced company versus franchise store mix,” says Olivier Goudet, partner and CEO of JAB. “We are excited to invest in, and work together with, Panera’s management team and franchisees to continue to lead the industry.” As of Dec. 27, 2016, there were 2,036 bakery-cafes in 46 states and in Ontario, Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names. Information about whether or not the transaction will affect Panera Bread’s restaurant locations was not disclosed. After 25 years operating as a publicly traded company, Panera Bread will become private and continue to be operated independently by its management team. Speaking to The …

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FeaturesRetailTop Stories

M&M: Despite Department Store Closings, Retail Sales Boosted by Three Significant Trends

by Kristin Harlow

Retail sales vaulted 4.4 percent in 2016, driven by consistent job growth, wage growth and high consumer confidence, according to a research brief from Marcus & Millichap. These three trends have fostered a strong retail consumption environment that will continue to support retail center performance. Consistent job growth saw the addition of 2.4 million workers in 2016. Wage growth has averaged 2.3 percent annually and consumer confidence has remained near decade highs. Obscuring the positive performance in local community retail establishments was the department store closures from Sears, Macy’s and JC Penney, as well as the bankruptcy of hhgregg. In 2016, sales fell 5.6 percent in the department store segment and 6 percent for electronics retailers. Other specialty stores, such as Ulta Beauty and Dick’s Sporting Goods, have reported strong sales growth and opportunity for expansion. Ulta Beauty unveiled plans for 100 new locations over the coming year. Sales in the health and personal care sector grew 6.1 percent last year. Dick’s Sporting Goods plans to open 43 new stores this year. Sporting goods sales rose 4.6 percent. Vigorous grocery demand continues in local communities. Grocery chains will anchor and open more than 280 local neighborhood centers this year. As …

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FloridaRetailSoutheast

The Home Depot Buys 22 Acres in Tampa Bay Area

by John Nelson

BRADENTON, FLA. — The Home Depot has purchased 22 acres in Bradenton, a city within the Tampa Bay area near Sarasota, for a new store. Ken Stephens of Retail Property Advisors represented the Atlanta-based retailer in its purchase of the site located at the corner of state Road 64 and Morgan Johnson Road. The site is an assemblage of three different tracts with three separate owners. David Gustafson of Wagner Realty represented one of the sellers in the transaction. Stephens worked with Rich Kingan of Kingan Commercial and Mike Chadwick of The Ferber Co. to bring the deal to fruition.

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IllinoisMidwestRetail

Mid-America Arranges $13M Sale of Shopping Center in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Sheridan Village in Peoria for $13 million. The 310,094-square-foot shopping center is located at the intersection of Sheridan Road and Lake Avenue. The grocery-anchored center includes Hy-Vee, Bergner’s and Planet Fitness. Toronto, Canada-based Northbridge Investment Management purchased the center. Joe Girardi of Mid-America brokered the transaction on behalf of the seller, Cincinnati-based Viking Partners.

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Company NewsKansasMidwestRetailTop Stories

Payless ShoeSource Files for Bankruptcy, Plans to Close 400 Stores

by Nellie Day

TOPEKA, KAN. — Payless ShoeSource has filed for Chapter 11 bankruptcy and announced plans to immediately close nearly 400 underperforming stores. The company, which bills itself as the largest specialty family footwear retailer in the Western Hemisphere, currently operates approximately 4,400 stores in more than 30 countries. The shoes and accessory retailer was founded in 1956 in Topeka, Kan. “This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” says W. Paul Jones, the company’s CEO. “We will build a stronger Payless.” Payless has entered into a Plan Support Agreement (PSA) with its lenders to reduce its debt load by almost 50 percent. The plan will also allow Payless to lower its annual cash interest costs, access additional capital and provide a path to emergence from Chapter 11 with a sustainable capital structure. The agreement will also allow Payless to invest in areas that may provide further growth, including omnichannel expansion, product and inventory initiatives, and international expansion in Latin America and elsewhere. The company plans to optimize its store footprint through the immediate store closures, as well as managing its existing real estate lease portfolio. This may include modifying …

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Market ReportsMassachusettsNortheastNortheast Market ReportsRetail

E-commerce Impacts Retail Market in Eastern Massachusetts

by Taylor Williams

Retail vacancy levels declined in 2012 and 2013 in Eastern Massachusetts following several years of rising vacancy rates during the Great Recession. But since 2013, vacancy rates have been on the rise as shopping habits continue to tilt toward online options. In 2016, retail inventory gained modestly, reaching 194.2 million square feet, an increase of 0.5 percent, although no major center opened during the year. The region added 488,800 square feet of vacant retail space, and the vacancy rate increased to 9 percent. Big box closings — notably Sam’s Club, JCPenney, and Kmart — and the departures of Citibank and City Sports, were the primary cause of increasing vacancy. Nonetheless, the region experienced positive absorption, netting 573,600 square feet. As reported in The KeyPoint Report: Eastern Massachusetts/Greater Boston, Boston and Cambridge ranked one and two in the list of top 10 towns by retail square footage. Abington tops the rankings for lowest vacancy rate. Eight of the top 10 towns with the highest vacancy rates are repeats from the previous year; new additions include Wrentham, site of the 135,000-square-foot Wrentham Crossing, which is vacant and currently for sale. The under-2,500-square-foot size classification remains the largest segment of the market, and …

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