Restaurant

Raleigh-Durham Retail Bolstered By Grocery Growth, Offsetting Store Closures

by John Nelson March 1, 2021

This time last year, we were commenting on the changing retail market, but we were overall very optimistic about 2020. What a difference a year makes! Across the United States, 2020 brought us the closing of the following: 279 SteinMart stores; 1,100 Ann Taylor stores; 950 Pier 1 Imports stores; 350 Gap stores; 248 GNC stores; 145 A.C. Moore stores; 230 Tuesday Morning stores; and 178 Forever 21 stores. Additionally, Macy’s closed 29 stores in 2020 and expects to close another 45 in 2021. This trend of retail store closings will slow down in 2021, but it will not change. On the positive side, retailers such as Walmart, Target, The Home Depot, Lowe’s Home Improvement and Walgreens have seen positive sales numbers and continue to expand. In the supermarket sector, Kroger, Food Lion and Publix have had record numbers and, along with Aldi and Lidl, are expanding. In the Raleigh-Durham market, our 2020 vacancy rate has increased to 8.24 percent and rental rates have hovered in the $18 to $20 per square foot range, but those numbers are skewed due to rent concessions and abatements. Raleigh-Durham has approximately 86.6 million square feet of retail space with around 640,000 square feet …

March 1, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Arranges $2.6M Sale of New Starbucks-Occupied Property in Rancho Cordova

by Amy Works February 26, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant retail property located within Zinfandel Village, a shopping center in Rancho Cordova. An Orange County-based private investor acquired the property from Irvine-based Pacific Castle Management for $2.6 million. Starbucks Coffee occupies the 2,200-square-foot freestanding building with a drive-thru, which is located at 2875 Zinfandel Drive. Other tenants at Zinfandel Village include Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, while Eric Reuveni of Encino-based Los Angeles Commercial Real Estate Group represented the buyer in the deal.

February 26, 2021

Michigan Midwest Restaurant Retail

Global Retail Sales for Domino’s Increased 12 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its global retail sales increased 12 percent in the fourth quarter and 10.4 percent in fiscal 2020. U.S. same-store sales grew 11.2 percent during the quarter and 11.5 percent for the year. However, the Ann Arbor-based pizza chain missed Wall Street’s estimates for its fourth-quarter earnings and revenue, according to CNBC. Pandemic costs weighed on profits and U.S. same-store sales growth slowed compared with prior quarters. Domino’s stock price closed at $364.59 per share on Wednesday, Feb. 24, down slightly from $368.66 per share one year ago. There are more than 17,600 stores in 90 markets worldwide. It is the largest pizza company in the world based on retail stores, according to the company.

February 25, 2021

Leasing Activity New York Northeast Restaurant Retail

Plant-Based Concept to Open Restaurant at 1245 Broadway in Manhattan

by Taylor Williams February 23, 2021

NEW YORK CITY — Los Angeles-based chef Matthew Kenney will open a plant-based restaurant concept at a 7,900-square-foot space at 1245 Broadway in Manhattan. Anthony Stanford and Henry Rossignol of CBRE represented the tenant and the landlord, a partnership between locally based developer GDSNY and Stockholm-based Klovern, in the negotiations.

February 23, 2021

Florida Leasing Activity Restaurant Retail Southeast

Target Signs 77,000 SF Lease with Terra for CentroCity Mixed-Use Development in Miami

by Julia Sanders February 22, 2021

MIAMI — Target has signed a 77,000-square-foot lease as part of Terra’s CentroCity mixed-use redevelopment located at 3825 NW 7th St. in Miami. Construction is expected to start this summer. Arquitectonica and RSP Architects are designing CentroCity. As part of the CentroCity project, Terra is redeveloping what was previously known as Central Shopping Plaza into a 38-acre mixed-use project. The plans for CentroCity includes up to 1,200 residential apartments, green space for residents, an office building and a shopping center with 300,000 square feet of retail and restaurant space. CentroCity will be located 2.9 miles from Miami International Airport. CentroCity will feature three eight-story multifamily buildings with 460 rental apartments. Future phases with additional multifamily units and a 250,000-square-foot Class A commercial office building are also planned. The project’s plan includes seven new multifamily buildings lining the property behind the Target-anchored shopping center. The residential buildings will feature a series of courtyards, pool decks and landscaped sidewalks. Units will range from one- to three-bedroom apartments measuring between 500 and 1,250 square feet. Community amenities will include multiple pools, poolside cabanas, barbecue grill areas, a children’s playground, a dog park, resident lounges and game rooms.

February 22, 2021

Acquisitions Arkansas Restaurant Retail Southeast

MAG Capital Partners Acquires 14,004 SF Entertainment Venue in Fayetteville, Arkansas

by Julia Sanders February 22, 2021

FAYETTEVILLE, ARK. — MAG Capital Partners has acquired a 14,004-square-foot restaurant, brewery and entertainment venue in Fayetteville. The property is operated by JBGB Restaurant and JJ’s Beer Garden & Brewery, and offers an outdoor playground, a stage for live music and a 225-seat dining area. The new ownership plans to immediately break ground on a 10,921-square-foot expansion of the JBGB restaurant and venue. Judd Dunning of DWG Capital Group arranged the sale-leaseback transaction on behalf of MAG Capital Partners. T.J. Lefler with Sage Partners represented the seller, JBGB Restaurant and Brewery. MAG Capital Partners is a private commercial real estate investment firm based in Fort Worth, Texas.

February 22, 2021

Leasing Activity Midwest Missouri Restaurant Retail

Loaded Elevated Nachos Opens at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow February 19, 2021

ST. CHARLES, MO. — Loaded Elevated Nachos is now open at The Streets of St. Charles in suburban St. Louis. The nacho concept occupies 1,400 square feet at 1450 Beale St., which is also home to Narwhal’s Crafted, Yoga Six and Napoli III. The menu boasts 10 different nacho dishes. Loaded is a new concept from the owners of Narwhal’s Crafted, a frozen drink bar. The Streets of St. Charles is a 27-acre development with retail, dining, entertainment, hospitality, multifamily and office components. Cullinan Properties Ltd. is the owner and manager.

February 19, 2021

District of Columbia Restaurant Retail Southeast

Retail Sales in January Show 5.3 Percent Growth on Heels of Stimulus Payouts

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Retail and food service sales in January increased by 5.3 percent and 7.4 percent from January 2020, the U.S. Commerce Department reported Wednesday. The monthly increase is the first rise for several months, following three months of declining retail sales numbers. The growth exceeded the 1.2 percent gain that economists surveyed by Dow Jones forecasted. The Wall Street Journal reported that January’s advanced figure marks the biggest monthly gain since June 2020. The increase in sales follows the federal government’s dispersal of stimulus checks of about $600 per recipient. Jack Kleinhenz, chief economist of the National Retail Federation, said that the surge in sales is a direct result of relief funds and better trends of the COVID-19 pandemic. “There is plenty of purchasing power available for most consumers,” said Kleinhenz. “Confidence is building thanks to the availability of COVID-19 vaccines, and states and local governments are beginning to remove restrictions on economic activity. Going forward, I expect consumer spending to build on this momentum.” Month to month, there was an increase in sales for motor vehicles and parts by 3.1 percent, gas stations by 4 percent, food and beverage stores by 2.4 percent, furniture stores by 12 …

February 17, 2021

Acquisitions Arizona Restaurant Retail Western

Newmark Negotiates $5.2M Sale of Shops at Tuscano in Phoenix

by Amy Works February 16, 2021

PHOENIX — Newmark has arranged the sale of Shops at Tuscano, a shopping center located in Phoenix. Shrisha LLC sold the property to TDN Properties for $5.2 million. Located at 7435 W. Lower Buckeye Road, the retail center features 15,938 square feet of multi-tenant space. At the time of sale, the property was 93 percent occupied by seven tenants, including Sprint/T-Mobile, Little Caesars and TitleMax. The shopping center was built in 2006. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the transaction.

February 16, 2021

Acquisitions Arizona Restaurant Retail Western

Black Lion Investment Group Buys Oracle Wetmore Shopping Center in Tucson for $38M

by Amy Works February 12, 2021

TUCSON, ARIZ. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million. Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, Bassett Home Furnishings, Chipotle and Sport Clips. (Adjacent retailer The Home Depot was not part of the sale.) The property was originally developed in 2005. At the time of sale, Oracle Wetmore was stabilized with more than 90 percent national/credit tenants. The purchase is part of Black Lion Investment Group’s ongoing program to acquire $100 million in power centers throughout the United States in 2021. Cushman & Wakefield’s Phoenix office brokered the deal.

February 12, 2021

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