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Alex Tostado

IllinoisInvestment salesNewsRetailers

JLL Brokers $5.1 Million Sale of CVS Ground Lease in Schaumburg, Illinois

by Alex Tostado

Schaumburg, Ill. — JLL Capital Markets has brokered the $5.1 million sale of a CVS Pharmacy ground lease in the Chicago-area community of Schaumburg. Completed in 2005, the single-tenant building spans 13,180 square feet. It is situated on 1.8 acres at 1855 W. Irving Park Road. Alex Sharrin and Alex Geanakos of JLL represented the seller, a New York-based, high-net worth individual. A California-based DST provider purchased the asset. CVS operates roughly 9,000 locations nationwide and all have remained open throughout the pandemic.

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CaliforniaCompany newsNewsRetailers

Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint

by Alex Tostado

Westlake Village, Calif. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio. In court filings, Guitar Center cited its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic, according to The …

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Company newsLeasingNew YorkNewsRetailers

A&G Negotiates Lower Occupancy Costs on 9,550 Leases in 2020

by Alex Tostado

Melville, N.Y. — A&G Real Estate Partners has negotiated lower costs on 9,550 retail leases in 2020, bringing the company’s success rate to 77 percent. The company reports its success rate for negotiations on behalf of retail tenants is typically 50 percent. The majority of the talks have taken place since March 1, according to the Melville-based advisory firm. Since that time, A&G has secured terminations on 950 leases. The company has achieved nearly $1.7 billion in occupancy cost reductions for 51 retailers, restaurants, educational users, office tenants and fitness and …

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Company newsNewsPennsylvaniaRetailers

Dick’s Sporting Goods Reports 23.2 Percent Third-Quarter Sales Increase, Announces Leadership Change

by Alex Tostado

Pittsburgh — Dick’s Sporting Goods reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended Oct. 31, the company’s best performance in that metric since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in …

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Company newsMinnesotaNewsRetailers

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

by Alex Tostado

Richfield, Minn. — Best Buy Co. Inc. reported that its comparable-store sales grew 23 percent in the third quarter compared with the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is an elevated demand for products that help …

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Grocery-anchoredInvestment salesNewsNorth CarolinaRetailers

Cushman & Wakefield Negotiates $13.9 Million Sale of Publix-Anchored Shopping Center Near Charlotte

by Alex Tostado

Sherrills Ford, N.C. — Cushman & Wakefield has negotiated the $13.9 million sale of The Villages Shoppes at Sherrills Ford, a 60,298-square-foot, Publix-anchored shopping center in Sherrills Ford. The developer, Tampa, Fla.-based Wagner Property Group, sold the asset, which is located at the intersection of Slanting Bridge Road and Village Center North, 31 miles north of downtown Charlotte. Other tenants at the center include Hardee’s, Pizza Hut, Great Clips and Blue Sky Nails. Fain Hicks, Margaret Jones and Lane Breedlove of Cushman & Wakefield brokered the transaction. The buyer was …

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Investment salesNewsRetailersTexas

Stan Johnson Arranges Sale of Two Retail Strip Centers Totaling 26,560-Square-Foot in Rio Grande Valley

by Alex Tostado

Donna and Mission, Texas — Stan Johnson Co. has arranged the sale of two retail strip centers totaling 26,560 square feet in the Rio Grande Valley. Ruby Plaza is a 15,000-square-foot property in Donna, and Palmhurst Plaza is an 11,560-square-foot property in Mission. Evan Altemus of Stan Johnson represented the buyers, private investors, in both transactions.

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ArizonaInvestment salesNewsRetailers

Marcus & Millichap Brokers Sale of 3,900-Square-Foot Multi-Tenant Retail Building in Yuma, Arizona

by Alex Tostado

Yuma, Ariz. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 …

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Company newsDevelopmentGeorgiaNew YorkNewsRestaurants

Goldman Sachs to Acquire ‘Significant Stake’ in Zaxby’s, Partnership Will Expand the Brand

by Alex Tostado

Athens, Ga. and New York City — Goldman Sachs Merchant Banking Division has agreed to purchase a “significant stake” in Athens-based Zaxby’s, with plans to grow the quick-service restaurant chain’s footprint into new markets. Terms of the financing were not disclosed, but the deal is expected to close by the end of 2020. Zaxby’s, known for its chicken fingers, wings and signature sauces, has more than 900 locations in 17 states, primarily in the Southeast. Zaxby’s is a privately held company that childhood friends Zach McLeroy and Tony Townley founded …

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Company newsMinnesotaNewsRetailers

Target’s Third-Quarter Sales Grow 20.7 Percent, Shoppers Enjoy ‘One-Stop Solution’

by Alex Tostado

Minneapolis — Citing its multiple shopping channels and merchandising mix, Target Corp. reported Wednesday that its third-quarter comparable sales grew 20.7 percent compared with the same period a year ago. Digital comparable sales soared 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth. Same-day services such as order pickup grew 217 percent. “Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a suite of fulfillment options,” said Brian Cornell, chairman and CEO, in a prepared statement. …

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