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Alex Tostado

Company newsGrocery-anchoredNewsRetailers

Slate Retail REIT Reports Best Quarter of Leasing Activity Since 2014 Despite Pandemic

by Alex Tostado

Toronto — Slate Retail REIT has reported during its second quarter earnings call that it experienced the best quarter of leasing since its founding in 2014. The Toronto-based company, which owns and operates 70 grocery-anchored shopping centers in the United States, reports that it completed 464,326 square feet of lease renewals and 54,365 square feet of new leasing. The 518,691 square feet total is a 60 percent jump over second-quarter 2019. The REIT’s portfolio occupancy rate dropped 0.6 percent in the three months ending June 30 to 92.2 percent. Slate …

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Investment salesNewsPennsylvaniaRetailers

JLL Negotiates Sale of 140,418-Square-Foot Columbus Crossing Retail Center in Philadelphia

by Alex Tostado

Philadelphia — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

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Company newsIllinoisNewsRestaurants

McDonald’s Reports 30 Percent Drop in Second-Quarter Revenue

by Alex Tostado

Chicago — McDonald’s Corp. has reported a 30 percent decrease in its consolidated revenue for the second quarter that ended June 30. The global fast-food chain reported second-quarter net income of $483.8 million, compared with $1.5 billion for the same period a year ago. Chicago-based McDonald’s says it spent more than $200 million on marketing support to accelerate recovery from coronavirus losses. In the United States, 99 percent of McDonald’s restaurants were open as of June 30. About 2,000 dining rooms reopened with reduced seating capacity following temporary closures as …

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AlabamaInvestment salesNewsRetailers

SRS Arranges $10.3 Million Sale of Walmart-Occupied Property in Tuscaloosa, Alabama

by Alex Tostado

Tuscaloosa, Ala. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property …

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Ancillary RetailFeaturesRetailersSCBlog

How Landlords are Helping Save Pop-Ups During Pandemic

by Alex Tostado

Before the coronavirus pandemic, mall and shopping center owners were so much more to pop-up tenants than just landlords. Specialty leasing has become more about business mentoring and support than it has about filling empty space. These supports in design, technology, POS, merchandising, data collection and much more have resulted in top developers becoming incubators for fresh new brands to keep the shopping experience unique and unexpected. During the pandemic, many owners are still finding ways to help sustain their smaller, digital-first or local tenants and to supplement the Small …

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CaliforniaCompany newsNews

New Retail Owner’s Representative Firm Fathom Launches in Los Angeles

by Alex Tostado

Los Angeles — Fathom Development Services, a new owner’s representative firm focusing on retail, fitness, wellness and hospitality properties, has launched in Los Angeles. Fathom offers leasing, tenant coordination, permits and approvals, budgeting, construction-management and design management services to its customers. “Especially in today’s swiftly changing environment, there is a need among retailers for a nimble and efficient owners representative that can help create environments that fully express who they are,” says senior vice president of development services Anthony DiMaggio. “We know all aspects of real estate development, but we’re …

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Company newsNew JerseyNewsRetailers

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Alex Tostado

Mahwah, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of store closings was not disclosed, but the company said it will close a “significant” number of …

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DevelopmentFloridaLeasingNewsRetailers

Parkway, KKR Complete $10 Million Renovation of Brickell Miami Office Tower, Sign Three Retail Tenants

by Alex Tostado

Miami — Parkway Real Estate Services LLC and joint venture partner KKR have completed their $10 million renovation of Sabadell Financial Center, a 30-story, 524,000-square-foot office tower in Miami’s Brickell district. The waterfront property overlooks Biscayne Bay. Parkway Real Estate and KKR acquired the property for $250 million in 2018 and immediately commenced renovation plans. Upgrades included redesigning the entrance and renovating the lobby, as well as adding enhanced cellphone signal technology, meeting and entertainment spaces and a rooftop deck with space for fitness classes. The landlords also signed three retail …

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Grocery-anchoredInvestment salesMinnesotaNewsRetailers

Hanley Investment Group Arranges $3 Million Sale of Aldi-Occupied Property in Metro Minneapolis

by Alex Tostado

Chaska, Minn. — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of a 23,201-square-foot property occupied by Aldi in Chaska, a southwest suburb of Minneapolis. The single-tenant building is located at 110 Hazeltine Blvd., adjacent to the Hazeltine National Golf Club. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, TOLD Development Co. A Santa Barbara, California-based private investor purchased the asset.

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FeaturesFloridaRetailers

First Inning: South Florida Retail Market Resets as COVID-19 Throws a Curveball, Says SCB Webinar

by Alex Tostado

The outbreak of COVID-19 has had an outsized impact on South Florida. According to John Hopkins University & Medicine, the region’s three primary counties rank in the top 20 of confirmed COVID-19 cases as of Wednesday, July 22. At 92,345 cases, Miami-Dade County is No. 4 on the list. Broward County comes in at No. 9 with 43,747 cases, and Palm Beach County is No. 20 with 27,506 cases. The surge in cases has had a pronounced effect on the area’s retailers as citizens have resumed their caution in public …

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