SYRACUSE, N.Y. — Colliers International has arranged the $7.9 million sale of a 36,360-square-foot grocery store in Syracuse.. Located at 1625 Erie Blvd., the single-tenant property was fully leased to New Jersey-based grocer PriceRite at the time of sale. El Warner of Colliers represented the seller, Syracuse Grocery ST LLC, in the transaction. Warner also represented the buyer, Agree Stores LLC.
AUSTIN, TEXAS — Texas Gov. Greg Abbott released plans for the second phase of the state’s plan to reopen the economy at a press conference on Monday afternoon, notably giving bars the option to begin reopening on Friday, May 22. Under the terms of the plan, Texas bars, wine tasting rooms and craft breweries may initially reopen at 25 percent occupancy with regard to indoor seating only. In addition, childcare centers, youth clubs and bowling alleys may begin reopening this week as part of Phase II of the plan. Restaurants may increase their occupancy levels to 50 percent, and Texas public schools now have the option to conduct in-person summer school classes. The order stipulates that all of the above businesses must adhere to proper social distancing guidelines and minimum standard health protocols established by the Texas Department of State Health Services.
MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported a 43.5 percent decrease in its first-quarter net sales. The company’s fiscal first quarter ended May 2. The Menomonee Falls-based retailer has reopened about 50 percent of its stores across the country after stay-at-home orders have been lifted from COVID-19. Kohl’s says it has decreased planned capital expenditures by approximately $500 million as part of its financial response to COVID-19. The company operates roughly 1,160 stores across the U.S.
KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has acquired the Sun Fresh on Blue Parkway for an undisclosed price. The grocery-anchored retail center is situated east of Prospect Avenue in Kansas City. CBKC established Blue Parkway Grocers LLC as a for-profit entity to operate the store. The current operator is retiring. The center, which is more than 90 percent leased, is part of a larger real estate and asset management portfolio owned by CBKC that consists of 700 residential units and 200,000 square feet of commercial and retail space. The asset is adjacent to a 69,000-square-foot office building where CBKC is headquartered.
HURON, CALIF. — Stan Johnson Co. has arranged the sale of a freestanding retail building located at 36281 Lassen Ave. in Huron. A California-based, high-net-worth individual acquired the asset from a Georgetown, Texas-based developer for $2.2 million. Asher Wenig of Stan Johnson Co. represented the buyer in the transaction. Dollar General occupies the 9,100-square-foot building, which was built in 2019. At the time of the sale, there were more than 14 years left on the tenant’s triple-net lease.
TERRE HAUTE, IND. — Out of the Box Ventures LLC has reopened its Haute City Center in Terre Haute within western Indiana. The following stores opened on Friday, May 15: Amazing Comfort, Buckle, Cellular Concepts, Dakota Watch, Encore-Shoe Dept, Finish Line, Francescas, Frontier, Glik’s, Hibbett Sports, Journey’s, LA Nails, Maxx E-Cig, Pizza diRoma, Second Cup Café, Seno Formal Wear, Shewey’s Paint Your Own Pottery, TGI Friday’s, TradeHome Shoes and Verizon Wireless. The 676,322-square-foot mall has reduced hours and limited entrances. The children’s play area, photo booths and massage chairs will remain closed. In the state of Indiana, the governor has allowed retail space to open at 50 percent capacity.
WOODINVILLE, WASH. — CBRE has arranged the sale of Woodinville Mall, a retail property located at 17414 139th Ave. NE in Woodinville. Leona G. Himmelspach sold the property to an undisclosed buyer for $13.4 million. Situated on 93,681 square feet of land, Woodinville Mall features 24,739 square feet of retail space spread across six buildings. At the time of sale, 19 tenants occupied the property, including Allstate Insurance, Goodyear and Seattle Optometric Physicians. Dino Christophilis of CBRE’s Seattle office represented the seller in the deal.
PLANO, TEXAS — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in the coming weeks the number and locations of which stores would be closing. Currently, due to the coronavirus pandemic, about 40 of J.C. Penney’s approximately 850 U.S. stores are open, with another dozen or so offering curbside pickup only. In mid-March, the retailer began furloughing workers at its supply chain and distribution centers in response to the outbreak of COVID-19. Furloughs of store associates and corporate staff followed two weeks later. “While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to …
Despite 16.4 Percent Drop in April Retail Sales Amid Pandemic, NRF Says Industry Remains ‘Resilient’
WASHINGTON, D.C. — Retail sales plummeted 16.4 percent in April, according to the U.S. Census Bureau. However, the sharp drop “was not a surprise” to the National Retail Federation (NRF) due to the government-mandated shutdown of huge swaths of the American economy starting in mid-March. “The vast majority of retail stores have been closed, we are in the midst of historic unemployment and when it comes to personal finances, discretionary spending takes a back seat to essentials,” Matthew Shay, president and CEO of the Washington, D.C.-based trade association, stated in a press release. “Prior to this pandemic, retail was setting records in year-over-year growth, employment and investment. It is a resilient industry serving a smart consumer, and despite today’s report, we know it will be leading our nation’s economic recovery as this crisis recedes,” added Shay. The monthly report generated by the U.S. Census Bureau is a measure of purchases at stores, gasoline stations, restaurants, bars and online. The double-digit drop in April retail sales follows a revised 8.3 percent drop in March sales. Total spending in April was $403.9 billion compared with $483.5 billion the prior month, according to the U.S. Census Bureau. One of the biggest factors contributing …
NEWARK, N.Y. — CBRE has brokered the $9.2 million sale of a 165,499-square-foot retail building in Newark, a western suburb of Rochester. Located at 6788 NY-31 East, the single-tenant property is fully leased to Walmart. Walmart has occupied the space since 1992 and expanded its original lease by 72,011 square feet in 2006. Nearby retailers include Save-a-Lot, Wegmans, Tractor Supply, Dollar Tree, AutoZone and Walgreens. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, a private investor, in the transaction The team also procured an undisclosed institutional investor as the buyer.