ATLANTA — Atlanta-based Jamestown has launched a $50 million fund to aid small businesses at its properties that are in the process of reopening as states relax retail closures. Funding allocations will be distributed as each qualifying tenant develops a reopening plan with its local Jamestown property management team. Funds received through the relief effort can be used to cover operating expenses, as well as mandatory measures implemented to remain in compliance with local, state and federal guidelines related to COVID-19. Jamestown did not release its definition for a small business but the U.S. Small Business Administration (SBA) defines a small business retail as companies earning less than $7.5 million in annual receipts. In March, Jamestown launched an online resource guide to help its small business tenants find materials about maintaining business operations, financing, health and safety resources, as well as best practices for operating and reopening in a COVID-19 environment. Jamestown owns properties in New York, California, Washington, D.C., Georgia, Florida, Pennsylvania, North Carolina and Massachusetts. Some of its notable assets include Ponce City Market and The Shops at Buckhead Atlanta in Georgia, One Times Square in New York City, Constitution Wharf in Massachusetts, and Raleigh Iron Works in North Carolina.
NASHVILLE, TENN. — Tennessee Gov. Bill Lee will allow personal service businesses in 89 of the state’s 95 counties to reopen under strict guidelines Wednesday as the COVID-19 pandemic continues to impact the country’s economy. The governor’s office estimates 38,000 people will be able to return to work. The remaining six counties — Shelby, Madison, Davidson, Hamilton, Knox and Sullivan — will create individual plans in consultation with their locally run health departments. The state’s guidance applies to personal services including barber shops, hair salons, waxing salons, nail spas, massage therapy services and substantially similar businesses that require prolonged close contact with customers. Some of the guidelines include: Limit the number of customers to 50 percent of fire code capacity; Services will be offered by appointment only, meaning no walk-ins; Workstations should be at least six feet apart, with additional measures taken as necessary to ensure that all people stay six feet apart at all times except for the staff providing a service to their client. Physical barriers can be used where necessary; Prohibit use of waiting areas; Ensure thorough workstation and equipment disinfection after each customer; Do not allow non-customer companions to accompany customer during a service; and Do …
FLORENCE, KY. — Churchill Downs Inc. has approved the $38.4 million, 46,500-square-foot development of Turfway Park at Newport Plaza Shopping Center in Florence. The property is meant to offer a racing alternative while Turfway Park is under renovation. Completion is slated for fourth-quarter 2020. The new facility will offer a simulcast area including a separate VIP simulcast room, a 17,000-square-foot gaming floor with 500 historical racing machines and a bar. The facility will provide approximately 70 full-time jobs. The property is situated three miles southeast of downtown Cincinnati at 14 miles east of Turfway Park.
NEW YORK CITY — J.Crew Group Inc., which operates the J.Crew and Madewell fashion retail brands, has filed for Chapter 11 bankruptcy protection. The company hopes to restructure its debt while aiming to eventually reopen its stores in the aftermath of the COVID-19 pandemic. Chinos Holdings Inc., the parent company of J.Crew, filed the voluntary petitions for protection on Monday in the U.S. Bankruptcy Court of the Eastern District of Virginia. In a statement, the New York City-based retailer said its lenders and stakeholders agreed to convert $1.6 billion of debt into equity. Typically in a debt-to-equity conversion, lenders receive ownership of a company in exchange for cancelling existing debt. With this conversion, creditors will now own about 82 percent of the company, per The Wall Street Journal. The company also said it has secured $400 million in debtor-in-possession financing to exit debt structures with existing lenders such as Anchorage Capital Group and GSO Capital Partners. Between these initiatives, the company believes it can reopen many stores that have been temporarily shuttered amid the COVID-19 outbreak. As of May 1, J.Crew Group Inc. operated 181 J.Crew retail stores, 140 Madewell stores and 170 factory stores. “This agreement with our lenders …
LITTLE ROCK, ARK. — Arkansas Gov. Asa Hutchinson has rolled out Phase I plans for reopening the state. Hutchinson says gyms and fitness centers will be able to open Monday, May 4, while restaurants will be allowed to operate dine-in services at one-third capacity Monday, May 11. The guidelines for gyms and fitness centers include the use of facemasks for staff and patrons except when exercising, daily temperature checks for employees and patrons and social distancing of at least 12 feet while exercising. Additionally, Hutchinson placed restrictions on patrons who can enter, including but not limited to those who have returned from travel to New York, New Jersey, Connecticut, New Orleans or overseas within the past 14 days; have had a fever of 100.4°F or greater in the past two days; or had contact with a person known to be infected with COVID-19 within the previous 14 days. The guidelines for restaurants require daily health screening of staff, use of facemasks and gloves and strict social distancing. The governor requires that tables be 10 feet apart; employees interacting with patrons must wear a facemask covering the nose and mouth; kitchen staff are encouraged to wear a mask; employees must wear …
ROCKVILLE, MD. — Federal Realty Investment Trust will implement a new program dubbed The Pick-Up at its properties beginning Friday, May 15. In the midst of the COVID-19 crisis, the Rockville-based company said the program will offer a singular service across its tenants to limit physical contact. Federal Realty will introduce the new service where permitted by local jurisdictions. When a customer places an order with a retailer or restaurant within a Federal Realty-owned property by phone or online, the customer can designate a pick-up time and will be assigned a designated parking space. Employees will then bring the order to the customer’s car. Federal Realty owns properties including Bethesda Row and Pike & Rose in Maryland, Santana Row in Northern California, and other properties in Florida, Washington, D.C., Pennsylvania, New York, Massachusetts and Illinois.
HOOVER, ALA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther of SRS represented the seller and buyer, a California-based company completing a 1031 exchange, in the transaction.
ARLINGTON, TEXAS — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington. Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a drive-thru that is expected to be complete in the fourth quarter.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.
NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.