News

NewQuest Brokers Sale of 89,213-Square-Foot Inwood Forest Shopping Center in Houston

by Alex Tostado May 29, 2020

Houston — Locally based firm NewQuest Properties has brokered the sale of Inwood Forest Shopping Center, an 89,213-square-foot retail center located at 5700-46 W. Little York Road in Houston. About 75 percent of the six-acre property’s tenant roster consists of businesses that have been deemed essential. Grocer La Michoacana anchors the center. David Luther, Bob Conwell and Josh Friedlander of NewQuest represented the seller, RPI Interests I Ltd., and procured the buyer, Fahra International Inc.

May 29, 2020

Entertainment Florida News

Hard Rock Stadium in Miami Gardens to Transform into Drive-In Movie Theater

by Alex Tostado May 29, 2020

Miami Gardens, Fla. — With sports absent from Americans’ daily lives due to the COVID-19 outbreak, Hard Rock Stadium in Miami Gardens has pivoted to offer a drive-in movie theater. The 65,000-seat stadium is home to the NFL’s Miami Dolphins and college football’s University of Miami Hurricanes. The field will be able to hold up to 230 cars and the open-air theater will host small groups. Events throughout Dolphins’ team history, family-friendly movies and even commencement ceremonies will be shown. Food and beverages can be purchased through an online system …

May 29, 2020

Florida Grocery-anchored Investment sales News Retailers

JLL Negotiates $46.8 Million Sale of Whole Foods-Anchored Property in Metro Miami

by Alex Tostado May 28, 2020

Coral Gables, Fla. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by …

May 28, 2020

News Texas

Texas Water Parks, Mall Food Courts Cleared to Reopen on Friday

by Alex Tostado May 28, 2020

Austin, Texas — Texas Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs and food-court dining areas within shopping malls to resume operations at limited capacities. Beginning on Friday, May 29, under Phase II of the state’s reopening plan, these establishments may reopen at 25 percent of their normal operating limits. All businesses must adhere to designated sanitation and social-distancing protocols as well. In addition, starting Sunday, May 31, recreational sports programs for adults can resume, but games and similar competitions may not begin …

May 28, 2020

Company news Kentucky News Restaurants

Papa John’s Reports May as Best Sales Month in Restaurant History

by Alex Tostado May 28, 2020

Louisville, Ky. — May sales at Papa John’s restaurants were up 33.5 percent in the U.S. and Canada on a year-over-year basis, marking the second month in a row that the pizza chain recorded its highest sales on record, according to Papa John’s Inc. president and CEO Rob Lynch. The May sales period was recorded from April 27 to May 24, and the company said it will continue to provide monthly updates through the end of the second quarter. In April, the Louisville-based chain reported a 26.9 percent increase in …

May 28, 2020

Alabama Investment sales Net lease News Retailers

Marcus & Millichap Arranges $12.9 Million Sale of Walmart in Sylacauga, Alabama

by Alex Tostado May 28, 2020

Sylacauga, Ala. — Marcus & Millichap has arranged the $12.9 million sale of a 178,420-square-foot Walmart in Sylacauga. The property, which was built in 1996, is double net-leased to Walmart with 11 years remaining on the lease. The asset is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the buyer, Agree Development, and the seller, RP Payton Park LLC, in the transaction.

May 28, 2020

Arkansas Investment sales Net lease News Retailers

SRS Arranges $4 Million Sale of Retail Property in North Little Rock, Arkansas

by Alex Tostado May 28, 2020

North Little Rock, Ark. — SRS Real Estate Partners National Net Lease Group has arranged the $4 million sale of an 8,000-square-foot retail property in North Little Rock. The property is fully leased to Vitamin Shoppe and Mattress Firm on their respective corporate-guaranteed triple-net leases. The property is situated at 4300 McCain Blvd., seven miles north of downtown Little Rock. The asset is an outparcel to a Lowe’s Home Improvement-anchored shopping center. Brian Wolfman of SRS represented the seller, Los Angeles-based McCain Plaza LLC, in the transaction. Aaron Hines of …

May 28, 2020

Company news News Retailers Texas

Tuesday Morning Files for Chapter 11 Bankruptcy, Plans to Close 230 Stores

by Alex Tostado May 27, 2020

Dallas — Tuesday Morning Corp. (NASDAQ: TUES) has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” Tuesday Morning is a discount home furnishings chain. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. Following the temporary closure …

May 27, 2020

Development Georgia News Retailers

Ackerman, MDH Partners to Develop $85M Mixed-Use Expansion at Lee + White Project in Atlanta

by Alex Tostado May 27, 2020

Atlanta — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood. The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project. Development plans include the ground-up construction of a two-story glass structure featuring a …

May 27, 2020

Michigan News Retailers

Michigan Governor Reopens Auto Dealerships, Retail Businesses by Appointment

by Alex Tostado May 27, 2020

Lansing, Mich. — Michigan Gov. Gretchen Whitmer has signed a statewide executive order to reopen retail businesses and auto dealerships by appointment starting Tuesday, May 26. The order also authorizes nonessential medical, dental and veterinary procedures starting Friday, May 29. Michigan residents are now able to gather in small groups of 10 people or fewer, as long as they practice social distancing. Businesses that open must provide COVID-19 training to workers.

May 27, 2020

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