CHICAGO — Foxtrot, a corner store, café and delivery market, has leased 1,739 square feet at The Shops at Tribune Tower in Chicago. Launched in 2013, Foxtrot offers grocery staples, sommelier-curated wine and locally sourced goods. The Chicago-based company currently operates 15 locations across Chicago, Washington, D.C., and Dallas. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story Tribune Tower, which is located at 435 N. Michigan Ave. Under the ownership of CIM Group and Golub & Co., the property has been transformed into 162 luxury condominium units. Foxtrot is slated to open in spring 2022.
EL CAJON, CALIF. — La Maestra Family Clinic has purchased a multi-tenant retail center located at 1242-1248 E. Main St. in El Cajon. Main Street Trust sold the asset for $6.4 million. The buyer plans to convert the vacant, 22,694-square-foot retail center into a community health center. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Keith Edwards of Keller Williams Realty Metro represented the buyer in the deal.
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role at another one of the retailer’s locations, according to CNBC. As part of the plan to close many of its stores, CVS Health will create new store formats. The retailer released three models for its new store layouts including sites dedicated to offering primary care services; an enhanced version of HealthHub locations with products and services designed for everyday health and wellness needs; and traditional CVS pharmacy stores that provide prescription services and health, wellness, personal care and other retail offerings. CVS Health plans to build 1,000 HealthHub locations by the end of the year, CNBC reports. This model includes a wider range of medical products and medical services from …
PHOENIX — SRS Real Estate Partners has arranged the sale of Arcadia Crossing, a grocery-anchored power center located at 44th Street and Thomas Road in Phoenix. A Phoenix-based family office sold the asset to a Denver-based family office for $65.8 million. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS represented the seller, while Pinnacle Real Estate Partners represented the buyer in the transaction. Situated on 44 acres, Arcadia Crossing features 453,457 square feet of retail space. At the time of sale, the property was 95 percent occupied. Tenants include Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, Costco, Ross Dress for Less, Petco and Five Below.
TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver have broken ground on a four-story, mixed-use multifamily property located at 5570 Rosemead Blvd. in Temple City. With a total construction value of $36.8 million, the project will feature 74 market-rate apartments in a mix of one-, two- or three-bedroom layouts; 11,000 square feet of commercial space; and a subterranean parking garage. The top floor will include 24 penthouse suites and the first floor will feature three live-work units with storefronts or walk-in office with loft space above. Community amenities will include a two-story fitness center; community room; business center with flex seating and a private conference room; and a podium-level courtyard with fire pits, water features and barbecues. Additionally, each level will have a Zen retreat for residents needing a quiet, private space. Completion of the project is slated for June 2023. C.W. Driver is working with Creative Design Associates on the project.
DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …
KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Kissimmee Korners, an 83,340-square-foot neighborhood center in Kissimmee, about 24.7 miles from Orlando. The seller, an entity doing business as Kissimmee Korners LLP, sold the property to an entity doing business as WWX2 LLC for $14.3 million. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. Houwen Zhou of Lokation Real Estate represented the buyer. Kissimmee Korners includes two one-story, multi-tenant retail buildings and one medical office/retail building. The multi-building center is 92.6 percent occupied and is anchored by Cano Health. Other tenants include Kissimmee Produce Market, T-Mobile, Florida Optical and Rent-A-Center. Renovated in 2006, the property is situated on 6.5 acres of land at the intersection of West Vine Street and North John Young Parkway. The property has 367 parking spaces.
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FORT LAUDERDALE, FLA. — CBRE has arranged the $17.1 million sale of Galleria Plaza, a 24,807-square-foot, multi-tenant retail center in Fort Lauderdale. David Donnellan and Patricia Friend of CBRE represented the seller, Sunrise Investment Properties LLC, a Florida-based entity managed by Stiles Corp., in the transaction. The property sold for close to $700 per square foot. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets secured acquisition financing on behalf of the buyer, Shawnick Galleria LLC, an entity affiliated with a California-based private investor. The long-term, fixed-rate loan was placed through an undisclosed life insurance company. Galleria Plaza is home to tenants including GEICO, Primo Fine Wines and Downtown Bicycles. The property is shadow-anchored by a separately owned Publix that was not included in the sale. Located at 2414 E Sunrise Blvd., Galleria Plaza is situated about 2.6 miles from downtown Fort Lauderdale, 7 miles from Fort Lauderdale International Airport and 12.5 miles from Hollywood Beach.
BENTONVILLE, ARK. — Bentonville-based Walmart Inc. (NYSE:WMT) posted growth in earnings during its fiscal third quarter of 2021, which ended Oct. 31. Walmart’s total revenue was $140.5 billion, an increase of 4.3 percent from a year earlier when it was $134.7 billion. These numbers were also higher than Wall Street’s predictions of $135.6 billion, according to CNBC. According to Refinitiv, the discount retailer’s earnings per share were $1.45 adjusted versus $1.40 expected. Additionally, Walmart’s e-commerce sales increased 8 percent during the fiscal third quarter and 87 percent over a two-year period. Walmart raised its forecast for the rest of the year, believing it will continue to see growth. Based on full-year guidance, now the retailer expects its adjusted earnings per share will be approximately $6.40 versus its previous projection of between $6.20 and $6.35. To prepare for the upcoming holiday shopping season, Walmart boosted its inventory by 11.5 percent. More customers shopped at Walmart during the third quarter due to the retailer’s low prices and amid an inflationary period that is causing household items to rise in price, according to CNBC. Despite the growth in revenue, Walmart’s net income decreased to $3.11 billion, or $1.11 per share. A year prior, …