Atlanta — Atlanta-based Home Depot reported a drop of 5.8 percent in customer transactions in its fiscal second quarter that ended in August 2021, but the average ticket of customer sales was 11.3 percent larger than last year. As people go back to working in an office after working from home since the beginning of the pandemic, fewer shoppers visited Home Depot during the fiscal second quarter due to less interest in do-it-yourself projects, according to CNBC. The home improvement retailer reported $41.1 billion in sales during its fiscal second …
Seattle — Amazon, the Seattle-based e-commerce giant, is planning to open a chain of department stores to boost its sales in clothing, household items, electronics and other areas. The news comes from a Wall Street Journal report citing “people familiar with the matter.” The first stores are expected to open in Ohio and California and, at around 30,000 square feet, will be smaller than a typical department store. “It is unclear what brands Amazon will offer in the stores, although the company’s private-label goods are expected to feature prominently,” the …
Wyoming, Mich. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.
Dallas — JLL has negotiated the sale of The Hill, a 240,000-square-foot shopping center located at the corner of Walnut Hill Lane and Central Expressway in north-central Dallas. Built in 1977, The Hill houses tenants such as Houndstooth Coffee, Hiatus Spa + Retreat, Snooze, Taco Deli, Hat Creek Burger Co. and Boardroom Salon for Men. Barry Brown, Ryan Shore, Chris Gerard and Jason Jacobs of JLL represented the seller, EB Arrow, in the transaction. Asana Partners purchased the property for an undisclosed price in an off-market deal.
Novato, Calif. — Grosvenor Americas has completed the disposition of Hamilton Marketplace, a retail center located at 5800 Nave Drive in the San Francisco Bay Area community of Novato. Terms of the transaction were not released. Grosvenor originally developed the 90,769-square-foot, open-air shopping center in 2008. At the time of sale, the property was fully leased to tenants including Safeway, Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant and Cycle Bar. Nicholas Bicardo of Newmark Retail Capital Markets represented Grosvenor in the deal.
Memphis, Tenn. — Marie Pizano of MVP3 Entertainment Group and Darnell Stitts of ATWEC Technologies have broken ground on MVP3 Studios, a 40-acre mixed-use entertainment project located in Memphis. The project is expected to cost $50 million and is predicted to create 600 jobs, according to WREG Channel 3 News. The co-developers purchased the 80,000-square-foot Malco Majestic Cinema theater and the surrounding 18 acres to redevelop the property for MVP3 Studios. The site will eventually house production sound stages, radio studios, music recording studios, a TV network and movie theaters. …
Johns Creek, Ga. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Abbotts Bridge Station, an 83,391-square-foot, H-Mart-anchored shopping center in the Atlanta suburb of Johns Creek. Zach Taylor and Andrew Margulies of IPA brokered the sale. Westwood Financial sold the property for $18.9 million. The buyer was not disclosed. The shopping center’s tenant roster includes Snow Mountain, Hong Kong Café, AT&T, Joy Pizza N Joy Chicken and White Windmill Bakery.
Forney, Texas — Victory Real Estate Group will develop The Victory Shops at Forney, a new retail project that will be located on a 26-acre lot in Forney, an eastern suburb of Dallas. Phase I of the project will consist of 44,000 square feet across four buildings. Phase II of the development will span 160,000 square feet. Tenants are set to include Kohl’s, Aspen Dental, Jamba Juice, Chiloso Tex-Mex, The Joint Chiropractic, Mod Pizza and My Eye Lab. Construction of Phase I is set to begin in mid-September and to …
Deltona, Fla. — TSCG has arranged the $11.5 million sale of Deltona Commons, a Publix-anchored retail center situated at the intersection of Courtland Boulevard and Fort Smith Boulevard in Deltona. Completed in 2007, Deltona Commons totals 48,663 square feet and was 100 percent leased at the time of sale. Publix occupies over 80 percent of the gross leasable area in the center. Anthony Blanco and Mallory Silva of TSCG represented the seller, an affiliate of Global Fund Investments, in the disposition of the property to an affiliate of the Miller …
Ocean City, Md. — The Boulder Group has arranged the $6.2 million sale of a newly constructed 7-Eleven property located at 11624 Ocean Gateway in Ocean City. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, an undisclosed individual based in the northeast, and seller, an undisclosed private real estate firm, in the transaction.