Retail

MAG Capital Partners Sells Southern California Retail Property to Japanese REIT

by Amy Works September 17, 2020

LOMPOC, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the disposition of a single-story retail property located at 1600 N. H St. in Lompoc. Jinushi USA Inc., a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co., acquired the 62,500-square-foot end-cap property for an undisclosed price. The separately parceled property is situated on 5.3 acres within Mission Plaza, a shopping center with 26 tenants including Starbucks Coffee, Chase, Albertsons, Big 5, Ross Dress for Less and GNC. Judd Dunning of DWG Capital Group represented the seller, while Jeff Wiggins of Coldwell Banker Commercial NRT represented the buyer in the transaction. MAG Capital Partners, led by Principals Dax Mitchell and Andrew Gi, purchased 1600 North H Street in December 2019. The property was then short-term leased to Walmart prior to the sale to Jinushi USA.

September 17, 2020

Acquisitions California Retail Western

Wood Investments Buys 99 Cents Only-Occupied Building in Chino Hills, California

by Amy Works September 17, 2020

CHINO HILLS, CALIF. — Wood Investments Cos. has purchased a single-tenant retail investment property located at 4050 Chino Hills Parkway in Chino Hills. An undisclosed seller sold the asset for $2.5 million. Situated within Chino Hills Parkway Center, 99 Cents Only occupies the 28,240-square-foot property, which was originally built in 1974 for Alpha Beta. Other tenants at the shopping center include 7-Eleven, Jack in the Box, AutoZone and H&R Block. Wood Investments plans to hold the asset for cash flow until the end of the 99 Cents Only lease and will either negotiate a new lease with 99 Cents Only or another essential needs or grocery tenant at market rates. The business plans will take approximately three to five years to complete. Patrick Wade, Alex Kozakov and Jake Hayutin of CBRE’s South Bay office in El Segundo, Calif., represented the seller, while Wood Investments Cos. was self-represented in the deal. Chicago-based JDI Realty is the lender in the deal.

September 17, 2020

District of Columbia Retail Southeast

Commerce Department: Retail Spending Up Slightly in August, Fourth Straight Month of Growth

by Alex Tostado September 16, 2020

WASHINGTON, D.C. — The U.S. Commerce Department reported in its advanced estimate Wednesday morning that retail spending rose 0.6 percent on a month-over-month basis in August. Total sales for the month were $537.5 billion, up from $534.6 billion in July. This marks the fourth straight month retail sales rose since April, when sales plummeted 16.4 percent due to the coronavirus pandemic shutting down the U.S. economy in mid-March. The National Retail Federation (NRF) said it expected August numbers to slow due to federal assistance waning at the end of July, but the Washington, D.C.-based organization believes consumers are “in good shape” heading into the holiday season. “Over the past several months, consumers have responded well to federal relief measures that have supported the recovery, so it comes as no surprise that they would take a pause on spending as some of these programs tapered off at the end of July,” says Matthew Shay, CEO and president of the NRF. “We continue to advocate for additional stimulus measures to help the economy recover. With the holidays quickly approaching, our retailers are prepared to serve customers to meet all of their holiday needs and are embracing the new holiday tradition of shopping …

September 16, 2020

Company News Retail Texas

Segovia Partners Launches Retail Brokerage, Consulting Firm in Dallas

by Taylor Williams September 16, 2020

DALLAS — A quartet of real estate veterans has launched Segovia Partners, a new firm that will offer advisory and brokerage services to tenants in the retail markets of Texas, Oklahoma, Arkansas and Louisiana and to landlords throughout the United States. Each member of the team of Jack Breard, Jennifer Frank, Michelle Waak and David B. Shelton has more than 20 years of experience in the industry. Frank most recently worked with Segovia Retail Partner; Breard and Shelton most recently worked with CBRE; and Waak most recently worked with The Howard Hughes Corp. Over the years, the team’s retail-using clients have included IKEA, Ulta Beauty, P.F. Chang’s and Flower Child. The firm’s office is located at 8080 Park Lane in Dallas and is officially open for business.

September 16, 2020

Company News New York Northeast Retail

Reports: Town Sports International Files for Chapter 11 Bankruptcy, to Close About 200 Gyms

by Taylor Williams September 16, 2020

NEW YORK CITY — Town Sports International Holdings Inc. (NASDAQ: CLUB), the parent company of New York Sports Clubs, Boston Sports Clubs and Lucille Roberts gyms, has filed for Chapter 11 bankruptcy, according to reports from multiple new outlets including CNBC and The Wall Street Journal. The company filed its petition in the U.S. Bankruptcy Court in Wilmington, Del. Town Sports, which operates about 200 fitness centers throughout the region, said that it does not plan to permanently close the majority of its gyms, which serve about 600,000 members. The fitness chain joins Dallas-based Gold’s Gym and 24 Hour Fitness as the latest operator to file for Chapter 11 bankruptcy in response to COVID-19, which has forced many such facilities to either close or operate at reduced capacities.

September 16, 2020

Burlington-Somerville-Circle-Shopping-Center

Leasing Activity New Jersey Northeast Retail

Burlington Opens New Store at Somerville Circle Shopping Center in Raritan, New Jersey

by Taylor Williams September 16, 2020

RARITAN, N.J. — Burlington has opened a new store at Somerville Circle Shopping Center, a 150,000-square-foot property located at the intersection of Routes 202/206 and Route 28 in Raritan, about 45 miles southeast of New York City. Burlington has backfilled a space formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us. Other tenants at the center include Staples, Petco, Jersey Mike’s, Burger King and Five Below. Levin Management Corp. manages the property. The square footage of the store was not disclosed.

September 16, 2020

Development Midwest Minnesota Retail

Lunds & Byerlys to Open 51,000 SF Grocery Store at Highland Bridge Development in St. Paul

by Kristin Harlow September 16, 2020

ST. PAUL, MINN. — Lund Food Holdings Inc. has entered into a long-term lease agreement with developer Ryan Cos. to open a full-service Lunds & Byerlys grocery store within the Highland Bridge project in St. Paul. The 51,000-square-foot store is expected to open in 2022. It will offer an extensive selection of prepared foods, specialty products and two levels of covered parking. The store will anchor a building with 230 apartment units. The existing Lunds & Byerlys store at 2128 Ford Parkway will remain open until the grand opening of the new store. Highland Bridge is a large mixed-use redevelopment of the former Ford Motor Co. production plant in St. Paul’s Highland Park neighborhood.

September 16, 2020

Leasing Activity Northeast Pennsylvania Retail

Sportsman’s Warehouse to Debut New Store in Chambersburg, Pennsylvania on Sept. 24

by Taylor Williams September 15, 2020

CHAMBERSBURG, PA. — Sportsman’s Warehouse Holdings Inc. (NASDAQ: SPWH) will open a new store at 3285 Black Gap Road in Chambersburg, located roughly midway between Pittsburgh and Philadelphia in the southern part of the state. A grand opening celebration will take place Thursday, Sept. 24 through Friday, Sept. 26. The store will be the fourth Sportsman’s Warehouse in Pennsylvania and will offer more than 60,000 region-specific items including brand-name hunting, fishing, camping, shooting, apparel and footwear merchandise.

September 15, 2020

Leasing Activity New York Northeast Retail

Bloomingdale’s to Open 25,000 SF Store at Samanea Mall in Westbury, New York

by Taylor Williams September 15, 2020

WESTBURY, N.Y. — Bloomingdale’s Furniture will open a 25,000-square-foot store at Samanea Mall in Westbury, located on Long Island, in spring 2021. Matthew Kucker and Jordan Baruch of Colliers International represented the landlord in the lease negotiations. Brian Schuster of Ripco Real Estate represented Bloomingdale’s. Samanea Mall originally opened in 1997 and is currently undergoing a multimillion-dollar renovation.

September 15, 2020

Leasing Activity Retail Texas

Dick’s Sporting Goods Opens New Store at San Pedro Crossing in San Antonio

by Taylor Williams September 15, 2020

SAN ANTONIO —Dick’s Sporting Goods has opened a new store at San Pedro Crossing, a retail center located at the junction of NW Loop 410 and San Pedro Avenue in San Antonio. Lincoln Property Co. owns the shopping center, which is located across the street from North Star Mall and also houses tenants such as The Container Store, Barnes & Noble and Office Depot. The store will be the Pittsburgh-based retailer’s fifth in the San Antonio area. The square footage of the new store was not disclosed.

September 15, 2020

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