MIDLAND, TEXAS — Dick’s Sporting Goods will open a 45,000-square-foot store at Simon’s Property Group’s Midland Park Mall in West Texas. The grand opening will be held over the course of this weekend. The enclosed shopping and dining destination was built in 1980 and is currently anchored by J.C. Penney, Bealls and Ross Dress for Less. Pittsburgh-based Dick’s Sporting Goods, which also opened three new stores in Northeastern malls this month, as well as one in metro Atlanta, is backfilling an anchor space at Midland Park Mall that was previously occupied by Dillard’s.
PAGE, ARIZ. — Cincinnati-based Phillips Edison & Co. has completed the disposition of Safeway Center at Lake Powell, a shopping center located at 608 Elm St. in Page. A private investor from Beverly Hills, Calif., acquired the 100,486-square-foot asset for an undisclosed price. Safeway anchors the 100,486-square-foot shopping center, which was 93 percent occupied at the time of sale. Other tenants include Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was built in 1986 and renovated in 1990. Hanley Investment Real Estate Advisors represented the seller, while Kalen Rickard of Phoenix-based Western Retail Advisors represented the buyer.
CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …
SEATTLE — Seattle-based Nordstrom (NYSE: JWN) has reported a 53 percent decrease in net sales from last year for the second quarter ended Aug. 1, reflecting temporary store closures due to COVID-19. The company experienced a second-quarter net loss of $255 million, which included after-tax COVID-19-related charges of $14 million, a decrease from net earnings of $141 million during the same period in fiscal 2019. While the reductions were in line with the company’s expectations, Nordstrom still managed to generate positive operating cash flow of more than $185 million, with total liquidity of $1.3 billion, through improved merchandise margins and significant overhead cost reductions. The company’s exceeded cash flow enabled it to pay down $300 million on its revolving line of credit. “At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” says Erik Nordstrom, chief executive office of Nordstrom. During the first quarter, Nordstrom reduced its inventory by more than 25 percent to mitigate markdowns and seasonal inventory and bring in newness for customers, resulting in second-quarter merchandise margin trends improving and exceeding expectations. In preparation for its yearly anniversary sale, which began August, the company increased inventory to …
RIVERSIDE, CALIF. — Faris Lee Investments has arranged the sale of the ground lease for a retail property located at 1303 University Ave. in Riverside. An Idaho-based private developer sold the asset to a California-based family office for $4.3 million. Starbucks occupies the property, which is located near University of California Riverside, under a new 20-year lease term with three 10-year options to extend, including 10 percent rental increases. Don MacLellan, Rich Chichester and Phil Ramming of Faris Lee, along with Cypress Retail Group, represented the seller in the deal.
ARLINGTON, VA. — Discount grocer Lidl US plans to open 50 new stores in nine states on the East Coast by the end of 2021. Arlington, Va.-based Lidl US will invest $500 million and hire 2,000 employees as part of the expansion. The footprints of the new stores will include six in Georgia, one in South Carolina, five in North Carolina, seven in Virginia, 10 in Maryland, six in New York, 10 in New Jersey, one in Delaware and four in Pennsylvania. Germany-based Lidl currently operates 11,000 grocery stores in 32 countries.
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) recorded its highest quarterly earnings in company history for its fiscal second quarter, which ended on Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019, rising from $1.26 per share in 2019 to $3.21 per share in 2020. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased by 11 percent compared to that period in 2019. Dick’s has also opened several new stores in recent weeks, including two in Massachusetts and one in New Jersey, as well as a combined Dick’s Sporting Goods and Golf Galaxy store in Georgia. The company’s stock price opened at $47.70 per share on Wednesday, Aug. 26, up from $32.62 per share a year ago.
GRAND PRAIRIE, TEXAS — Chicken N Pickle, an entertainment concept that pairs the food and drink of a chef-driven restaurant with pickleball and other games, will open a restaurant and entertainment venue in the central metroplex city of Grand Prairie. The venue, which is scheduled to open in 2021, will feature indoor and outdoor pickleball courts, lawn games, a rooftop bar and a full-service restaurant. Chicken N Pickle Grand Prairie will also offer clinics for players of all experience levels, as well as professional and amateur tournaments. The company is pursuing a joint venture with the City of Grand Prairie wherein the city will own the land, develop parking needs and lease to Chicken N Pickle for this use. Chicken N Pickle opened its flagship venue in Kansas City in 2017 and also brought its concept to San Antonio earlier this year.
OVERLAND PARK, KAN. — PEBB Enterprises has sold a retail property leased to Tires Plus at its Pinnacle Village shopping center for $2.2 million. Four Corners Property Trust purchased the 7,740-square-foot building, which is located in the Kansas City suburb of Overland Park. Colliers International brokered the sale. PEBB acquired the 126,909-square-foot Pinnacle Village in May 2018. DSW and Michael’s are the anchor tenants.
MOUNT PROSPECT, ILL. — Adelphia Properties has brokered the sale of an 8,125-square-foot retail building located at 263-301 E. Rand Road in Mount Prospect, approximately 23 miles northwest of Chicago. The sales price was undisclosed. The value-add property was 23 percent occupied at the time of sale. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a Chicago-based private investor.