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Alex Tostado

CaliforniaInvestment salesNewsRetailers

Hanley Investment Negotiates $3.8 Million Sale of Four-Tenant Retail Building in Inland Empire

by Alex Tostado

Lake Elsinore, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar …

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Company newsFloridaNewsRetailers

Stein Mart Files for Chapter 11 Bankruptcy, Plans to Close Most Stores

by Alex Tostado

Jacksonville, Fla. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed voluntary petitions for relief under Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing …

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DevelopmentEntertainmentNew YorkNewsRetailers

Sour Patch Kids Opens 3,300-Square-Foot Flagship Store in New York City

by Alex Tostado

New York City — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, …

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NewsRetailersWashington DC

Retail Imports to See Lowest Annual Total in Four Years, Says NRF

by Alex Tostado

Washington, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016. The NRF and Hackett Associates released their monthly Global Port Tracker report, which found that U.S. ports handled 1.6 million 20-foot …

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FloridaInvestment salesNewsRetailers

CTO Realty Sells Retail Property Leased to Wawa in Jacksonville for $7.1 Million

by Alex Tostado

Jacksonville, Fla. — CTO Realty Growth has sold a 6,267-square-foot retail property leased to Wawa in Jacksonville for $7.1 million. The property was delivered in 2017 and features gasoline pumps. Wawa has 17 years remaining on its lease. The asset sits on 2.2 acres at 4866 Gate Parkway, 10 miles southeast of downtown Jacksonville and near St. Johns Town Center. Brad Peterson, Michael Brewster and Joseph Naas of JLL represented the seller in the transaction. An undisclosed private investor purchased the asset.

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Investment salesNewsRetailersUtah

Ostler Holding Sells Family Dollar-Occupied Retail Property in Helper, Utah

by Alex Tostado

Helper, Utah — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 U.S. Highway 6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.

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CaliforniaDevelopmentNewsRetailers

Gaw Capital USA, DJM Unveil Plans for Ovation Hollywood Mixed-Use Project in Los Angeles

by Alex Tostado

Los Angeles — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose, California- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood. Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of restaurant space, 65,000 square feet of entertainment space and 40,000 …

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Company newsFloridaNewsRetailers

Regency Centers’ NOI Drops 20.1 Percent in Second Quarter Due to Pandemic

by Alex Tostado

Jacksonville, Fla. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that …

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Grocery-anchoredIllinoisInvestment salesNewsRetailers

Cleeman Realty Group Arranges Sale of Kent Plaza Shopping Center in Springfield, Illinois

by Alex Tostado

Springfield, Ill. — Cleeman Realty Group has arranged the sale of Kent Plaza in Springfield for an undisclosed price. County Market anchors the 94,260-square-foot retail center, which sits on 9.4 acres. The property was more than 90 percent occupied at the time of sale. Michael Cleeman and Sam Seelenfreund of Cleeman brokered the transaction. A Maryland-based private investment firm purchased the asset from the property’s original owner.

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ArizonaInvestment salesNet leaseNewsRestaurants

SRS Brokers $3.3 Million Sale of Restaurant Property in Scottsdale, Arizona Leased to Wendy’s

by Alex Tostado

Scottsdale, Ariz. — SRS Real Estate Partners has arranged the sale of a single-tenant restaurant property located at 15416 N. Pima Road in Scottsdale. A Texas-based private investor sold the asset to an undisclosed buyer for $3.3 million. Built in 1996, the 3,386-square-foot building features a drive-thru. Wendy’s occupies the property on a corporate-guaranteed, triple-net lease through May 2032. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group, along with Chris Stamets and Brian Gausden of Western Retail Advisors, represented the seller in the deal.

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