Canton, Mass. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25.
Harwood Heights, Ill. — NARE Investments has acquired Harwood Commons, a 142,195-square-foot shopping center in metro Chicago’s Harwood Heights. The purchase price was undisclosed. Harwood Commons, located at 4701 N. Harlem Ave. and built in 1981, is home to Burlington, Marshalls and Aldi. CBRE’s National Retail Partners Midwest team represented the seller, Icahn Enterprises.
Corona, Calif. — Hanley Investment Group has brokered the sale of two multi-tenant retail buildings located at 1240-1282 Border Ave. in Corona. A Denver-based private investment group sold the assets to a local private investor for $5.2 million. The Shops at Village Grove Plaza features a freestanding, 9,200-square-foot retail pad building occupied by six tenants and a two-tenant, 2,400-square-foot shop building adjacent to Stater Bros. Markets. Tenants at the properties offer a variety of services and products, including dental care, dry cleaning, laundry services, flowers, donuts, liquor, hair styling and …
Great Neck, N.Y. — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led …
Toronto — Slate Retail REIT has reported during its second quarter earnings call that it experienced the best quarter of leasing since its founding in 2014. The Toronto-based company, which owns and operates 70 grocery-anchored shopping centers in the United States, reports that it completed 464,326 square feet of lease renewals and 54,365 square feet of new leasing. The 518,691 square feet total is a 60 percent jump over second-quarter 2019. The REIT’s portfolio occupancy rate dropped 0.6 percent in the three months ending June 30 to 92.2 percent. Slate …
Philadelphia — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.
Chicago — McDonald’s Corp. has reported a 30 percent decrease in its consolidated revenue for the second quarter that ended June 30. The global fast-food chain reported second-quarter net income of $483.8 million, compared with $1.5 billion for the same period a year ago. Chicago-based McDonald’s says it spent more than $200 million on marketing support to accelerate recovery from coronavirus losses. In the United States, 99 percent of McDonald’s restaurants were open as of June 30. About 2,000 dining rooms reopened with reduced seating capacity following temporary closures as …
Tuscaloosa, Ala. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property …
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Webinar: South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?
Last week, Shopping Center Business and Southeast Real Estate Business hosted “South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?” Listen as a panel of retail experts discusses their gameplans: how they are working with tenants and their employees as the industry seeks to adapt. Hear about attitudes towards loans, rent reductions, property value, next steps and more. See a list of some topics covered and their timestamps below: (07:00): How are restaurants and experiential tenants faring? (09:29) Adapting for the challenges of COVID-19 (17:28) Retail …
Los Angeles — Fathom Development Services, a new owner’s representative firm focusing on retail, fitness, wellness and hospitality properties, has launched in Los Angeles. Fathom offers leasing, tenant coordination, permits and approvals, budgeting, construction-management and design management services to its customers. “Especially in today’s swiftly changing environment, there is a need among retailers for a nimble and efficient owners representative that can help create environments that fully express who they are,” says senior vice president of development services Anthony DiMaggio. “We know all aspects of real estate development, but we’re …