Retail

SRS Real Estate Partners Arranges $9M Sale of Multi-Tenant Retail Center in Palmdale, California

by Amy Works February 9, 2021

PALMDALE, CALIF. — SRS Real Estate Partners’ Investment Properties Group West has brokered the sale of a 56,309-square-foot portion of Towne Square West, a retail property located at 2220 E. Palmdale Blvd. in Palmdale. A Los Angeles-based private investor acquired the property from another Los Angeles-based private investor for $9 million. Chris Tramontano and John Redfield of SRS Real Estate Partners represented the seller, while Joelle Kim of Westside Luxury Real Estate represented the buyer in the deal. Built in 1989 on eight acres, the value-add property was 83 percent occupied at the close of escrow. Current tenants include Goodwill, LA Care, Aaron’s, Tokyo Steakhouse and La Palma Restaurants. Other tenants at the center, but not included in the sale, are Superior Goods, 99 Cents Only and Crunch Fitness.

February 9, 2021

Florida Leasing Activity Retail Southeast

GreenWise Market Opens 27,758 SF Store in Fort Lauderdale

by John Nelson February 8, 2021

FORT LAUDERDALE, FLA. — GreenWise Market has opened a new location in Fort Lauderdale. The grocer occupies the ground floor of The Main Las Olas building on Southeast Third Avenue. The 27,758-square-foot store is the first GreenWise Market to be located in a multiuse high-rise. The owner of the tower is a joint venture between Fort Lauderdale-based Stiles Corp. and San Francisco-based Shorenstein Properties, according to South Florida Business Journal. GreenWise Market is a grocery concept owned and operated by Publix Super Markets. The new store is the eighth location in the United States and features health-conscious and gourmet foods, as well as vitamins, nutritional supplements, natural soaps and shampoos, meats, seafood, made-to-order meals and grab-and-go foods like sandwiches and pizza. The Fort Lauderdale GreenWise Market also features a mural by Steven Teller depicting a variety of tropical plants common to South Florida.

February 8, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.1M Sale of Walgreens-Occupied Property in Metro St. Louis

by Kristin Harlow February 8, 2021

COLUMBIA, ILL. — Marcus & Millichap has negotiated the $4.1 million sale of a Walgreens-occupied property in Columbia, approximately 15 miles south of St. Louis. The net-leased asset, built in 2003, is located at 100 Admiral Weinel Blvd. Walgreens has 10 years remaining on its lease term. Nicholas Kanich of Marcus & Millichap’s Chicago office represented the seller, a private investor. Benedict Gutierrez, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office secured and represented the buyer, an individual trust.

February 8, 2021

Acquisitions North Carolina Retail Southeast

Avison Young Brokers $9.5M Sale of Eastchester Shopping Center in High Point, North Carolina

by John Nelson February 5, 2021

HIGH POINT, N.C. — Avison Young has brokered the sale of Eastchester Shopping Center, a 63,000-square-foot neighborhood retail center located at 274 Eastchester Drive in High Point. Grant Linderman and Gary Lyons of Avison Young’s investment sales team represented the seller, LSP Verris Eastchester LLC, in the transaction. Peters Development LLC purchased the shopping center for $9.5 million. Eastchester Shopping Center is situated on approximately 5.9 acres near NC Highway 68/Eastchester Drive. The property was fully leased at the time of sale to tenants including Office Depot, Dollar Tree, Hooters, Dunkin’, H&R Block and Plato’s Closet.

February 5, 2021

Midwest Retail Wisconsin

Kohl’s: Comparable Sales Decrease 11 Percent in Fourth Quarter

by Kristin Harlow February 5, 2021

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported that its comparable sales decreased 11 percent and total revenue declined 10 percent in the fourth quarter compared with the year prior. The fourth quarter for Kohl’s ended Jan. 30. However, this is the third consecutive quarter of sequential improvement, according to the Menomonee Falls-based retailer. The fourth-quarter performance exceeded expectations across all key metrics, according to CEO Michelle Gass. Additionally, digital sales grew by more than 20 percent, accounting for over 40 percent of net sales. This fall, Kohl’s will launch a strategic initiative with beauty retailer Sephora. The partnership will launch in 200 stores and online as part of a multi-year buildout that Kohl’s expects will drive significant growth. Kohl’s will share more on this initiative in its quarterly earnings conference call scheduled for March 2. The stock price for Kohl’s opened at $50.00 per share Friday, Feb. 5, up from $46.07 per share one year ago.

February 5, 2021

Acquisitions Retail Texas

JLL Arranges Houston Retail Property Swap Between Weingarten, Fidelis

by Taylor Williams February 5, 2021

HOUSTON — JLL has arranged a property swap between Weingarten Realty Investors (NYSE: WRI) and Fidelis, two Houston-based retail owners and developers. The properties included the Village Plaza at Bunker Hill in Houston, which is owned by an existing joint venture between WRI and Fidelis, and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the 491,686-square-foot Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s 354,600-square-foot Overton Park Plaza. Grocers H-E-B and Sprouts Farmers Market respectively anchor the two shopping centers. Ryan West, Chris Gerard, Katherine Miller and Adam Roossien of JLL brokered the deal. Colby Mueck and Clint Coe of JLL arranged acquisition financing on behalf of Fidelis.

February 5, 2021

Acquisitions Georgia Loans Restaurant Retail Southeast

Media Reports: Lenders Foreclose on Town Center at Cobb Mall in Metro Atlanta

by John Nelson February 4, 2021

KENNESAW, GA. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 million, but no bids were made at the auction. Deutsche Bank Trust and its co-lenders now own and manage the mall. No additional plans were reported. Town Center at Cobb Mall is located in Cobb County at 400 Ernest W. Barrett Parkway NW, approximately 33 miles north of Hartsfield-Jackson Atlanta International Airport. The mall opened in February 1986 and features more than 170 stores and restaurants, including anchors Macy’s, Belk, H&M and JC Penney. The property features a food court and a children’s play area as well. Simon’s stock price closed on Wednesday, Feb. 3 at $93.38 per share, down from $137.29 a year ago.

February 4, 2021

Features Retail

Coresight Research: Apparel Represents Bulk of Retail Closures During Pandemic

by Jeff Shaw February 4, 2021

NEW YORK CITY — More than 8,741 major retail locations closed their doors in the United States during 2020 totaling over 139 million square feet, largely as a result of lockdowns and restrictions related to the COVID-19 pandemic. That’s according to the “US and UK Store Closures Review 2020 and US Outlook 2021” report from Coresight Research, a commercial real estate data firm based in New York City. Apparel stores, including clothing, footwear and accessories, took the brunt of the fallout, accounting for 3,151 of the store closures. Home and office retailers came in a distant second with 1,428 store closures. The apparel store closings were driven by a few high-profile bankruptcies. Ascena Retail Group — which includes Ann Taylor, Catherines, Justice, Lane Bryant, LOFT and Lou & Grey brands — closed 1,156 stores; Foot Locker closed 125 stores; Gap closed 119 stores; and Victoria’s Secret closed 231 stores. Eight retailers accounted for 75 percent of the total apparel store closures. The outlook for 2021 doesn’t look much brighter. Coresight predicts total U.S. retail store closures will hit approximately 10,000 locations, a 14 percent increase over 2020. On the other side, Coresight tracked 3,304 new store openings in 2020, and …

February 4, 2021

Iowa Market Reports Midwest Midwest Market Reports Retail

Investors Shift Focus from Higher Returns to Stability, Proven Cash Flow

by Kristin Harlow February 4, 2021

By Tyler Dingel and Blake Bogenrief, CBRE | Hubbell Commercial COVID-19, and the immediate uncertainty that came with it, slowed investment activity in nearly all markets. The transactions that have closed since March, and those that will follow in the coming months, are changing. Investors and lenders alike are more thorough in upfront analysis, more selective in tenants, and overall, trending more conservative. The vision is now long-term oriented, and the spotlight is shining brightly on essential goods and services as well as investments with proven track records. Slow and steady is winning the race. Investor concerns Over the last 12 months, a common concern for real estate investors has been what the future holds for capital gains taxes. Many sellers are contemplating and opting to “take the hit” now as opposed to down the road when capital gains tax could be replaced by the ordinary income tax rate. In addition, the Biden Administration seeks to increase individual tax rates while the U.S. continues to deliver financial aid to the masses. Nearly nine months following the CARES Act, Congress agreed on a second, $908 billion stimulus package. Many expect that taxes will do one of two things in the future …

February 4, 2021

Development Mixed-Use Multifamily Retail Southeast Tennessee

Mill Creek Residential to Develop 15-Story Apartment Tower in Nashville

by John Nelson February 3, 2021

NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space. Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with picnic tables, pet spa, clubhouse, game room, cyber café, conference room and a coffee bar. The apartment’s fitness center will include a yoga/Pilates studio, TRX System and individual training options. Residents will have access to controlled-access garage parking, dedicated bike storage and additional storage. Modera Gulch will be situated at 810 Division St. in Nashville’s Gulch neighborhood. The apartment community will be located less than one mile from Amazon’s new Operations Center of Excellence in Nashville Yards and near attractions including the Frist Art Museum, Country Music Hall of Fame and the city’s famed Lower Broadway district. The community is also less than two miles from Nissan Stadium, home of the Tennessee Titans. Mill Creek Residential is a national rental housing company …

February 3, 2021

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