Retail

Hyde, Mortenson Expand HighPoint Business Park by 274 Acres, Break Ground on Spec Building in Aurora

by Amy Works November 25, 2020

AURORA, COLO. — Hyde Development and Mortenson Properties have acquired 145 acres north of the existing 125-acre site of HighPoint Industrial and Logistics Business Park in Aurora, with plans to expand the project onto the new land. Details of the acquisitions were not released. The companies announced the development of HighPoint Logistics Park, a 2.2 million-square-foot industrial park near Denver International Airport, in February. Additionally, next month, the development team will add 129 acres to the project and break ground on the park’s first structure — Build 1, a 541,840-square-foot, Class A speculative building. Slated for completion in third-quarter 2021, Building 1 will features 36-foot clear heights, 50-foot by 54-foot column spacing, an ESFR sprinkler system, 92 dock-high and four drive-in doors, 68 trailer parking spaces and 273 parking spaces. With the recent and upcoming additions, HighPoint Park will eventually span 400 acres and offer up to 15 buildings totaling more than 5 million square feet at full build-out. While the full-site plan for HighPoint is still flexible, the initial plans include retail development through the middle of the park, along East 64th Avenue, providing walkable retail options for tenants and visitors. The development will also feature outdoor seating areas …

November 25, 2020

Midwest Minnesota Retail

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

by Kristin Harlow November 24, 2020

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is elevated demand for products that help customers work, learn, cook, entertain and connect from home throughout the pandemic that is accelerating Best Buy’s growth. Best Buy reported third-quarter net income of $391 million, up from $293 million a year earlier. The retailer’s stock price closed at $122.04 per share Monday, Nov. 23, up from $74.25 per share one year ago.

November 24, 2020

Company News Northeast Pennsylvania Retail

Dick’s Sporting Goods Reports 23.2 Percent Third-Quarter Sales Increase, Announces Leadership Change

by Taylor Williams November 24, 2020

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in the third quarter of last year. Dick’s Sporting Goods also announced that as of Feb. 1, 2021, chairman and CEO Edward Stack will assume the role of executive chairman. Lauren Hobart will be the new president and CEO under the long-term succession plan. The company’s stock price opened at $58.74 per share on Tuesday, up from $40.41 per share a year ago.

November 24, 2020

California Company News Retail Top Stories Western

Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint

by John Nelson November 24, 2020

WESTLAKE VILLAGE, CALIF. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio. In court filings, Guitar Center cited its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic, according to The New York Times. Approximately 75 percent of its stores were shuttered at one point in the spring. Additionally, the company cited its “significant debt burden” in the court filings. In addition to Guitar Center stores, the company operates four sister brands: Music & Arts, Musician’s Friend, Woodwind & Brasswind and AVDG. Music & Arts, a Maryland-based chain that Guitar Center acquired in 2005, operates 200 stores and 300 affiliate locations that provide band and orchestra instruments and equipment for sale or rentals. Musician’s Friend, which Guitar Center acquired in 1999, is a direct marketer of musical instruments. Likewise Woodwind & Brasswind is a catalogue musical instrument merchant with a …

November 24, 2020

Acquisitions North Carolina Retail Southeast

Cushman & Wakefield Negotiates $13.9M Sale of Publix-Anchored Shopping Center Near Charlotte

by Alex Tostado November 23, 2020

SHERRILLS FORD, N.C. — Cushman & Wakefield has negotiated the $13.9 million sale of The Villages Shoppes at Sherrills Ford, a 60,298-square-foot, Publix-anchored shopping center in Sherrills Ford. The developer, Tampa, Fla.-based Wagner Property Group, sold the asset, which is located at the intersection of Slanting Bridge Road and Village Center North, 31 miles north of downtown Charlotte. Other tenants at the center include Hardee’s, Pizza Hut, Great Clips and Blue Sky Nails. Fain Hicks, Margaret Jones and Lane Breedlove of Cushman & Wakefield brokered the transaction. The buyer was Greensboro, N.C.-based Koury Corp.

November 23, 2020

Acquisitions Retail Texas

Stan Johnson Arranges Sale of Two Retail Strip Centers Totaling 26,560 SF in Rio Grande Valley

by Taylor Williams November 23, 2020

DONNA AND MISSION, TEXAS — Stan Johnson Co. has arranged the sale of two retail strip centers totaling 26,560 square feet in the Rio Grande Valley. Ruby Plaza is a 15,000-square-foot property in Donna, and Palmhurst Plaza is an 11,560-square-foot property in Mission. Evan Altemus of Stan Johnson represented the buyers, private investors, in both transactions.

November 23, 2020

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers Sale of 3,900 SF Multi-Tenant Retail Building in Yuma, Arizona

by Amy Works November 23, 2020

YUMA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 Discovery in Orange County, California, procured and represented the buyer in the transaction.

November 23, 2020

Development Healthcare New Jersey Northeast Retail

Mantua Partners, North Bridge to Develop 10-Acre Medical Office, Retail Project in Southern New Jersey

by Taylor Williams November 20, 2020

MANTUA TOWNSHIP, N.J. — Mantua Partners LLC and North Bridge Properties will develop a 10-acre medical office and retail project in Mantua Township, located outside Philadelphia in Southern New Jersey. Branded as Mantua Shopping Center & Medical Complex, the property will consist of approximately 77,500 square feet of medical office space and 18,000 square feet of retail space. Construction is scheduled to begin next spring and to be complete in the spring or summer of 2022. Soloff Realty & Development has been tapped to lease the project.

November 20, 2020

Development Georgia Retail Southeast

Topgolf to Open New Venue in Metro Atlanta This Spring

by Alex Tostado November 20, 2020

BUFORD, GA. — Topgolf Entertainment Group will open a new 72-bay Topgolf venue in Buford in spring 2021. Construction is currently underway at the two-level property, which will feature climate-controlled bays. The asset will be situated within The Exchange at Gwinnett, 35 miles northeast of downtown Atlanta. Topgolf Entertainment expects to hire 250 employees at the new site. This will be the fourth Topgolf in Georgia, joining locations in Alpharetta, Midtown Atlanta and Augusta. Fuqua Development is building The Exchange at Gwinnett, which is located adjacent to the Mall of Georgia. The mixed-use project will include office, retail and residential spaces.

November 20, 2020

Conference Coverage Features Retail Southeast Southeast Feature Archive

Lenders Bearish on Retail Sector Except for ‘Prime’ Assets, Says Expert Panel

by Alex Tostado November 20, 2020

Since the onset of the COVID-19 pandemic, retail and restaurant space has been severely impacted by government-mandated shutdowns. While some stay-at-home orders have been lifted, the sector has struggled to return to its pre-pandemic norms. As a result, lenders have shied away from retail, whether it be construction, refinancing or acquisition loans, according to an expert panel assembled by France Media, Inc. Retail has “lost a lot of favor” with lenders, said Pierce Mayson, managing principal of SRS Real Estate Partners, during a webinar panel titled “Southeast Retail Investment Outlook: Will Retail Investment Activity Bounce Back in 2021?” Southeast Real Estate Business and Shopping Center Business jointly hosted the webinar on Monday, Nov. 16. “There is still some money out there for retail, but it’s few and far between,” said Mayson. Joining Mayson on the panel were Fred Victor, vice president of capital markets and investment sales at Transwestern; Greg Matus, senior vice president of investment sales at Franklin Street; Jeff Enck, associate director of capital investments at Stan Johnson Co.; and moderator Craig Thompson, partner at accounting firm Carr Riggs & Ingram. One telltale sign that banks are bearish on the retail real estate sector is the fact that …

November 20, 2020

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