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Katie Sloan

Company newsNewsRhode Island

CVS Reports 3.5 Percent Revenue Growth in Third Quarter, Expands Healthcare Services

by Katie Sloan

Woodsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share …

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Company newsGeorgiaNewsOklahoma

Stan Johnson Co. Acquires Shane Investment Property Group

by Katie Sloan

Tulsa, Okla. and Atlanta— Real estate brokerage and advisory firm Stan Johnson Co. has acquired Atlanta-based Shane Investment Property Group for an undisclosed price. This acquisition will support the Tulsa-based company’s multi-tenant retail investment sales growth and diversification strategy, as well as the opening of a second metro-Atlanta office in the northern suburb of Alpharetta. “Shane Investment Property Group is well-known in the Atlanta area and greater Southeast market for providing exceptional client service and their cultural identity complements ours very well,” says Stan Johnson, president and CEO of Stan …

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Company newsNewsPennsylvania

Pet Valu Winding Down Operations, Closing All 358 Stores and Warehouses in the United States

by Katie Sloan

Wayne, Pa. — Pet Valu Inc., a specialty retailer of pet food and supplies, has opted to wind down its U.S. operations. The retailer will close all 358 stores in the Midwest, Northeast and Mid-Atlantic, as well as its warehouses and its U.S. headquarters office in Wayne. No timeline for closures was disclosed, but Pet Valu is currently doing final liquidation sales for all its merchandise. Additionally, the retailer is marketing all of its store fixtures, furniture and equipment for sale. Pet Valu Inc. licenses its name from Pet Valu Canada, …

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IllinoisInvestment salesNews

Colliers Brokers Sale of Walmart-Anchored Shopping Center in Chicago

by Katie Sloan

Chicago — Colliers International has brokered the sale of a Walmart Neighborhood Market-anchored shopping center located at 4720 S. Cottage Grove Ave. in Chicago. A private investor purchased the fully leased center for an undisclosed price. Other tenants include Burger King, Subway, Associated Bank and Snipes. Built in 2014, the 54,932-square-foot center is part of a larger development that includes a three-story, 72-unit apartment asset. Alex Perez, Chris Garavaglia and Chris Irwin of Colliers represented the seller, Skilken Gold Real Estate Development. The team also procured the buyer.

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Investment salesNew JerseyNews

Marcus & Millichap Brokers Sale of 20,986-Square-Foot Retail Property in Middlesex, New Jersey

by Katie Sloan

Middlesex, N.J. — Marcus & Millichap has brokered the sale of a 20,986-square-foot retail property in Middlesex, about 40 miles southeast of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust. Both parties requested anonymity.

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CaliforniaInvestment salesNews

SRS Brokers $6.3 Million Acquisition of Retail Property in Santa Rosa

by Katie Sloan

Santa Rosa, Calif. — SRS Real Estate Partners has arranged the purchase of a retail building located within Santa Rosa Southside Shopping Center in Santa Rosa. DiLorenzo Santa Rosa Real Estate acquired the asset from an undisclosed seller for $6.3 million. Planet Fitness will occupy between 18,000 square feet to 22,000 square feet of the 38,000-square-foot facility. Scott Landgraf, Amber Edwards and Sarah Edwards of SRS Real Estate Partners represented the buyer, while CBRE and Meridian Commercial represented the seller in the transaction.

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Geauga Lake District
DevelopmentNewsOhio

ICP Purchases 377-Acre Former Amusement Park in Northeast Ohio for Mixed-Use Redevelopment

by Katie Sloan

Bainbridge Township and Aurora, Ohio — Industrial Commercial Properties (ICP) has purchased a 377-acre tract that formerly housed the Geauga Lake Amusement Park and Sea World Ohio. Cedar Fair sold the asset for an undisclosed price. Located in Bainbridge Township and Aurora approximately 25 miles southeast of downtown Cleveland, the developer plans to rebrand the property as The Geauga Lake District.  Elements of the new design will pay homage to the history of the site and the former amusement park, which operated from 1887 to 2007. The master-planned development will include retail, …

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Company newsMassachusettsNews

Restaurant Chain Friendly’s Files for Chapter 11 Bankruptcy, Enters into Sale Agreement

by Katie Sloan

Wilbraham, Mass. — FIC Restaurants Inc., a restaurant company that operates the Friendly’s brand, has filed for Chapter 11 bankruptcy and entered in an agreement to sell all of its assets to Amici Partners Group LLC. Nearly all of Friendly’s 130 corporate-owned and franchised restaurant locations, known for burgers, sandwiches and ice cream, are expected to remain open subject to COVID-19 limitations. Friendly’s stated that it has sufficient cash on-hand to continue operations, meet its obligations to employees, franchisees and vendors. Upon the sale closing, Amici expects to retain most employees at …

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NewsWashington DC

Retail Sales Growth Points to ‘Resiliency of Consumers’ Though Rising COVID-19 Cases Poses Threat, Says NRF Chief Economist

by Katie Sloan

Washington, D.C. — Retail sales have been increasing month-over-month and year-over-year for every month since June, according to the National Retail Federation’s (NRF) Monthly Economic Review. Retail sales in October were up 1.9 percent over September, which beat expectations from economists surveyed by Dow Jones. Additionally, October retail sales were up 8.6 percent since January 2020, according to research from Harvard University’s Opportunity Insights Economic Tracker. NRF’s chief economist Jack Kleinhenz notes in the monthly report that the rebounding sales were a positive indicator for retailers that are hoping for a robust …

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Philadelphia Fashion District
Company newsNewsPennsylvaniaTennessee

Mall Owners CBL & Associates, PREIT File for Chapter 11 Bankruptcy Protection

by Katie Sloan

Chattanooga, Tenn. and Philadelphia — Against headwinds brought on by the COVID-19 pandemic, CBL & Associates Properties Inc. andPennsylvania Real Estate Investment Trust (PREIT) filed for Chapter 11 bankruptcy protection on Sunday, Nov. 1. PREIT Philadelphia-based PREIT owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business …

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