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Alex Tostado

CaliforniaInvestment salesNewsRetailers

SRS Real Estate Partners Negotiates $5.3M Sale of Harbor Pacific Court Retail Center in Costa Mesa

by Alex Tostado

Costa Mesa, Calif. — SRS Real Estate Partners has arranged the sale of the Harbor Pacific Court, a multi-tenant retail center located in Costa Mesa. A Los Angeles-based private investor sold the property to an Orange County, California-based private investor for $5.3 million, or $454.50 per square foot, in an all-cash transaction. Located at 2346 Newport Blvd., the property features 11,771 square feet of retail space. At the time of sale, the property was 91 percent occupied by eight tenants, including Circle K as the anchor. Michael Walseth of SRS’ …

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Company newsMallsNewsRetailers

Malls, Retailers Shut Down Amid Pandemic

by Alex Tostado

Simon and Unibail-Rodamco-Westfield announced Wednesday they were closing all malls until March 29. The American Dream Mall closed on March 16, postponing an opening preview of the Dreamworks Water Park. Mall of America closed on March 18 and will remain closed through the end of the month. Taubman announced it was closing its malls on March 19 and would keep them closed through March 29 unless recommendations from state or federal government require they remain closed longer. Some of Taubman’s retailers with exterior-facing storefronts would be permitted to remain open …

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Company newsNewsRetailersWisconsin

All Duluth Trading Stores to Temporarily Close

by Alex Tostado

Mount Horeb, Wis. — As a result of the COVID-19 pandemic, Duluth Holdings Inc. has temporarily closed all of its stores nationwide. There are more than 60 locations of Duluth Trading Co. The company did not disclose a timeline for when the stores will reopen. The Wisconsin-based retailer of casual wear and workwear will support sales associates with two weeks of pay. Approximately 50 percent of Duluth Trading’s sales are generated through its website and shipped directly to customers from its distribution centers. The company plans to keep these facilities …

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Company newsMichiganNewsRestaurantsRetailers

Detroit’s Bedrock to Offer Rent Forgiveness for Restaurants, Small Businesses in Wake of COVID-19

by Alex Tostado

Detroit — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, …

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EntertainmentInvestment salesMixed-useNewsOregonRetailers

Marcus & Millichap Negotiates $6.2 Million Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Alex Tostado

Salem, Ore. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will …

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SCBlog

The April 1 Rent Payment Conundrum

by Alex Tostado

It seems that the hottest topic of conversation over the past few days is what to do when a tenant’s business is adversely affected by “the virus.”  Based upon conversations with landlords, tenants and property managers there is no doubt that many tenants and landlords are already thinking about how to handle the April 1 rent payment.  Since we work with both, I’m writing this blog from both perspectives.  Please note that whether you are a tenant or landlord, I encourage you to read the entire blog as there are …

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Company newsIndianaNewsRetailers

Vera Bradley to Temporarily Close All Stores Through April 2

by Alex Tostado

Fort Wayne, Ind. — As a result of COVID-19, Vera Bradley Inc. has temporarily closed all of its full-line and factory stores through Thursday, April 2. Store associates will be compensated through that date. The Fort Wayne-based handbag retailer will continue to serve its customers through its website. Vera Bradley also postponed its annual outlet sale, traditionally slated for April in Fort Wayne. The company says it is also “addressing day-to-day operations, including reducing expenses, inventory levels and capital spending.”

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Company newsEntertainmentNewsRetailersTexas

Studio Movie Grill Temporarily Closes All Venues

by Alex Tostado

Dallas — Texas-based entertainment concept Studio Movie Grill will temporarily close all locations nationwide in an effort to combat the spread of COVID-19. The company, which has 14 venues in Texas, said it would refund pre-purchased ticket sales and suspend billing on all subscription plans until its theaters have fully reopened. The company also pledged to actively maintain health insurance benefits for employees and to create a fund to support team members’ in dire financial circumstances.

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Investment salesMichiganNewsRetailers

Sportsman’s Warehouse to Acquire Field & Stream Store in Kalamazoo, Michigan

by Alex Tostado

Kalamazoo, Mich. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is …

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Investment salesNevadaNewsRetailers

Sun Commercial Brokers $3.5 Million Sale of Retail Building in North Las Vegas

by Alex Tostado

North Las Vegas, Nev. — Sun Commercial Real Estate has arranged the sale of a retail asset located in North Las Vegas. Passco Management Services sold the property to an undisclosed buyer for $3.5 million. Located at 1820 E. Lake Mead Blvd., the building features 28,129 square feet of retail space. Roy Fitz and Dylan Heroy of Sun Commercial Real Estate represented the seller in the transaction.

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