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ArizonaInvestment salesNewsRetailers

Orion Investment Negotiates Sale of Fully Occupied Retail Center in Phoenix’s Arcadia Neighborhood for $6.1 Million

by Alex Tostado

Phoenix — Orion Investment Real Estate has brokered the sale of The Shops at 38th Street, a shopping center located in Phoenix’s Arcadia neighborhood. Richard Oliver sold the asset to Alturas Shops at 38th LLC for $6.1 million, or $265 per square foot. The approximately 23,018-square-foot property was fully occupied at the time of sale. Tenants include the Whining Pig, Crumbl Cookies, Club Pilates, H&R Block, Blind Tiger Tattoo, Team 44 Fitness, BoSa Donuts and Autumn Court. Nick Miner of Orion Investment Real Estate represented the seller in the deal.

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CaliforniaCompany newsInvestment salesNewsRestaurants

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25 Million

by Alex Tostado

Los Angeles — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose …

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NewsRetailersWashington DC

Retail Sales Rise 1.2 Percent in July, Says Commerce Department

by Alex Tostado

Washington, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis points to 8.4 percent. Despite the growth, the total volume of retail …

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DevelopmentNewsRetailersTexas

StreetLevel Investments Opens 250,000-Square-Foot Shops at Chisholm Trail Ranch in Fort Worth

by Alex Tostado

Fort Worth, Texas — Dallas-based developer StreetLevel Investments has opened the 250,000-square-foot Shops at Chisholm Trail Ranch retail power center in Fort Worth. Specific stores that have opened at the center, which is 90 percent leased, include Ross Dress for Less, Old Navy, Ulta Beauty, Five Below, Tuesday Morning, AT&T, Sprint and others. Restaurants now open include Chick-fil-A, Whataburger and MOD Pizza. The 40,000-square-foot Studio Movie Grill is expected to open at the end of summer.

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Negotiates $3.8 Million Sale of Four-Tenant Retail Building in Inland Empire

by Alex Tostado

Lake Elsinore, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar …

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Company newsFloridaNewsRetailers

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

by Alex Tostado

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 …

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DevelopmentEntertainmentNew YorkNewsRetailers

Sour Patch Kids Opens 3,300-Square-Foot Flagship Store in New York City

by Alex Tostado

New York City — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, …

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NewsRetailersWashington DC

Retail Imports to See Lowest Annual Total in Four Years, Says NRF

by Alex Tostado

Washington, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016. The NRF and Hackett Associates released their monthly Global Port Tracker report, which found that U.S. ports handled 1.6 million 20-foot …

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FloridaInvestment salesNewsRetailers

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

by Alex Tostado

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.

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Investment salesNewsRetailersUtah

Ostler Holding Sells Family Dollar-Occupied Retail Property in Helper, Utah

by Alex Tostado

Helper, Utah — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 U.S. Highway 6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.

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