SEATTLE — This week, Seattle-based Starbucks started reopening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its reopening in the United States amid the continued concerns of the global COVID-19 pandemic. “We have adapted these protocols for the U.S., and our goal is to exceed the standards outlined by the Centers for Disease Control and Prevention for a safe experience, including heightened emphasis on cleaning and sanitizing protocols in our stores,” says Kevin Johnson, CEO and president of Starbucks. The coffee company has expanded its service beyond drive-up to include mobile order for contactless pick-up, delivery and, in some locations, curbside parking and grab-and-go through the café. To that end, Starbucks is focusing on the safest and more convenient ways for customers to order through its Starbucks App, with expanded features including optimization for curbside …
Retail
OGDEN, UTAH — Mountain West Commercial Real Estate has directed the sale of Canyon Plaza, a shopping center located at 2060 Harrison Blvd. in Ogden. Canyon Plaza Properties LLC acquired the asset from Christian W. Monson with Winkel Family LLC for an undisclosed price. Situated within three miles of Weber State University, Canyon Plaza features 13,691 square feet of leasable space on one acre of land. Brandon Goodman and Chris Monson of Mountain West represented the seller, while Goodman and Kyle Bloomfield, also of Mountain West, represented the buyer in the transaction.
Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations
by John Nelson
The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area. While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills. Landlords, on the other hand, are having to take this challenge head on and are testing the waters with solutions like pause agreements, rent deferrals (in many cases, equivalent term is added at the end of these leases) and other creative ways to provide relief to their tenants while not endangering their own interests or those of their lenders. There’s no certainty that these issues won’t have to be addressed again, periodically, as the …
NorthMarq Arranges $16.5M Loan for Refinancing of Shopping Center in Wallington, New Jersey
by Alex Patton
WALLINGTON, N.J. — Northmarq has arranged a $16.5 million loan for the refinancing of Wallington Plaza, a 94,297-square-foot shopping center in Wallington, a northwestern suburb of New York City. A local bank provided the permanent loan, which carries a floating interest rate, a seven-year term and a 30-year amortization schedule. A ShopRite grocery store anchors the property, which is located at 375 Paterson Ave. Other tenants include a pet supplies store and a liquor store. Robert Ranieri of NorthMarq arranged the loan.
HOUSTON — Archway Properties has broken ground on a 22,016-square-foot build-to-suit retail project in Houston for Northern Tool + Equipment. The building will be situated on a freeway-fronting pad site within the 111-acre Park Air 59 mixed-use development on the city’s northeastern side. The store will be the Minnesota-based retailer’s eighth in Houston and is expected to open in the first quarter of 2021.
Hanley Investment Brokers $2.6M Ground Lease Sale of Aldi-Occupied Asset in Southern California
by Amy Works
CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Fla.-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway. Dylan Mallory and Jeff Lefko of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.
MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.
German Kebab Chain to Open First U.S. Restaurant at American Dream, Franchise 350 More Over Seven Years
by Alex Patton
EAST RUTHERFORD, N.J. — Fast casual dining chain German Doner Kebab (GDK) plans to open its first U.S. restaurant at American Dream, a 3.7 million-square-foot retail and entertainment destination in East Rutherford, New Jersey. Over the next seven years, GDK also plans to open 350 more franchised stores across the United States, primarily in malls, shopping centers and central business districts. The company already operates more than 70 stores in Europe and the Middle East. GDK restaurants typically range from approximately 1,300 to 3,000 square feet in size. Joseph Aquino Commercial Real Estate Services LLC represented GDK in the lease negotiations. Canadian shopping mall developer Triple Five Group owns American Dream.
OLD BRIDGE, N.J. — Dollar Tree has signed a 10,056-square-foot retail lease in Old Bridge, approximately 35 miles southwest of New York City. The property is located at 2695 County Road 516 in Old Bridge Town Center, a 93,251-square-foot retail center anchored by a Jersey Strong gym and Walgreens. The store is slated to open in the third quarter. Danielle Brunelli of R.J. Brunelli & Co. represented Dollar tree in the lease negotiations. Brunelli also represented the landlord.
HOUSTON — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.