MILFORD, CONN. — Ethnic grocer Caribbean Corner Store LLC has signed an 800-square-foot retail lease in Milford, a western suburb of New Haven. The property is located at 225 Research Drive, a redeveloped warehouse constructed in 1988.. Bill Clark of The Geenty Group represented Caribbean Corner Store in the lease negotiations. Clark also represented the landlord, D’Amato Investments LLC.
MIAMI — Cinemex Holdings USA Inc., parent company of CMX Cinemas, CineBistro and Cobb Theatres, has filed for Chapter 11 bankruptcy protection. The Miami-based company operates 41 movie theaters that have been temporarily closed since mid-March amid the outbreak of COVID-19. In a written statement, an undisclosed Cinemex Holdings USA spokesman said the Chapter 11 filing will help protect the company’s business viability and employees if and when the company’s movie theaters reopen. The spokesperson said that it’s impossible to forecast if and when ticket sales would ever reach pre-crisis levels. In the state of Georgia, movie theaters were allowed to reopen on Monday, April 27, and movie theaters in Texas can open at limited capacity on Friday, May 1. The spokesperson said that during its “total suspension of business” that landlords and creditors have proven unwilling to work out temporary solutions in terms of rent relief or repayment of debt obligations. The company spokesperson also said that the bankruptcy is a result of an uneven playing field as movie studios typically collect 60 percent of every ticket sold. The person said an equitable long-term “rebalancing” for movie theater operators would be for movie studios to cut their maximum revenue …
It’s no question that 2020 has become a turning point in history. Within a few short weeks, what was a booming time in our industry has changed in the blink of an eye. Although the good times may not last forever, it’s safe to say many didn’t expect a sudden change so soon — and on such a large scale. While health remains the nation’s top priority, COVID-19 has taken a toll in some shape or form on plenty of industries in the weeks following its arrival in the United States, with retail unquestionably being one of the hardest hit. However, innovative players are still finding opportunities. Plenty of retailers were already adapting to a changing market defined by e-commerce, and their improvements were unknowingly preparing them for a world under COVID-19 restrictions and limitations. Dinner at a Tap Food delivery apps have become saving graces since COVID-19 changed the daily lives of Americans. Delivery apps such as DoorDash, Uber Eats and Favor are allowing customers who may not want or be able to leave their homes to support their favorite restaurants. While one benefit of these apps would usually be supporting increased sales and avoiding standing in line, these …
MILFORD, CONN. — Milford Performing Arts Center (MPAC) will open a 1,600-square-foot dance facility in Milford, a western suburb of New Haven. The property is located at 225 Research Drive, a redeveloped warehouse constructed in 1988. Bill Clark of The Geenty Group represented MPAC in the lease negotiations. Clark also represented the landlord, D’Amato Investments LLC.
ROSEVILLE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Roseville Towne Center in Roseville, about 15 miles north of Detroit. The sales price was undisclosed. The 89,883-square-foot shopping center is home to Marshalls, CVS Pharmacy, Five Below and Dollar Tree. Ben Wineman, Carly Gallagher Kelly and Daniel Stern of Mid-America represented the seller, Cincinnati-based Viking Partners. Ferris Hamama of Keystone Commercial Real Estate represented the buyer, a private investor completing a 1031 exchange.
LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.
LOS ANGELES — The Passman Group has brokered the sale of a three-parcel land assemblage, located at 2107-2121 Westwood Blvd. in Los Angeles. A private investor acquired the asset for an undisclosed price. The property consists of multiple buildings across three parcels that are approximately 27,000 square feet. With close to 200 feet of frontage, the property was previously home to the iconic Wally’s Wine & Spirits for more than 30 years. David Passman, Michael Navi and Marc Pakravan of The Passman Group represented the undisclosed seller in the transaction. Richard Drapkin advised the seller.
CORONA, CALIF. — Organic Roots, a family-owned organic and natural food store, has opened a its location at McKinley Crossroads. ShopOne Centers REIT owns the property, located in Corona. This is the retailer’s second store, joining its existing location in Temecula. Organic Roots offers local, organic products, all-natural foods, health and body care products, and supplements. Additionally, the store features a wide selection of foods for specialized diets, including vegan, vegetarian, gluten free, low sugar, paleo and keto. Organic Roots will be open to seven days a week from 9 a.m. to 7 p.m. and will offer senior citizen shopping hours and curbside pickup for the duration of the coronavirus pandemic.
ORLANDO, FLA. — In an effort to limit contact and feed frontline healthcare workers, Park Pizza & Brewing Co. has partnered with Beep, a company operating self-driving shuttles, to deliver food to the Orlando VA Medical Center in the city’s Lake Nona neighborhood. To limit contact with the delivery, each pizza box is sealed, put onto a cart, loaded into the shuttle by Park Pizza & Brewing restaurant employees and the onboard shuttle attendant, and personnel at the medical center are then able to roll the cart into the hospital. The shuttles typically operate on a fixed route, but that has been paused due to the COVID-19 crisis. Park Pizza & Brewing opened within Lake Nona in November 2018. The VA hospital opened in 2015 and provides acute care, complex specialty care, advanced diagnostic services, a large multispecialty outpatient clinic, and administrative and support services to more than 100,000 veterans in the area. Beep and Lake Nona developer Tavistock Development Co. are exploring other opportunities to utilize the autonomous shuttles to serve the community during COVID-19.
DALLAS — SRS Real Estate Partners has arranged the $13 million sale of nine retail properties leased to Hydraulic Supply Co. The locations are in Fort Lauderdale, Pompano Beach, Riviera Beach, Fort Myers, Orlando, Tampa, Florida City and Belle Glade, Fla.; as well as Forest Park, Ga. Each location has nine years remaining on the lease. The assets range from 7,000 to 12,000 square feet and double as last-mile distribution and storage properties for the retailer. Motion Industries Inc., a subsidiary of Genuine Parts Co., owns Hydraulic Supply Co. Hydraulic Supply carries a selection of more than 20,000 hydraulic, pneumatic and industrial products. Patrick Nutt, Kyle Fant and Britt Raymond of Dallas-based SRS represented the seller, Florida-based SunCap Investment Fund, in the transaction. There were eight undisclosed, individual buyers for the assets.