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AlabamaInvestment salesNewsRetailers

Marcus & Millichap Negotiates $5.4 Million Sale of Retail Center in Sylacauga, Alabama

by Alex Tostado

Sylacuaga, Ala. — Marcus & Millichap has negotiated the $5.4 million sale of Payton Park, a 53,400-square-foot retail center in Sylacauga. Walmart shadow anchors the property, which was leased to tenants such as Burke’s Outlet, CATO, Shoe Show and Sally Beauty at the time of sale. Payton Park is located at 41301 U.S. Highway 280, 45 miles southeast of downtown Birmingham. MBD Properties, an Atlanta-based private investor, acquired the asset. The seller, Chattanooga, Tennessee-based Rise Partners, acquired Payton Park and the adjacent Walmart in September 2019 for $15.7 million. Zach Taylor …

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Company newsNewsRetailersWashington

Sur La Table Files for Chapter 11 Bankruptcy, Plans to Close 56 Stores

by Alex Tostado

Seattle — Privately held kitchenware retailer Sur La Table has filed for Chapter 11 bankruptcy protection. The Seattle-based company is set to close 56 of its 121 stores, according to reports by The New York Times, making it the latest retailer to struggle under strain caused by the COVID-19 pandemic. Following store closures and bankruptcy proceedings, Sur La Table has entered into a stalking horse agreement — or an initial bid on the assets of a bankrupt company — to affiliates of New York City-based Fortress Investment Group. The private …

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Company newsIllinoisNewsRetailers

Despite Third-Quarter Losses, Walgreens to Invest $1 Billion to Open Doctors’ Offices at US Stores

by Alex Tostado

Deerfield, Ill. — In its fiscal 2020 third-quarter results, Walgreens Boots Alliance Inc. said its performance was “significantly impacted by the COVID-19 pandemic,” causing sales to be roughly $700 million to $750 million lower. The decline is largely attributed to its international stores. In April, sales at Walgreens stores in the United Kingdom were down 85 percent. Deerfield-based Walgreens says that pharmacy volume was impacted globally by a drop in doctor visits and hospital patient admissions. Profits were also hurt by a shift to low-margin items and higher supply chain …

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CaliforniaDevelopmentNewsRetailers

Restoration Hardware Opens RH Marin, The Gallery at the Village in Corte Madera, California

by Alex Tostado

Corte Madera, Calif. — RH has opened RH Marin, The Gallery at the Village, the brand’s newest physical location and the first design gallery in California. The property is located at 1750 Redwood Highway in Corte Madera. Totaling nearly 60,000 square feet of indoor and outdoor space, the three-level property features artistic installations of luxury home furnishings in a gallery setting, including spaces devoted to RH Interiors, RH Modern, RH Rugs and Outdoor. Additionally, RH Marin features an interactive RH Interior Design Firm & Atelier that provides professional design services. …

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Company newsNew JerseyNewsRetailers

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado

Union, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for …

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Company newsNew YorkNewsRetailers

Brooks Brothers Files for Chapter 11 Bankruptcy

by Alex Tostado

New York City — Brooks Brothers Group Inc. is the latest retailer to file for bankruptcy protection, according to The Wall Street Journal and other media outlets. The two-century-old men’s apparel company is based in New York City. The Chapter 11 bankruptcy filing in Delaware will enable the company to seek a buyer and restructure its debts. Brooks Brothers is set to close 51 of its 250 North American stores, according to media reports.

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DevelopmentGrocery-anchoredNevadaNewsRetailers

Safeway Breaks Ground on 62,000-Square-Foot Location at Damonte Ranch Town Center in Reno

by Alex Tostado

Reno, Nev. — Safeway has broken ground for a new grocery store at Damonte Ranch Town Center, located at the corner of Steamboat Parkway and Damonte Ranch Parkway in south Reno. The 62,000-square-foot store will be the grocery store chain’s third location in the Reno-Sparks market. Safeway will join RC Willey and The Home Depot as anchor tenants at the 509,000-square-foot shopping center, which Lewis Retail Centers owns. The retail center is part of the 2,000-acre Damonte Ranch master-planned community, which includes approximately 19,497 households within a three-mile radius of …

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CaliforniaInvestment salesNewsRetailers

RBL Real Estate Sells Del Norte Marketplace in Bay Area for $22.5 Million

by Alex Tostado

El Cerrito, Calif. — RBL Real Estate has completed the disposition of Del Norte Marketplace, a pharmacy-anchored shopping center located in El Cerrito. Miami-based Jewell Capital acquired the asset, including its existing debt, for $22.5 million. Located at 11511-11565 San Pablo Ave., the 64,270-square-foot retail center recently underwent a multi-year repositioning. Current tenants include Walgreens, Ross Dress for Less, dd’s Discounts and IHOP. Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey of JLL Capital Markets represented the seller in the deal.

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CaliforniaInvestment salesNews

Progressive Real Estate Brokers $5.7 Million Sale of All Star Car Wash Location in Corona, California

by Alex Tostado

Corona, Calif. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with …

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LeasingNew YorkNewsRetailers

Target Signs 89,781-Square-Foot Retail Lease in Port Chester, New York

by Alex Tostado

Port Chester, N.Y. — Target has signed an 89,781-square-foot retail lease to occupy a two-story space at Gateway Port Chester, a 494,000-square-foot, open-air retail center located near the New York-Connecticut border. An opening date has not yet been determined. Jessica Curtis of CBRE represented the landlord, a partnership between M&J Wilkow and MetLife Investment Management, in the lease negotiations. Jeff Howard of Ripco represented Target. Other tenants at the center include HomeGoods, Ulta Beauty and Old Navy.

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