Retail

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado June 8, 2020

CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …

June 8, 2020

Company News Retail Texas

J.C. Penney Provides Update on Closings, to Shutter 154 Stores

by Taylor Williams June 5, 2020

PLANO, TEXAS — J.C. Penney released an update on its store optimization strategy on Thursday, announcing plans to close 154 stores around the country as part of Phase I of the plan. The closings of those stores are scheduled to begin on Friday, June 12. The Plano-based retailer expects to announce additional closings after Phase I, which will feature store-closing sales at the shuttered locations that are expected to take 10 to 16 weeks to complete. A list of which stores are closing as part of Phase I can be found here.

June 5, 2020

Development Georgia Retail Southeast

Branch Properties to Develop $29M Publix-Anchored Shopping Center in Metro Atlanta

by Alex Tostado June 5, 2020

DUNWOODY, GA. — Branch Properties will develop Perimeter Marketplace, a planned 39,150-square-foot shopping center in Dunwoody. A 25,147-square-foot Publix will anchor the property. The developer expects to deliver the project in fall 2021. The 10-acre plot is located just north of Perimeter Mall, 17 miles north of downtown Atlanta. Young Contracting is the general contractor for the project, Phillips Partnership is the architect and Contineo Group is the civil engineer.

June 5, 2020

Indiana Midwest Retail

Simon Property Group Sues Gap for Failing to Pay Rent During Pandemic

by Kristin Harlow June 5, 2020

INDIANAPOLIS — Indianapolis-based mall owner Simon Property Group has sued Gap Inc. for refusing to pay rent for stores temporarily closed during the coronavirus pandemic, according to The Wall Street Journal. The retailer owes three months of rent amounting to nearly $66 million. The lawsuit was filed in Delaware state court. Both Banana Republic and Old Navy fall under the Gap umbrella of brands. Gap is one of Simon’s biggest tenant in terms of rent. Simon has 412 stores that are leased to Gap, Banana Republic or Old Navy within its portfolio nationwide, according to The Wall Street Journal.

June 5, 2020

Development North Carolina Retail Southeast

Halpern Delivers Publix-Anchored Shopping Center in Oak Island, North Carolina

by Alex Tostado June 4, 2020

OAK ISLAND, N.C. — Halpern Enterprises has delivered Oak Island Market Place, a 35,800-square-foot, Publix-anchored property in Oak Island. Publix occupies 28,800 square feet. The remaining restaurant and retail space is available for lease. The property is situated at 5001 E. Oak Island Drive, 36 miles south of downtown Wilmington. This is the ninth shopping center Halpern has developed or redeveloped with a Publix anchor and the fourth in North Carolina.

June 4, 2020

Acquisitions Retail Texas

Elm Creek Acquires 159,703 SF Woodlake Crossing Power Center in San Antonio

by Taylor Williams June 4, 2020

SAN ANTONIO — Dallas-based Elm Creek Real Estate has acquired Woodlake Crossing, a 159,703-square-foot retail power center located at 6212 Woodglen Drive in San Antonio. Tenants include Ross Dress for Less, Petco and Office Max. Kevin Catalani of CBRE represented the seller, Illinois-based InvenTrust Properties, in the transaction. Elm Creek also owns the building that shadow-anchors the center, which was previously occupied by Target.

June 4, 2020

Development Illinois Midwest Restaurant Retail

Panera Bread Opens at Levee District in East Peoria, Illinois

by Kristin Harlow June 4, 2020

EAST PEORIA, ILL. — Panera Bread has opened a new location at The Levee District in East Peoria in central Illinois. The 4,380-square-foot restaurant is located at 496 W. Washington St., across from Target. Panera Bread relocated from Camp Street Crossing. The new location features a drive-thru and outdoor patio. While full access to the dining room is not yet available due to COVID-19 restrictions, the restaurant is offering curbside pickup, contactless delivery, drive-thru and catering. Cullinan Properties Ltd. owns The Levee District.

June 4, 2020

Acquisitions Arizona Retail Western

SRS Brokers $11.7M Sale of Six-Building Shopping Center in Sedona, Arizona

by Amy Works June 4, 2020

SEDONA, ARIZ. — SRS Real Estate Partners has arranged the sale of The Collective Sedona, a shopping center located at 7000 AZ-179 in Sedona. An Arizona-based private investor sold the asset to a California-based private investor for $11.7 million. Built in 2000 and 2003, the six-building property features 52,518 square feet of retail space on 6.2 acres. At the time of sale, the property was 84 percent occupied by a variety of tenants, including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. Sean Thomas of the SRS National Net Lease Group’s Phoenix office represented the seller, while Jim Ashcraft of Ashcraft Investment Co. represented the buyer in the transaction.

June 4, 2020

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of 51,794 SF Grocery-Anchored Shopping Center in Boonton, New Jersey

by Alex Patton June 3, 2020

BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.

June 3, 2020

Massachusetts Northeast Restaurant Retail

Breweries, Distilleries, Wineries Included in Phase II of Reopening, Says Massachusetts Gov. Baker

by Alex Patton June 3, 2020

BOSTON — Craft brewing companies, liquor distilleries and wineries that also serve food have been included in Phase II of the Massachusetts reopening plan, according to a statement by Gov. Charlie Baker on Monday, June 1. The ruling clarified initial confusion as to whether craft beverage producers would be treated as restaurants, which will reopen in Phase II, or bars, which will reopen in Phase III. The state, particularly the metro Boston area, is known for a robust community of craft breweries, including Boston Beer Co., owner of Samuel Adams Boston Brewery. However, beverage producers that do not also serve food will be treated as bars. Massachusetts began Phase I of its reopening plan, which included the gradual reopening of outdoor services, construction, personal services, curbside retail and office space, on May 18. Gov. Baker is expected to decide if the state will proceed to Phase II, which includes in-store retail, restaurants, lodging and additional personal services, on Monday, June 8. As of June 2, the Centers for Disease Control and Prevention reported more than 100,800 cases of COVID-19 in Massachusetts and more than 7,000 deaths.

June 3, 2020

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