Columbus, Ohio — Big Lots Inc. (NYSE: BIG) has reported net sales of $1.6 billion in its fiscal second quarter, which ended Aug. 1. This figure is 31.3 percent higher than the second quarter of 2019, which totaled $1.2 billion. Bruce Thorn, president and CEO of the Columbus-based retailer, says the “record-breaking results” were driven by both in-store and online activity. Big Lots also reported net income of $452 million, which includes $341.9 million in earnings due to the sale-leasebacks of several distribution centers. Big Lots, which sells toys, furniture, …
Page, Ariz. — Hanley Investment Group has negotiated the sale of Safeway Center at Lake Powell, a shopping center located at 608 Elm St. in Page. Cincinnati-based Phillips Edison & Co. sold the asset to a private investor from Beverly Hills, California, for an undisclosed price. Safeway anchors the 100,486-square-foot shopping center, which was 93 percent occupied at the time of sale. Other tenants include Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was built in 1986 …
Philadelphia — Designer Shoe Warehouse (DSW) has opened a 15,616-square-foot store at Fashion District Philadelphia, a shopping, dining and entertainment destination in the Center City neighborhood. DSW’s opening comes on the heels of the debuts of tenants such as Kate Spade Outlet and Industrious, as well as the re-openings of Candytopia and Wonderspaces. Pennsylvania Real Estate Investment Trust (PREIT) owns Fashion District Philadelphia.
Sacramento, Calif. — Coldwell Banker Commercial has brokered the sale of a 14,820-square-foot retail property leased to Walgreens in Sacramento for $6.3 million. The freestanding building, constructed in 2007, anchors the Westlake Village shopping center. Dan McGue of Coldwell Banker represented the buyer, a family trust completing a 1031exchange. The seller was undisclosed.
Pittsburgh — Dick’s Sporting Goods (NYSE: DKS) reported a record level of quarterly earnings for its fiscal second quarter, which ended Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased …
Arlington, Va. — Discount grocer Lidl US plans to open 50 new stores in nine states on the East Coast by the end of 2021. Arlington, Va.-based Lidl US will invest $500 million and hire 2,000 employees as part of the expansion. The footprints of the new stores will include six in Georgia, one in South Carolina, five in North Carolina, seven in Virginia, 10 in Maryland, six in New York, 10 in New Jersey, one in Delaware and four in Pennsylvania. Germany-based Lidl currently operates 11,000 grocery stores in …
Grand Prairie, Texas — Chicken N Pickle, an entertainment concept that pairs the food and drink of a chef-driven restaurant with pickleball and other games, will open a restaurant and entertainment venue in the central metroplex city of Grand Prairie. The venue, which is scheduled to open in 2021, will feature indoor and outdoor pickleball courts, lawn games, a rooftop bar and a full-service restaurant. Chicken N Pickle Grand Prairie will also offer clinics for players of all experience levels, as well as professional and amateur tournaments. The company is …
Lake Worth, Texas and Tooele, Utah — Faris Lee Investments has arranged the sale of two Walgreens-leased properties for a total of $11.1 million. The first property is a 13,548-square-foot Walgreens located at 6244 Lake Worth Blvd., 40 miles west of downtown Dallas. Walgreens recently signed a new triple net lease, featuring a 15-year term with 12 five-year renewal options. The lease also has a 5 percent rent increase every five years for the duration of the initial term. The second property, a 14,762-square-foot Walgreens situated at 188 N. Main …
New York City — Luxury jeweler Tiffany & Co. has unveiled plans for the redevelopment of its flagship store at 727 5th Ave. in Manhattan. The top three floors of the 10-story building will be converted from office space into a new exhibition and event space surrounded by a curtain of glass complementing the limestone façade below. That space was originally completed in 1980, and the building itself was originally constructed in 1940. Tiffany has partnered with The Office of Metropolitan Architecture on the project, which is expected to be …
Fort Worth, Texas — Studio Movie Grill will open a 12-screen theater Friday, Aug. 28 at The Shops at Chisholm Trail Ranch, a 250,000-square-foot retail center by StreetLevel Investments in Fort Worth. The 40,000-square-foot venue will be the company’s first in Fort Worth and 14th in Texas. The theater will open at 50 percent of its designated capacity and will offer a variety of food and beverage options.