Retail

Macy’s Forecasts $1.1B Operating Income Loss in First Quarter

by Alex Patton May 21, 2020

NEW YORK CITY — Macy’s Inc. (NYSE: M) has forecasted an approximately $1.1 billion loss in operating income in the first quarter, which ended in early May, a result of both temporary and permanent store closings as well as significantly decreased patronage amid the COVID-19 outbreak, the company said on Thursday. As of this week, the company has reopened approximately 190 of its Macy’s and Bloomingdale’s shops and plans to reopen 80 more for the Memorial Day holiday weekend. At the close of 2019, Macy’s Inc. owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years, beginning in February. As part of the plan, the retailer closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $5.05 per share on May 20, compared with $21 per share at the same time last year. Macy’s Inc. will release its first quarter earning results on July 1.

May 21, 2020

Company News Mississippi Retail Southeast

Eldorado Resorts Reopens Three Casinos in Mississippi Today at Limited Capacity

by Alex Tostado May 21, 2020

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has reopened Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi. Eldorado will limit the number of guests to no more than 50 percent of the property’s maximum occupancy, in accordance with Mississippi Gaming Commission regulations. The Reno, Nev.-based company temporarily closed the three casinos March 16 in accordance with the Commission’s orders to close casinos due to the COVID-19 outbreak. The properties reopened at 10 a.m. local time.

May 21, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 19,950 SF Rayford Village Retail Center in Metro Houston

by Taylor Williams May 21, 2020

SPRING, TEXAS — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed interest rate.

May 21, 2020

Acquisitions California Retail Western

Hanley Investment Group Brokers $4M Sale of Two-Tenant Retail Asset in Ontario, California

by Amy Works May 21, 2020

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.

May 21, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $2.5M Sale of AAMCO-Occupied Retail Property in Arizona

by Amy Works May 21, 2020

MARICOPA, ARIZ. — Marcus & Millichap has negotiated the sale of a built-to-suit AAMCO Transmission Shop & Total Car Care building located at 20215 N. John Wayne Parkway in Maricopa. A limited liability company acquired the asset from another limited liability company for $2.5 million. The 4,380-square-foot building opened for service earlier this month. The asset includes a 15-year, absolute triple-net lease with a multi-unit franchisee. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller, while Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office procured the buyer in the deal.

May 21, 2020

Acquisitions Illinois Midwest Retail

Stan Johnson Co. Brokers $1.1M Sale of Dollar General-Occupied Property in Central Illinois

by Kristin Harlow May 21, 2020

RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.

May 21, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Negotiates $9M Sale of Walgreens-Occupied Retail Asset in Tempe, Arizona

by Amy Works May 20, 2020

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 2000 S. Mill Ave. in Tempe. A limited liability company sold the property to an undisclosed buyer for $9 million. Walgreens occupies the building on an absolute triple-net corporate lease with 14 years remaining on the term. The property is located two miles from downtown Tempe and near to Arizona State University’s Tempe campus. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

May 20, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Wells Fargo-Occupied Retail Property in Metro Atlanta

by Alex Tostado May 20, 2020

PEACHTREE CORNERS, GA. — Marcus & Millichap has arranged the $2.4 million sale of a retail property leased to Wells Fargo in Peachtree Corners. The 10,851-square-foot building was built in 1968 and is triple-net-leased to the bank. The asset is situated at 6155 Buford Highway, 17 miles northeast of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the seller, Linkpoint Properties, and the buyer, Matthews Family Investments LLC, in the 1031 transaction. Linkpoint originally purchased the asset in November 2017 for a little over $2 million.

May 20, 2020

Company News Retail Texas

Pier 1 Imports Announces Intent to Close All Remaining Stores, Liquidate Assets

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc. has filed a motion in U.S. Bankruptcy Court to begin the process of closing all of its remaining stores and liquidating its assets, including its intellectual property and e-commerce business, the Fort Worth-based home goods retailer said on Tuesday. Pier 1 closed about 450 stores in January and filed for Chapter 11 bankruptcy in mid-February prior to the outbreak of COVID-19. However, CEO Robert Riesbeck said in the statement that the pandemic had amplified the company’s struggles to restructure debt and secure investment that would keep the business afloat. Pier 1 intends to initiate store closing efforts and liquidation sales once stores can reopen, in compliance with COVID-19 guidelines from local government and health officials. Pier 1 was founded in 1962 and operated about 1,300 stores at the height of its expansion in 2006.

May 20, 2020

Leasing Activity New Jersey Northeast Retail

Stumpy’s Hatchet House Signs 14,194 SF Retail Lease in Upper Saddle River, New Jersey

by Alex Patton May 20, 2020

UPPER SADDLE RIVER, N.J. — Stumpy’s Hatchet House LLP, an entertainment concept that centers on axe-throwing, has signed a 14,194-square-foot retail lease in Upper Saddle River, approximately 30 miles northwest of New York City. The space is located in a 29,795-square-foot building at 107 Pleasant Ave that also houses The Gravity Vault, an indoor rock climbing concept. The store will be Stumpy’s sixth axe-throwing venue in New Jersey. Conor Ryan and Ryan Bednarski of JLL represented Stumpy’s in the lease negotiations. Samuel Bernhaut and Nicole Nannola of CBRE represented the landlord, Northbound Real Estate LLC.

May 20, 2020

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