BLOOMFIELD HILLS, MICH. — Agree Realty Corp. (NYSE: ADC) recorded $21.2 million in net income during the first quarter, up from $18.3 million the same period a year ago, a 15.7 percent increase. As of March 31, the retail REIT’s portfolio consisted of 868 properties located in 46 states totaling 16.3 million square feet of gross leasable area. The portfolio was approximately 99.3 percent leased. In regard to COVID-19, as of April 17, Agree received April rent payments from over 87 percent of its portfolio. All of the company’s investment-grade tenants paid April rent. Agree received short-term rent relief requests or requests for further discussions regarding rent from approximately 33 percent of its portfolio. Not all tenant requests will result in modification agreements, nor is the company forgoing its contractual rights under lease agreements. Approximately 81 percent of stores within Agree’s portfolio are currently open, 26 percent of which are operating on a limited basis. The remaining 19 percent are closed. Total acquisition volume for the first quarter of 2020, excluding acquisition and closing costs, totaled $227.7 million and included 51 assets net leased to off-price retail, auto parts, general merchandise, dollar store, home improvement, grocery and auto service retailers. …
Over the past few decades, Omaha has grown in both size and reputation as a Midwest gem that offers affordable housing, a solid job market, excellent schools and a central location that makes both business and leisure travel a relative breeze. As our city has grown, our lifestyle has adapted, which has had an interesting impact on commercial real estate. While some developments are flourishing, others have been struggling. Overall, retail growth in Omaha is slow, but occupancy is robust in Class A-located centers. The main corridors in west Omaha (Center, Dodge and Maple streets) have strong occupancy and rents now pushing $40 per square foot NNN for new construction. Restaurants, medical/retail (or “medtail”) and fitness have become the main drivers of recent retail space use. “Treasure hunt” discount concepts such as Ross, Marshalls, TJ Maxx, Burlington and Five Below have all opened multiple locations in the past 24 months in a wide range of demographic areas of Omaha. Mall activity Nationally, the traditional shopping mall concept has been plagued by big-name store closures as consumers continue to turn to online shopping. Locally, some traditional malls are faring better than others. Westroads, which opened in 1968, remains strong in both …
WEBSTER, MASS. — Gas station and convenience store operator Verc Enterprises Inc. has opened a 3,825-square-foot store in Webster, located approximately 15 miles south of Worcester. Located at 137 E. Main St., the site offers Gulf gasoline and a car wash and also houses a Dunkin’ on the premises. Verc now owns and operates 34 gas stations and convenient stores with location across central Massachusetts and New Hampshire.
WASHINGTON, D.C. — The National Retail Federation (NRF) has praised the $300 billion legislation the U.S. Senate passed to financially aid small businesses that are struggling during the COVID-19 crisis. The Small Business Administration (SBA) ran out of its originally allotted $376 billion Paycheck Protection Program (PPP) fund, which had 200,000 small businesses partaking in the program. The PPP is a product of the Coronavirus Aid, Relief and Economic Securities Act (CARES Act), which was signed into law March 27. “Retailers continue to deal with catastrophic hardships from COVID-19, and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step, but funding for the PPP has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge.” The total allotment of the new legislation is $484 billion, with additional funding going to hospitals and COVID-19 testing. The U.S. House of Representatives is expected to vote on the bill Thursday. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.
UVALDE, TEXAS — Marcus & Millichap has brokered the sale of a 40,000-square-foot retail property in Uvalde, located about 85 miles west of San Antonio. The property currently houses Tractor Supply Co. and Dollar General. Philip Levy of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a personal trust. Both parties requested anonymity.
VILLA PARK, ILL. — Marcus & Millichap has brokered the $1.5 million sale of a 7,800-square-foot property net leased to Service King in Villa Park, about 20 miles west of Chicago. The building is located at 724 N. Ardmore Ave. and has a corporate guarantee from Service King, a collision repair center. Andrew Antoniou, Domini Sulo and Chad Lieber of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, an out-of-state limited liability company that completed a 1031 tax-deferred exchange.
TAMPA, FLA. — Bromley Cos. has signed Joffrey’s Coffee & Tea Co. to a 1,500-square-foot lease within Midtown Tampa. The coffeehouse, which has been headquartered in Tampa since 1984, will open the flagship location near Midtown Commons, a central greenspace within the mixed-use project. Joffrey’s will serve a wide variety of coffee and tea beverage options including espresso, lattes, cold brew, nitro cold brew, ready-to-drink offerings, as well as premium iced and hot teas. Additionally, customers will be able to “create” latte art from pre-selected images, selfies and uploaded designs of their choosing with a Ripple machine. Bromley Cos. is developing Midtown Tampa, a planned $500 million mixed-use development. The Whole Foods Market-anchored project is 75 percent preleased and is expected to open in early 2021, which is slightly ahead of schedule even in the midst of the COVID-19 crisis.
BOSTON — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.
MORRISTOWN, N.J. — Restoration Hardware (RH) has unveiled plans to transform the 42-room Alnwick Hall mansion in Morristown, a western suburb of New York City, into an upscale home improvement store, restaurant and wine bar. The renaissance revival-style mansion was built in 1904 and modeled after a 16th-century British manor. The Morris Township Committee designated the property, which has been vacant for several years, as a non-condemned area in need of redevelopment in 2018. Next steps include receiving project approval from a local planning board, officially naming RH as the developer and establishing a construction schedule.
PORTER, TEXAS — EDGE Realty Partners has negotiated the sale of Shops at Porter, a 30,338-square-foot retail center located at 23611 Highway 59 N. in Porter, a northeastern suburb of Houston. Micha van Marcke and Chace Henke of EDGE represented the seller, SDI 59 Porter LLC, in the transaction. The buyer and sales price were not disclosed.