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DevelopmentGrocery-anchoredMassachusettsNewsRetailers

Crosspoint Associates Acquires Land in Metro Boston for Retail Expansion Project

by Alex Tostado

Framingham, Mass. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig …

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Company newsEntertainmentNew JerseyNews

AMC to Reopen All 27 New Jersey Theaters Over Next Week

by Alex Tostado

New Jersey — AMC Theatres (NYSE: AMC) will open all 27 of its theaters in New Jersey over the course of the next week, which began with the reopening of AMC Jersey Gardens 20 and AMC Wayne 14 on Friday, Sept. 4. An additional seven locations opened Monday, Sept. 7, with all remaining theaters then opening Thursday, Sept. 10. New Jersey is AMC Theatres’ sixth-largest market by screen count.

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IllinoisInvestment salesNewsRetailers

Boulder Group Brokers $4.9 Million Sale of Chicago CVS Property

by Alex Tostado

Chicago — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.

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Grocery-anchoredInvestment salesNewsNorth CarolinaRetailers

JLL Arranges $34.9 Million Sale of Wegmans-Leased Property in Raleigh-Durham

by Alex Tostado

Cary, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL …

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FloridaInvestment salesNewsRetailers

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

by Alex Tostado

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, …

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Investment salesNewsOhioRetailers

Gosula Realty Acquires 100,999-Square-Foot Shopping Center in Delaware, Ohio

by Alex Tostado

Delaware, Ohio — Gosula Realty Ltd. has acquired Glennwood Commons in Delaware, about 30 miles north of Columbus. The purchase price was undisclosed. Tenants at the 100,999-square-foot center include OfficeMax, Dollar Tree and Pet Supplies Plus. CBRE’s National Retail Partners Midwest team represented both Gosula and the seller, Principal Real Estate Investors.

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Company newsNew YorkNewsRetailers

Former Taubman Executive Joins Odyssey Retail Advisors as Managing Partner

by Alex Tostado

New York City — Rick Strauss has been hired at Odyssey Retail Advisors as a principal managing partner of landlord advisory business, the New York City-based firm announced. Strauss spent more than 20 years as a group vice president at The Taubman Co. and executive vice president at Westfield Corp. With Odyssey, Strauss will focus on landlord advisory and consulting, including project visioning, merchandising, marketing, proformas and execution of deals. “My passion is to make shopping environments highly competitive in today’s marketplace by broadening appeal through merchandising and creating engaging …

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FeaturesFloridaRetailers

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

by Alex Tostado

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 …

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Company newsNew YorkNewsRetailers

Macy’s Reports 53 Percent Surge in Online Sales, 34.7 Percent Drop in Overall Sales in Second-Quarter

by Alex Tostado

New York City — Macy’s Inc. (NYSE: M) reported approximately $3.56 billion in net sales across its Macy’s, Bloomingdale’s and Bluemercury brands during its fiscal second quarter ending Aug. 1, a 34.7 percent decline from that period in 2019. However, the New York City-based retailer said its second-quarter performance exceeded expectations, thanks largely to a 53 percent spike in year-over-year sales across its digital platforms. Digital sales represented 54 percent of Macy’s total revenue figure for the quarter. Macy’s CEO Jeff Gennette also said that the successful reopening of a …

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DevelopmentFloridaGrocery-anchoredNewsRetailers

American Commercial Realty to Redevelop Shopping Center in Central Florida

by Alex Tostado

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 …

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