OVERLAND PARK, KAN. — The Cooper Commercial Investment Group has brokered the sale of Overland Pointe Marketplace in Overland Park for $6.3 million. The two-building retail property spans 80,047 square feet. Some of the tenants include The Big Biscuit, a gym, nail salon and dry cleaner. The asset is shadow anchored by Sam’s Club, Home Depot and Hy-Vee. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A West Coast-based investment group was the buyer.
BURBANK, CALIF. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst for the announced closures, according to CNBC. The Walt Disney Co. owns and operates 200 Disney Stores in North America, 60 in Europe, 45 in Japan and two in China, according to the company’s annual report for fiscal year 2020. These closures mark the company’s latest effort in revamping the Disney Store shopping experience. The Walt Disney Co. redesigned a number of stores in 2017 in an attempt to boost business, according to The New York Times, incorporating live video feeds from the company’s theme parks and skewing merchandise away from toys and towards fashion for young adults. Disney also expanded its merchandising relationship with Target during 2019, announcing …
By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It endured population decline in the ’50s, rioting in the ’60s, the collapse of the auto industry in the late ’70s and ’80s, and in 2013, the largest municipal bankruptcy in U.S. history, yet somehow emerged as a hot spot for high rollers and hipsters alike. As 2019 winded down, Detroit and the surrounding Southeast Michigan area boasted a healthy economy. The automotive industry, a key driver of the region, posted better than expected sales of cars and trucks in the fourth quarter of 2019, beating projections. Employment was on the uptick both in the city and across the state. Southeast Michigan appeared positioned for growth in 2020. The same held true for …
IRVING, TEXAS — Locally based retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm. Disney Investment Group also arranged the sale of Towne North to Nayeb Group from HSM Equities for $17 million in summer 2019.
DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A assets.
MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services. CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks. For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years. “Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release. Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.
SPRINGDALE, ARK. — CBRE has arranged a $30.1 million sale-leaseback of 13 freestanding grocery stores leased to Harps Foods Stores Inc. totaling 459,525 square feet in Arkansas and Missouri. Harps sold the portfolio to New Jersey-based Essential Properties Realty Trust Inc. Will Lightfoot, Jason Little, David Erstine and Hunter Groce of CBRE represented the seller in the transaction. Since 2015, CBRE assisted Harps in sale-leaseback transactions totaling $110 million. All 13 properties were sold subject to new, long-term net leases with Harps and will continue to operate under Harps-operated brands, including Harps Food Stores and 10Box. The sale will not affect store operations in any way. Harp’s Food Stores Inc., based in Springdale, is a chain of 113 supermarkets located across Arkansas, Oklahoma, Missouri and Kansas. In 2001, the company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.
BABCOCK RANCH, FLA. — JLL Capital Markets has secured construction financing for the development of Crescent B Commons, an 82,640-square-foot, Publix-anchored neighborhood shopping center in Babcock Ranch, a new town situated northeast of Fort Myers. Tarik Bateh and Jennifer Swanson of JLL arranged the loan through Ameris Bank on behalf of the developer, Kitson & Partners. Construction on Crescent B Commons began in August 2020 and is slated to be completed in summer 2021. The Publix is set to open shortly after. Crescent B Commons will be located in the front of Babcock Ranch, a Kitson & Partners’ planned community that is self-described as the United States’ first solar-powered town.
STERLING, VA. — Combined Properties has signed three new tenants, including two anchor leases, at Sugarland Crossing shopping center in Sterling. The three tenants are JOANN Fabrics and Crafts, Lidl and Tropical Smoothie Café. Sugarland Crossing is located at the intersection of Route 7 and Community Plaza in Sterling, about 30 miles west of Washington, D.C. JOANN Fabrics and Crafts, a Hudson, Ohio-based fabric and crafts retailer, will open in a 35,000-square-foot space previously occupied by Home Vivant Furniture. Lidl, the Germany-based discount grocery chain, is signed on to replace the former Shoppers Food Warehouse as the grocery anchor in a 26,114-square-foot store this spring. Tropical Smoothie Café, a quick-service chain offering sandwiches, wraps, salads and flatbreads, is also scheduled to open in the spring. Sugarland Crossing is a 256,500-square-foot center in Loudoun County. Other tenants include Party City, Patient First, Club Pilates, FedEx Office, Firehouse Subs, Chipotle Mexican Grill, PHOrever, Chick-fil-A and Dunkin’. Combined Properties is a Washington, D.C.-based private real estate company specializing in retail, multifamily and mixed-use.
