Author

Alex Tostado

Fremont, Calif. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of May …

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Baltimore — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan …

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Mesa, Ariz. — Newmark Knight Frank (NKF) has arranged the sale of Shoppes at Legacy, a retail center located at 5609 E. McKellips Road in Mesa. An affiliate of YAM Properties sold the asset to Sperry Equities for $9 million, or $166.17 per square foot. Built in 2006, Shoppes at Legacy features 54,160 square feet of retail space. At the time of sale, the retail center was 90 percent occupied by a variety of tenants, including Cigna Medical Group and Pita Jungle. The transaction included a freestanding building occupied by …

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New York City — Whole Foods Market has opened a 60,245-square-foot store at 450 W. 33rd St. in Manhattan’s 5.4 million-square-foot Hudson Yards mixed-use development. The store offers a cocktail bar that serves to-go drinks, a beauty and body care section and a convenience market at street level for customers needing a grab-and-go meal, snack or beverage. The store is the 14th in New York City for Austin, Texas-based Whole Foods.

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Brookfield, Wis. — Stan Johnson Co. has brokered the sale of a 13,905-square-foot property occupied by Walgreens in Brookfield near Milwaukee. The single-tenant building sits on 2.4 acres at 15650 W. Greenfield Ave. and features a drive-thru. Walgreens has occupied this property for more than 20 years and recently extended its lease for another eight years. Mark Lovering and BJ Feller of Stan Johnson represented the seller, a Waukesha, Wis.-based developer. A Chicago-based buyer purchased the asset for $6 million.

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St. Petersburg, Fla. — Skanska USA has completed a $92 million renovation of the historic St. Petersburg Pier on behalf of the City of St. Petersburg. The 26-acre area now includes 44,000 square feet of retail and restaurant space, including the St. Pete Museum of History and Tampa Bay Watch Discovery Center. Other tenants include The Driftwood Café; Doc Ford’s Rum Bar & Grille; Spa Beach Bistro; Teak, a waterfront restaurant; and Pier Teaki, a rooftop bar. The five-story Pierhead building includes shops and a fishing platform. The pier area …

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Washington, D.C. — The advanced estimate for June retail sales nationwide is up 7.5 percent on a month-over-month basis, the U.S. Commerce Department reports. Consumers visited stores and auto dealerships in-person for the second straight month as businesses began reopening their doors. Retail sales totaled $524.3 billion in June, up from $487.7 billion in May. The most recent figure shows spending is near pre-pandemic levels, as the Commerce Department reported that February 2020 spending reached $527.3 billion. The Commerce Department also revised the May retail sales rate up by 50 …

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St. Johns, Fla. — Pebb Enterprises has unveiled its plans for a new 58,900-square-foot, Publix-anchored shopping center in St. Johns. Publix will occupy 48,400 square feet at the center, which will feature 10,500 square feet of in-line retail space. Publix Liquor Store and Lavender Spa have also signed leases at the space. Pebb Enterprises closed on the $2.8 million land sale July 10 and has begun site work. The Boca Raton, Fla.-based developer expects to deliver the property in summer 2021. The site is located at 855 County Road 210 …

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Dallas — Younger Partners, a Dallas-based full-service real estate firm, has launched a new division for the acquisition of retail properties throughout the metroplex. Micah Ashford, a 20-year industry veteran and former partner at retail investment and brokerage firm Dunhill Partners, will lead the new division. Younger Partners considers the creation of a retail acquisitions team to be a critical part of its long-term strategy and believes that opportunities to buy distressed assets and create value will present themselves in the aftermath of the COVID-19 pandemic.

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Atlanta — Ju-C Bar has opened its second location in metro Atlanta, joining the tenant lineup at Krog Street Market, a 30,000-square-foot food hall in Atlanta’s Inman Park neighborhood. Ju-C Bar is a family-owned restaurant specializing in made-order juices, smoothies, salads and wraps. Krog Street Market is situated along the Atlanta BeltLine’s Eastside Trail, two miles west of downtown Atlanta. Other tenants include Superica, Jeni’s Splendid Ice Creams, Ticonderoga Club, Fred’s Meat & Bread, Watchman’s Seafood and Spirits, Hop City and The Little Tart Bake Shop, as well as retail …

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