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Dick’s Sporting Goods Reports Record Earnings, 194 Percent Increase in E-Commerce Sales

by Alex Tostado

Pittsburgh — Dick’s Sporting Goods (NYSE: DKS) reported a record level of quarterly earnings for its fiscal second quarter, which ended Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased …

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DevelopmentGrocery-anchoredNewsRetailers

Lidl Plans to Open 50 New Grocery Stores on East Coast by End of 2021

by Alex Tostado

Arlington, Va. — Discount grocer Lidl US plans to open 50 new stores in nine states on the East Coast by the end of 2021. Arlington, Va.-based Lidl US will invest $500 million and hire 2,000 employees as part of the expansion. The footprints of the new stores will include six in Georgia, one in South Carolina, five in North Carolina, seven in Virginia, 10 in Maryland, six in New York, 10 in New Jersey, one in Delaware and four in Pennsylvania. Germany-based Lidl currently operates 11,000 grocery stores in …

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DevelopmentEntertainmentNewsRestaurantsTexas

Chicken N Pickle to Open Restaurant, Entertainment Venue in Grand Prairie, Texas

by Alex Tostado

Grand Prairie, Texas — Chicken N Pickle, an entertainment concept that pairs the food and drink of a chef-driven restaurant with pickleball and other games, will open a restaurant and entertainment venue in the central metroplex city of Grand Prairie. The venue, which is scheduled to open in 2021, will feature indoor and outdoor pickleball courts, lawn games, a rooftop bar and a full-service restaurant. Chicken N Pickle Grand Prairie will also offer clinics for players of all experience levels, as well as professional and amateur tournaments. The company is …

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Content PartnersFaris Lee InvestmentsInvestment salesNet leaseNewsRetailersTexasUtah

Faris Lee Arranges $11.1 Million Sale of Two Walgreens-Leased Properties

by Alex Tostado

Lake Worth, Texas and Tooele, Utah — Faris Lee Investments has arranged the sale of two Walgreens-leased properties for a total of $11.1 million. The first property is a 13,548-square-foot Walgreens located at 6244 Lake Worth Blvd., 40 miles west of downtown Dallas. Walgreens recently signed a new triple net lease, featuring a 15-year term with 12 five-year renewal options. The lease also has a 5 percent rent increase every five years for the duration of the initial term. The second property, a 14,762-square-foot Walgreens situated at 188 N. Main …

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DevelopmentNew YorkNewsRetailers

Tiffany & Co. Unveils Plans for Redeveloped Flagship Store in Manhattan

by Alex Tostado

New York City — Luxury jeweler Tiffany & Co. has unveiled plans for the redevelopment of its flagship store at 727 5th Ave. in Manhattan. The top three floors of the 10-story building will be converted from office space into a new exhibition and event space surrounded by a curtain of glass complementing the limestone façade below. That space was originally completed in 1980, and the building itself was originally constructed in 1940. Tiffany has partnered with The Office of Metropolitan Architecture on the project, which is expected to be …

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DevelopmentEntertainmentNewsTexas

Studio Movie Grill to Open This Week at Shops at Chisholm Trail Ranch in Fort Worth

by Alex Tostado

Fort Worth, Texas — Studio Movie Grill will open a 12-screen theater Friday, Aug. 28 at The Shops at Chisholm Trail Ranch, a 250,000-square-foot retail center by StreetLevel Investments in Fort Worth. The 40,000-square-foot venue will be the company’s first in Fort Worth and 14th in Texas. The theater will open at 50 percent of its designated capacity and will offer a variety of food and beverage options.

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Company newsMinnesotaNewsRetailers

Best Buy’s Online Sales Increase 242 Percent in Second Quarter

by Alex Tostado

Minneapolis — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent. However, growth is not likely to continue at the same pace and the retailer …

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DevelopmentFloridaLeasingNewsRetailers

Hobby Lobby Expands Footprint with Three New Stores in Florida

by Alex Tostado

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 …

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ArizonaCaliforniaContent PartnersFaris Lee InvestmentsInvestment salesNewsRestaurants

Faris Lee Arranges Sale of Two Ground Leases Totaling $6.5 Million

by Alex Tostado

Irvine, Calif. — Faris Lee Investments has arranged two ground leases for $6.5 million. The first deal was for a Starbucks Coffee in Riverside, California. A private developer based in Idaho sold the ground lease for $4.3 million to an undisclosed buyer. Starbucks occupies the space with a new 20-year lease, which includes three 10-year extension options. The property is located at 1303 University Ave., near the University of California-Riverside. Don MacLellan, Rick Chichester and Phil Ramming of Irvine-based Faris Lee, along with Cypress Retail Group, represented the seller in …

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ArizonaInvestment salesNewsRetailers

NKF Negotiates $20.3 Million Sale of Target-Occupied Building in Phoenix

by Alex Tostado

Phoenix — Newmark Knight Frank (NKF) has brokered the sale of a retail building located at 1625 Camelback Road in Phoenix. An affiliate of Menin Development sold the asset to an undisclosed institutional buyer for $20.3 million. Target occupies the single-tenant, 50,428-square-foot property on a long-term net lease with fixed rental increases. The retailer opened the store, its first small footprint location in Arizona, in July 2017. Matt Berres, Samer Khalil and David Guido of NKF Net Lease Capital Markets represented the seller and procured the buyer in the transaction.

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