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.
MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.
MORTON GROVE, ILL. — The Boulder Group has brokered the $1.5 million sale of a retail property net leased to Just Tires, a wholly owned subsidiary of Goodyear, in metro Chicago. The 4,600-square-foot building is located at 9246 Waukegan Road in Morton Grove. Just Tires has approximately 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate investor. The buyer, also a local investor, completed a 1031 tax-deferred exchange.
BENTONVILLE, ARK. AND ATLANTA — Retailers Walmart and The Home Depot have reported increased sales during their respective first quarters. Bentonville-based Walmart, which operates on a fiscal year calendar running from Feb. 1 to Jan. 31, reported a spike of 74 percent in its e-commerce department, and an overall growth of 10 percent. Walmart’s total revenue reached $136.4 billion, which was 8.6 percent higher than first-quarter 2019. The uptick from e-commerce was mostly due to grocery pick-up and delivery services. Additionally, overall sales for Sam’s Club was up 12 percent and e-commerce demand for the Walmart-owned brand jumped 40 percent. The Home Depot, which is based in Atlanta, reported sales reached $28.3 billion, which was 7.1 percent higher than its first-quarter 2019. The Home Depot’s fiscal year ends Feb. 2. Despite the increased sales, the company’s revenue dipped by $300 million from first-quarter 2019 due to expanded benefits for its employees. Some of the benefits include extra time off for hourly employees, more still for associates 65 years of age and older, doubled overtimes rate, weekly bonuses for hourly employees and extended dependent care benefits and waived related co-pays.
SYRACUSE, N.Y. — Colliers International has arranged the $7.9 million sale of a 36,360-square-foot grocery store in Syracuse.. Located at 1625 Erie Blvd., the single-tenant property was fully leased to New Jersey-based grocer PriceRite at the time of sale. El Warner of Colliers represented the seller, Syracuse Grocery ST LLC, in the transaction. Warner also represented the buyer, Agree Stores LLC.
AUSTIN, TEXAS — Texas Gov. Greg Abbott released plans for the second phase of the state’s plan to reopen the economy at a press conference on Monday afternoon, notably giving bars the option to begin reopening on Friday, May 22. Under the terms of the plan, Texas bars, wine tasting rooms and craft breweries may initially reopen at 25 percent occupancy with regard to indoor seating only. In addition, childcare centers, youth clubs and bowling alleys may begin reopening this week as part of Phase II of the plan. Restaurants may increase their occupancy levels to 50 percent, and Texas public schools now have the option to conduct in-person summer school classes. The order stipulates that all of the above businesses must adhere to proper social distancing guidelines and minimum standard health protocols established by the Texas Department of State Health Services.
MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported a 43.5 percent decrease in its first-quarter net sales. The company’s fiscal first quarter ended May 2. The Menomonee Falls-based retailer has reopened about 50 percent of its stores across the country after stay-at-home orders have been lifted from COVID-19. Kohl’s says it has decreased planned capital expenditures by approximately $500 million as part of its financial response to COVID-19. The company operates roughly 1,160 stores across the U.S.
KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has acquired the Sun Fresh on Blue Parkway for an undisclosed price. The grocery-anchored retail center is situated east of Prospect Avenue in Kansas City. CBKC established Blue Parkway Grocers LLC as a for-profit entity to operate the store. The current operator is retiring. The center, which is more than 90 percent leased, is part of a larger real estate and asset management portfolio owned by CBKC that consists of 700 residential units and 200,000 square feet of commercial and retail space. The asset is adjacent to a 69,000-square-foot office building where CBKC is headquartered.
HURON, CALIF. — Stan Johnson Co. has arranged the sale of a freestanding retail building located at 36281 Lassen Ave. in Huron. A California-based, high-net-worth individual acquired the asset from a Georgetown, Texas-based developer for $2.2 million. Asher Wenig of Stan Johnson Co. represented the buyer in the transaction. Dollar General occupies the 9,100-square-foot building, which was built in 2019. At the time of the sale, there were more than 14 years left on the tenant’s triple-net lease.
TERRE HAUTE, IND. — Out of the Box Ventures LLC has reopened its Haute City Center in Terre Haute within western Indiana. The following stores opened on Friday, May 15: Amazing Comfort, Buckle, Cellular Concepts, Dakota Watch, Encore-Shoe Dept, Finish Line, Francescas, Frontier, Glik’s, Hibbett Sports, Journey’s, LA Nails, Maxx E-Cig, Pizza diRoma, Second Cup Café, Seno Formal Wear, Shewey’s Paint Your Own Pottery, TGI Friday’s, TradeHome Shoes and Verizon Wireless. The 676,322-square-foot mall has reduced hours and limited entrances. The children’s play area, photo booths and massage chairs will remain closed. In the state of Indiana, the governor has allowed retail space to open at 50 percent capacity.