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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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CaliforniaDevelopmentNewsRetailers

Gaw Capital USA, DJM Unveil Plans for Ovation Hollywood Mixed-Use Project in Los Angeles

by Alex Tostado

Los Angeles — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose, California- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood. Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of restaurant space, 65,000 square feet of entertainment space and 40,000 …

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Company newsFloridaNewsRetailers

Regency Centers’ NOI Drops 20.1 Percent in Second Quarter Due to Pandemic

by Alex Tostado

Jacksonville, Fla. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that …

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Grocery-anchoredIllinoisInvestment salesNewsRetailers

Cleeman Realty Group Arranges Sale of Kent Plaza Shopping Center in Springfield, Illinois

by Alex Tostado

Springfield, Ill. — Cleeman Realty Group has arranged the sale of Kent Plaza in Springfield for an undisclosed price. County Market anchors the 94,260-square-foot retail center, which sits on 9.4 acres. The property was more than 90 percent occupied at the time of sale. Michael Cleeman and Sam Seelenfreund of Cleeman brokered the transaction. A Maryland-based private investment firm purchased the asset from the property’s original owner.

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ArizonaInvestment salesNet leaseNewsRestaurants

SRS Brokers $3.3 Million Sale of Restaurant Property in Scottsdale, Arizona Leased to Wendy’s

by Alex Tostado

Scottsdale, Ariz. — SRS Real Estate Partners has arranged the sale of a single-tenant restaurant property located at 15416 N. Pima Road in Scottsdale. A Texas-based private investor sold the asset to an undisclosed buyer for $3.3 million. Built in 1996, the 3,386-square-foot building features a drive-thru. Wendy’s occupies the property on a corporate-guaranteed, triple-net lease through May 2032. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group, along with Chris Stamets and Brian Gausden of Western Retail Advisors, represented the seller in the deal.

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DevelopmentGrocery-anchoredNew JerseyNewsRetailers

Lidl Opens 28,000-Square-Foot Grocery Store at Brunswick Shopping Center in New Jersey

by Alex Tostado

North Brunswick, N.J. — German discount grocer Lidl has opened a 28,000-square-foot store at Brunswick Shopping Center, a 288,000-square-foot retail center located in North-Central New Jersey. Other tenants at the property include LA Fitness, Muscle Maker Grill, GNC, Dollar Tree, Sally Beauty, McDonald’s, Sherwin Williams and Community Dental. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Lidl now operates 10 stores in New Jersey.

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Company newsNewsRetailersRhode Island

CVS Reports 35.2 Percent Revenue Increase in Second Quarter, Stock Up 20 Percent

by Alex Tostado

Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

TSCG Negotiates $11.7 Million Sale of Retail Property in Metro Miami

by Alex Tostado

Naranja, Fla. — TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd., 29 miles south of downtown Miami. Anthony Blanco of TSCG represented the seller, an affiliate of Asheville, North Carolina-based FIRC Group, in the transaction. An affiliate of Boston-based Longpoint Realty Partners …

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Investment salesKansasNewsRetailers

Block & Co. Acquires 46,538-Square-Foot Former Best Buy Store in Kansas City

by Alex Tostado

Kansas City, Kan. — Block & Co. Inc. Realtors has acquired a former Best Buy store located at 10500 Parallel Parkway in Kansas City. The purchase price was undisclosed. The 46,538-square-foot freestanding building sits on 4.2 acres within the 850,000-square-foot Plaza at the Speedway shopping center. David Block, Alex Block and Max Kosoglad of Block & Co. represented the buying entity. David Hickman of CBRE represented the undisclosed seller. Block & Co. will handle the leasing and management of the vacant space, which can be leased to a single tenant …

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