Florida

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado September 28, 2020

Orlando, Fla. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of …

September 28, 2020

Features Florida From The Magazine Retailers

Shopping Center Owners, Retailers in Florida Seize Opportunities in Effort to Outlast COVID-19 Pandemic

by Alex Tostado September 23, 2020

It’s been an atypical summer for retailers and shopping center owners in the Sunshine State. There are no Hollywood blockbusters debuting in Florida’s movie theaters, bars remain closed for the time being and shops and restaurants aren’t packed with domestic and international tourists visiting Disney World, Port of Miami’s cruise terminals or any of the states numerous beaches at the level they would in a normal season. The outbreak of COVID-19 has redefined the consumer experience for retail the past several months, but even though it looks and feels different, …

September 23, 2020

Florida Investment sales News Retailers

TSCG Brokers Sale of Grocery-Anchored Shopping Center in Southeast Orlando

by Alex Tostado September 15, 2020

Orlando, Fla. — TSCG has arranged the sale of The Shoppes at South Semoran, a 101,611-square-foot shopping center in Orlando. The property was originally built in 1986 and renovated in 2013, when anchor Walmart Neighborhood Market opened. At the time of sale, the property was 97 percent leased to tenants including Walmart, Chase Bank, Dollar Tree and Wendy’s. The asset is situated at 4520 S. Semoran Blvd., seven miles southeast of downtown Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Gavin Walsh of TSCG represented the seller, an affiliate of …

September 15, 2020

Florida Investment sales News Retailers

SRS Negotiates $22.7 Million Sale of Seven Outparcels Near Mall at Millenia in Orlando

by Alex Tostado September 3, 2020

Orlando, Fla. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus, …

September 3, 2020

Features Florida Retailers

Lenders are Slow Out of the Gate as Central Florida Retail Market Begins Recovery, Says Webinar Panel

by Alex Tostado September 2, 2020

Commercial real estate lenders have remained timid as retail businesses in the Central Florida market navigate how to operate successfully during the COVID-19 crisis. As of this writing, Orange County had the 23rd most cases by county in the United States with 36,400 positive coronavirus cases and 378 deaths, according to Johns Hopkins University (JHU). The metro Orlando county is currently in Phase II of the Sunshine State’s reopening plan, which includes allowing restaurants to bump up capacity from 50 percent in Phase I to now 75 percent; retailers can …

September 2, 2020

Development Florida Grocery-anchored News Retailers

American Commercial Realty to Redevelop Shopping Center in Central Florida

by Alex Tostado September 2, 2020

Ocala. Fla. — American Commercial Realty Corp. will redevelop Pearl Britain Plaza, a Publix-anchored shopping center in Ocala. The Palm Beach Gardens, Florida-based developer will demolish the existing Publix, which was built in 1991, and build a new 48,387-square-foot Publix. Anchoring the 77,637-square-foot center, the new Publix will feature a drive-thru pharmacy. Existing tenants including Stay Faded Barber, Sam’s Nails, Wise Guys Pizzeria, Jackson Hewitt and Shang Hai Restaurant will remain in place when the center reopens, scheduled for early 2021. Pearl Britain Plaza is situated at 2657 NE 35th …

September 2, 2020

Florida Grocery-anchored Investment sales News Retailers

PMAT Acquires Publix-Anchored Shopping Center Near Orlando for $7.7 Million

by Alex Tostado September 2, 2020

Kissimmee, Fla. — The PMAT Cos. has acquired Columbia Promenade, a 68,853-square-foot shopping center in Kissimmee. Publix anchors the center, which is located at 1251 W. Columbia Ave., 19 miles south of downtown Orlando. The asset was 93 percent leased at the time of sale to tenants including Publix, Get Nails & Spa, Keke’s Breakfast Café and Little China. JLL and Ten-X represented the undisclosed seller in the transaction.

September 2, 2020

Development Florida Leasing News Retailers

Hobby Lobby Expands Footprint with Three New Stores in Florida

by Alex Tostado August 25, 2020

Oklahoma City — Hobby Lobby is in the midst of expanding its Florida footprint with three new 55,000-square-foot stores. The Oklahoma City-based arts and crafts retailer opened a location in Panama City Beach on July 6, a store within Terra’s Pines City Center in Pembroke Pines on Aug. 8 and will open a store in Urban-X Group’s River Landing project in Miami on Sept. 8. Hobby Lobby locations are typically single-story stores in suburban areas. The location in River Landing will be the first multi-level Hobby Lobby. David Emihovich of …

August 25, 2020

Company news Florida News Retailers

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

by Alex Tostado August 12, 2020

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 …

August 12, 2020

Florida Investment sales News Retailers

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

by Alex Tostado August 12, 2020

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.

August 12, 2020

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