News

Retailers, Landlords Face Complications of Factoring Online Returns Into Gross Sales

by Alex Tostado January 17, 2020

With the rise of e-commerce, declining foot traffic in malls and shuttering department stores, retail landlords and brick-and-mortar tenants have faced a wave of challenges in recent years. As a result, both landlords and tenants are constantly searching for new and unique ways to improve their bottom-line figures. One recent area where this has become an issue concerns in-person returns from online sales, and how they affect a retail tenant’s percentage rent calculation. Many retail leases contain a percentage rent provision in which a tenant pays a portion of its …

January 17, 2020

Investment sales News Retailers Texas

JLL Negotiates Sale of 72,569-Square-Foot Bay Area Plaza Near Houston

by Alex Tostado January 17, 2020

Webster, Texas — JLL has negotiated the sale of Bay Area Plaza, a 72,569-square-foot commercial property in Webster, located about 23 miles southeast of Houston. Bay Area Plaza comprises 45,269 square feet of retail space and 27,300 square feet of industrial flex space that combined was 98 percent leased at the time of sale. Retail tenants include Total Body Work, Pizza Hut, Dapper Doughnuts and Amy’s Nails. Ryan West, John Indelli and Ethan Goldberg of JLL represented the seller, Orr Commercial Inc., in the transaction. The buyer was undisclosed.

January 17, 2020

Georgia Investment sales News Retailers

Halpern Enterprises Acquires Hobby Lobby-Anchored Shopping Center in Metro Atlanta for $11.6 Million

by Alex Tostado January 17, 2020

Newnan, Ga. — Halpern Enterprises Inc. has acquired Newnan Crossing, a 92,412-square-foot shopping center in Newnan, about 35 miles southwest of downtown Atlanta. Ohio-based Retail Value Inc. sold the property to Smyrna, Georgia-based Halpern Enterprises for $11.6 million. A 66,412-square-foot Hobby Lobby anchors the center, which was fully leased at the time of sale. Other tenants include CATO, GNC, Edible Arrangements, Sally Beauty, American Deli, The Athlete’s Foot and T-Mobile. Walmart and Lowe’s Home Improvement shadow-anchor the center. Newnan Crossing was built in 1996 and is situated adjacent to Interstate …

January 17, 2020

Investment sales News Ohio Retailers

Cooper Group Negotiates $2.1 Million Sale of CVS-Occupied Property in Akron, Ohio

by Alex Tostado January 17, 2020

Akron, Ohio — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.

January 17, 2020

Illinois Investment sales News Retailers

Mid-America Brokers $1.1 Million Sale of Retail Building in Metro Chicago

by Alex Tostado January 17, 2020

Evergreen Park, Ill. — Mid-America Real Estate Corp. has brokered the $1.1 million sale of an outlot at Evergreen Marketplace in Evergreen Park, about 15 miles south of Chicago. The 5,851-square-foot retail building is home to Cousins Subs, Hair Cuttery and The Crazy Crab. Ben Wineman and Emily Gadomski of Mid-America represented the seller, Sterling Bay. A private buyer purchased the asset.

January 17, 2020

Company news Massachusetts News Retailers

Bose to Close All Remaining U.S. Stores

by Alex Tostado January 16, 2020

Framingham, Mass. — Bose Corp. will close all of its 54 stores in the U.S., as well as many remaining locations in Australia, Japan and Europe in the coming months, totaling 119 brick-and-mortar locations. The Framingham-based company, which specializes in audio engineering, said the closures are due to “dramatic” shifts to online shopping. Bose opened its first store in 1993 and currently has its biggest concentration of stores in the Northeast (10), Southern California (nine) and Florida (seven). “Originally, our retail stores gave people a way to experience, test and talk …

January 16, 2020

Development Leasing Malls Maryland News Retailers

URW Unveils Renovation Plan, New Tenants at 1.4 Million-Square-Foot Westfield Annapolis Mall

by Alex Tostado January 16, 2020

Annapolis, Md. — Unibail-Rodamco-Westfield (URW), the owner of Westfield Annapolis mall, has unveiled plans to renovate and improve the mall, while adding new tenants. URW will convert the mall’s 110,000-square-foot former Lord & Taylor department store into a new shopping district composed of boutiques, home design stores and experience-driven offerings. The new section of the mall is slated to open to the public in 2021. URW’s mall-wide renovation program will include a new pedestrian gallery connecting the property’s Macy’s store and its Pottery Barn and Nordstrom wings. The gallery is …

January 16, 2020

California Development Finance News Retailers

Parkview Financial Funds $19.8 Million Loan for French Valley Commons Project in Southern California

by Alex Tostado January 16, 2020

Winchester, Calif. — Parkview Financial has provided a $19.8 million loan to Temecula, California-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned …

January 16, 2020

Investment sales News Retailers Texas

Colliers Arranges Sale of 88,492-Square-Foot Former Gander Mountain Retail Building in Houston

by Alex Tostado January 16, 2020

Houston — Colliers International has arranged the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.

January 16, 2020

California Investment sales News Retailers

Hanley Investment Group Arranges $8 Million Sale of Two-Tenant Retail Asset in Yucaipa, California

by Alex Tostado January 16, 2020

Yucaipa, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a freeway-adjacent, two-tenant retail investment property in Yucaipa, approximately 75 miles east of Los Angeles. Newport Beach, California-based VantageOne Real Estate Investments sold the asset to a Los Angeles-based private investor for $8 million, or $956 per square foot. Built in 2016, the two-building asset is located on 2.2 acres at 31465 and 31467 Avenue E. In-N-Out Burger, with a drive-thru, occupies the 3,867-square-foot building on a long-term ground lease with renewal options and fixed increases. …

January 16, 2020

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