Retail

Boulder Group Brokers $18.6M Sale of Property Net Leased to Jewel-Osco in Romeoville, Illinois

by Kristin Harlow March 20, 2020

ROMEOVILLE, ILL. — The Boulder Group has brokered the $18.6 million sale of a single-tenant property net leased to Jewel-Osco in Romeoville, located about 30 miles southwest of Chicago. The 67,507-square-foot building sits on 7.5 acres at 20 S. Weber Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Southwest-based private real estate investment company. A West Coast-based private investor purchased the asset in a 1031 tax-deferred exchange. Jewel-Osco has operated at the property since 2002 and recently executed a 20-year lease.

March 20, 2020

Acquisitions Iowa Midwest Retail

Crossroads Mall in Iowa Sells for $3.3M, Will Undergo Redevelopment

by Kristin Harlow March 20, 2020

FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support construction.

March 20, 2020

Indiana Midwest Retail

Old National Bank to Temporarily Shift to Appointment-Only, Drive-Thru Banking

by Kristin Harlow March 20, 2020

EVANSVILLE, IND. — Old National Bank will temporarily shift to appointment-only banking at all branch locations as a result of the coronavirus pandemic. The practice will enable staff to clean and disinfect surfaces after each visit. The drive-thru will remain open at all locations and hours of operation will not change. Appointments will be available between 9 a.m. and 3 p.m., with the first hour of each day reserved for persons age 60 or older and others who are a high risk to contract the coronavirus. Old National Bancorp, the holding company of Old National Bank, is the largest bank holding company headquartered in the state of Indiana.

March 20, 2020

New York Northeast Retail

ICSC Asks Federal Government to Financially Support Retailers, Restaurants

by Alex Patton March 19, 2020

NEW YORK — The International Council of Shopping Centers (ICSC) has requested financial support from the federal government to guarantee or directly pay for business interruption coverage for retailers, restaurants, other tenants and landlords as a result of the coronavirus outbreak. In a letter addressed to President Donald Trump, Vice President Mike Pence and Secretary of the Treasury Steven Mnuchin, ICSC cited the $6.7 billion in consumer activity and $400 billion in annual state and local taxes that the retail, restaurant and entertainment industries generate, and appealed to a need to be able to continue to pay employees and suppliers. ICSC also volunteered the use of the parking lots of its member centers to facilitate the delivery of emergency supplies, as well as the construction of temporary health centers and shelters. <Read the full letter>

March 19, 2020

Acquisitions Company News Retail Washington Western

Costco Wholesale Acquires Innovel Solutions for $1B to Expand Last-Mile Capacity

by Amy Works March 19, 2020

ISSAQUAH, WASH. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to nearly 95 percent of the United States and Puerto Rico. Products served through Innovel include major appliances, furniture, mattresses, televisions, grills, patios, fitness equipment and wine cellars. Innovel employs over 1,500 people and operates 11 distribution and fulfillment center, as well as more than 100 final-mile, cross-dock centers with over 15 million square feet of warehouse space. The company also operates dedicated call centers. Costco has been a customer of Innovel since 2015, and under Costco’s ownership Innovel will continue to serve Sears and other existing third-party customers. “We have a great relationship with Innovel and share a philosophy of taking care of our members,” says Craig Jelinek, Costco’s CEO, “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.” Costco currently operates …

March 19, 2020

Kansas Midwest Retail

AMC Theatres to Close All U.S. Locations for Six to 12 Weeks

by Kristin Harlow March 19, 2020

LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has closed all 630 AMC locations in the United States for at least six to 12 weeks, in compliance with local, state and federal directives, and as a precaution to help ensure the health and safety of moviegoers and theater staff amid the coronavirus pandemic. The company says it will continue to monitor the situation closely and remain flexible on reopening in accordance with the Centers for Disease Control and Prevention recommendations and governmental directives. More than a dozen states and major markets have mandated that movie theaters, bars and restaurants close as a result of the COVID-19 outbreak. The federal government has recommended that no public gatherings take place that are larger than 10 people. AMC customers are encouraged to utilize AMC Theatres on Demand, which enables them to rent or buy movies from a selection of more than 3,500 titles. Kansas-based AMC maintains approximately 1,000 theaters and 11,000 screens worldwide.

March 19, 2020

Leasing Activity Midwest Retail Wisconsin

Solidcore Signs 2,540 SF Retail Lease in Milwaukee’s Historic Third Ward

by Kristin Harlow March 19, 2020

MILWAUKEE — Solidcore has leased a 2,540-square-foot retail space at the Dye House within Milwaukee’s Historic Third Ward neighborhood. Ned Purtell, John Davis and Hakan Hare of Founders 3 Real Estate Services represented the landlord, Singerman Real Estate. Solidcore is a fitness concept offering 50-minute workout classes featuring high-intensity, low-impact training. Dating back to 1922, the Dye House is listed on the National Register of Historic Places. It once housed the dyeing operation for Phoenix Knitting Co., but now features office, retail and residential space.

March 19, 2020

California Company News Indiana Midwest Retail Top Stories Western

Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado March 19, 2020

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

March 19, 2020

Market Reports Midwest Midwest Market Reports Minnesota Retail

Influx of Out-of-State Capital Creates Cap Rate Compression in Twin Cities Market

by Kristin Harlow March 19, 2020

In 2019, the Twin Cities net lease retail market experienced a historic year, benefitting significantly from aggressive western U.S. capital. The Twin Cities saw an unprecedented number of buyers from the western United States who were willing to pay a premium above local buyers for quality net leased real estate. There were 95 net lease transactions in the Twin Cities in 2019 that sold below a 7.5 percent cap rate, according to CoStar Group. Of those transactions, 33 percent were sold to buyers based in the West Coast. What’s more, of the net lease properties that sold below a 6.25 percent cap rate, nearly 50 percent were sold to buyers based in the western U.S. In comparison, in 2018, only 25 percent of the net leased properties below a 6.25 percent cap rate in the Twin Cities sold to buyers based in the western U.S. This trend helped average cap rates compress for both net lease multi-tenant pad/strip centers as well as single-tenant cap rates between 2018 and 2019. The average multi-tenant net lease cap rate in 2018 was 7.25 percent versus 7.1 percent in 2019. The average single-tenant cap rate in 2018 was 6.7 percent versus 6.6 percent in …

March 19, 2020

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $8M Sale of Food Lion-Anchored Center Near Roanoke

by Alex Tostado March 18, 2020

DALEVILLE, VA. — Cushman & Wakefield | Thalhimer has arranged the $8 million sale of Orchard Marketplace, a 46,552-square-foot, grocery-anchored shopping center in Daleville. Located at 50-110 Marketplace Center Way, about 12 miles north of downtown Roanoke, the property was fully leased at the time of sale to tenants including Food Lion and Carilion Health Systems. Eric Robison, Catharine Spangler and Jessica Johnson of Cushman & Wakefield | Thalhimer represented the sellers, Orchard Anchor LLC and New Orchard Marketplace LLC, in the transaction. Club Forest Guardian LLC acquired the property.

March 18, 2020

Newer Posts

Older Posts