Retail

Chipotle Plans to Open First Digital Restaurant as Online Sales Tripled in Third Quarter

by Jeff Shaw November 11, 2020

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of the company’s third-quarter earnings report, which showed Chipotle’s digital sales tripled year-over-year. Furthermore, online sales accounted for nearly half (48.8 percent) of total sales for the quarter, which ended Sept. 30.

November 11, 2020

Acquisitions Net Lease Oregon Retail Western

Stan Johnson Co. Arranges $5.7M Sale of Walgreens-Occupied Property in Keizer, Oregon

by Amy Works November 10, 2020

KEIZER, ORE. — Stan Johnston Co. has brokered the sale of a retail property located at 5000 River Road North in Keizer. A Los Angeles-based institutional buyer sold the asset to a Long Beach, Calif.-based private investor for $5.7 million. Originally constructed in 2008 on 1.6 acres, the property features 13,775 square feet of retail space. Walgreens occupies the building on a net lease including a 15-year base term with rent increases every five years. Pat Weibel and BJ Feller of Stan Johnson Co. represented the seller in the transaction.

November 10, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $3.7M Sale of Retail Strip Center Near Atlanta

by Alex Tostado November 9, 2020

BUFORD, GA. — Marcus & Millichap has arranged the $3.7 million sale of Hamilton Mill Crossings, an 11,722-square-foot retail strip center in Buford. The property was 88 percent leased at the time of the sale to tenants including Starbucks, Viral Vapes, Luxury Nail & Spa and AT&T Store. The asset is situated at 3265 Sardis Church Road, catty-corner from a Walmart Superstore and 40 miles northeast of downtown Atlanta. The undisclosed buyer was completing a 1031 exchange. Marc Irvin and Matthew Welch of Marcus & Millichap represented the undisclosed, Florida-based seller in the transaction.

November 9, 2020

Acquisitions Connecticut Northeast Retail

CBRE Negotiates $4.7M Sale of Single-Tenant Retail Property in Milford, Connecticut

by Taylor Williams November 9, 2020

MILFORD, CONN. — CBRE has negotiated the $4.7 million sale of a 4,596-square-foot retail property in the coastal Connecticut city of Milford. The freestanding property is situated on 2.5 acres at 1651 Boston Post Road and houses a bank branch for JPMorgan Chase. Charles Berger, Elli Klapper and Samuel Bernhaut of CBRE represented the seller, Klein Automotive Parts, in the transaction. The buyer was an undisclosed national REIT.

November 9, 2020

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Richmond’s Short Pump District for $10.8M

by John Nelson November 6, 2020

RICHMOND, VA. — A partnership between Auerbach Funds, Elevation Real Estate Group and Beechmont Acquisitions has acquired Parc Place, an 82,968-square-foot shopping center in Richmond. The sales price was $10.8 million, a discount to its 2016 sales price of $25 million. This marks the second acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million. Parc Place is located at 11736 W. Broad St. in the city’s Short Pump district. The shopping center’s tenant roster includes Dollar Tree, PetSmart, Anytime Fitness, DXL Big + Tall, LensCrafters and Sports Clips. Loretta Cataldi and Sara Goodall of Divaris Real Estate’s Richmond office represented the buyer in the transaction. The seller is an entity doing business as London Reo Retail-VA LLC.

November 6, 2020

Acquisitions Illinois Midwest Retail

First National Realty Partners Acquires Tesla Dealership in Westmont, Illinois

by Kristin Harlow November 6, 2020

WESTMONT, ILL. — First National Realty Partners has acquired a 23,164-square-foot Tesla sales and service center located at 50 W. Ogden Ave. in Westmont, about 18 miles west of Chicago. The purchase price and seller were undisclosed. The location is one of five Tesla service centers in the state of Illinois. It is situated near other car dealerships such as Mercedes-Benz, Porsche and Lamborghini.

November 6, 2020

Company News Healthcare Northeast Retail Rhode Island

CVS Reports 3.5 Percent Revenue Growth in Third Quarter, Expands Healthcare Services

by Taylor Williams November 6, 2020

WOONSOCKET, RHODE ISLAND — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that same period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share on Friday, Nov. 6, down from $69.43 per share a year ago.

November 6, 2020

Acquisitions Retail Texas

RMM Properties Buys 39,038 SF Retail Center in Southeast Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.

November 5, 2020

Florida Restaurant Retail Southeast

Colliers: Miami-Dade’s Retail Market Posts Net Negative Absorption, Rent Declines in Third Quarter

by John Nelson November 5, 2020

MIAMI — Miami-Dade County’s retail market posted 120,934 square feet of negative net absorption in the third quarter, according to research from Colliers International. The decline is a sizable improvement from the second quarter, a period where the market gave back 230,698 square feet of retail space. Year-to-date absorption remains positive for Miami-Dade County at 883,859 square feet. Despite the negative absorption in the third quarter, vacancy only dipped 20 basis points from the previous quarter. The negative absorption in Miami-Dade County, as well as retail markets around the country, has a direct correlation with the recession-inducing COVID-19 pandemic, which has accelerated the trend of consumer spending habits to more e-commerce shopping. The list of retailers closing big boxes in the market include national brands such as Stein Mart, Neiman Marcus, Chuck E. Cheese’s, 24 Hour Fitness, JC Penney, CMX Cinemas, Pier 1 Imports, Bloomingdales, Lucky’s Market, Sears, Sur La Table and Justice. Tenants opening in the market in the third quarter included Publix, Hobby Lobby, Five Below and AT&T, among others. Amped Fitness and Happy Floors are boutique concepts that signed leases this past quarter. Rents continued to decline in Miami-Dade’s shopping centers in the third quarter. Average rental …

November 5, 2020

Acquisitions Illinois Midwest Retail

Colliers Brokers Sale of Walmart-Anchored Shopping Center in Chicago

by Kristin Harlow November 5, 2020

CHICAGO — Colliers International has brokered the sale of a Walmart Neighborhood Market-anchored shopping center located at 4720 S. Cottage Grove Ave. in Chicago. A private investor purchased the fully leased center for an undisclosed price. Other tenants include Burger King, Subway, Associated Bank and Snipes. Built in 2014, the 54,932-square-foot center is part of a larger development that includes a three-story, 72-unit apartment asset. Alex Perez, Chris Garavaglia and Chris Irwin of Colliers represented the seller, Skilken Gold Real Estate Development. The team also procured the buyer.

November 5, 2020

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