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CaliforniaCompany newsNewsRestaurants

Chipotle Reports $1.6 Billion in Third-Quarter Revenue as Digital Sales Triple

by Alex Tostado

Newport Beach, Calif. — Year-over-year revenue for Chipotle Mexican Grill increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the …

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CaliforniaCompany newsNewsRetailers

Marcus & Millichap Hires Daniel Taub as National Director of Retail Division

by Alex Tostado

Calabasas, Calif. — Marcus & Millichap has hired Daniel Taub as a senior vice president and national director of its retail division, the Calabasas brokerage firm announced. Taub has more than 25 years of experience and joins Marcus & Millichap after previously serving as managing director for DMT CRE Advisors in New York. Taub has also held positions as president and chief operating officer of DLC Management Corp., a shopping center owner, operator and manager. “I am excited to join Marcus & Millichap, especially during this time of change in …

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Investment salesMarylandNewsRetailers

Neuman Commercial Group Arranges $13.2 Million Sale of Retail Center in Hagerstown, Maryland

by Alex Tostado

Hagerstown, Md. — Neuman Commercial Group LLC has arranged the $13.2 million sale of Hagerstown Shopping Center, a 124,000-square-foot shopping center in Hagerstown. The property was fully leased at the time of sale to 16 tenants including Aldi, Family Dollar, Mr. Tire, AutoZone, McCormick Paints, Super Shoe and Papa John’s. Hagerstown Shopping Center is situated at 503 Dual Highway, less than one mile from downtown Hagerstown and eight miles south of the Maryland-Pennsylvania state border. Gil Neuman of Neuman Commercial Group represented the seller, Bon Aviv Investments, in the sale. …

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Company newsMinnesotaNewsRetailers

Target Introduces More Safety Measures Ahead of Holiday Season

by Alex Tostado

Minneapolis — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of curbside pickup parking spaces. Customers can show their barcode through the car window and maintain …

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DevelopmentFloridaNewsRetailers

Konover South Breaks Ground on 56,600-Square-Foot Retail Center in South Florida

by Alex Tostado

Miramar, Fla. — Deerfield Beach, Florida-based Konover South LLC has broken ground on Miramar Park Place, a 56,600-square-foot retail center in Miramar. Tenants, which include Flannigan’s, World of Beer, Jersey Mike’s and Starbucks, are expected to open in summer 2021. Konover South, in partnership with Master Development Partners of Dania Beach, Florida, purchased the property in October 2019. R.A. Rodgers Construction Co., based in Altamonte Springs, Florida, is the general contractor. City National Bank provided a $20 million construction loan for the project.

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Company newsNewsRetailersTexas

J.C. Penney Files APA with Brookfield, Simon, Expects to End Bankruptcy by December

by Alex Tostado

Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is expected …

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DevelopmentNewsRetailersSouth Carolina

DD’s Discounts to Open 22,000 SF Store in Columbia, South Carolina on Oct. 24

by Alex Tostado

Columbia, S.C. — DD’s Discounts will open a 22,000-square-foot store within Fashion Place Shopping Center in Columbia Friday, Oct. 24. The property will be located at 2720 Decker Blvd., 10 miles northeast of downtown Columbia and the University of South Carolina. This will be dd’s Discounts third location in South Carolina and 270th overall in 20 states. Jake Dugan of JBL Asset Management represented the undisclosed landlord in the lease negotiations.

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DevelopmentMissouriNewsRestaurants

Pappy’s Smokehouse to Open at The Shoppes at Mid Rivers in Suburban St. Louis

by Alex Tostado

St. Peters, Mo. — Pappy’s Smokehouse is the latest business to join the tenant roster at The Shoppes at Mid Rivers in the suburban St. Louis community of St. Peters. The 2,800-square-foot restaurant is expected to open by the end of October. This is the second location for Pappy’s, which serves signature dry-rubbed baby back ribs. GBT Realty Corp. owns The Shoppes at Mid Rivers, which opened in 2018 and is home to a mix of retailers such as Academy Sports, HomeGoods, Ulta, Marshalls and Outback Steakhouse.

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Company newsNewsRetailersRhode Island

CVS to Hire 15,000 Employees in Anticipation of Greater COVID-19, Flu Cases

by Alex Tostado

Woonsocket, R.I. — CVS (NYSE: CVS) intends to hire 15,000 new employees during the fourth quarter in anticipation of communities seeing greater incidences of COVID-19 and the flu during the upcoming winter months. More than 10,000 of these positions are for full- and part-time licensed pharmacy technicians, some of which will be offered on temporary bases with the possibility of becoming permanent. Woonsocket, Rhode Island-based CVS is also recruiting qualified candidates to work as pharmacists, nurses, nurse practitioners, physician assistants, member benefit case professionals and distribution center employees. Lastly, the …

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DevelopmentFloridaGrocery-anchoredNewsRetailers

Whole Foods Market to Open 47,000-Square-Foot Store in Fort Lauderdale on Oct. 28

by Alex Tostado

Fort Lauderdale, Fla. — Whole Foods Market will open a 47,000-square-foot store in Fort Lauderdale on Wednesday, Oct. 28. The new location will be situated at 501 SE 17th St., two miles south of downtown Fort Lauderdale and within CURV, Ram Realty’s 243-unit multifamily community. The store will include a coffee bar featuring cold-brew, nitro tea, wine and beer. This will be Whole Foods’ second Fort Lauderdale location, with the first being located at 2000 N. Federal Highway.

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