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Block & Co. Sells 8,000-Square-Foot Monticello Center in Shawnee, Kansas

by Alex Tostado

Shawnee, Kan. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.

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CaliforniaInvestment salesNewsRetailers

NewMark Merrill Acquires The Shops at SouthBay Pavilion in Metro Los Angeles

by Alex Tostado

Carson, Calif. — NewMark Merrill Cos. has acquired The Shops at SouthBay Pavilion in Carson. The asset spans 182,193 square feet and is situated within SouthBay Pavilion. The Shops at SouthBay were leased to tenants including Burlington, Ross Dress for Less, Sola Salons, Norms Restaurant, Chipotle, Smashburger, Jersey Mike’s, Buffalo Wild Wings and Olive Garden at the time of the sale. IKEA, Target, Cinemark Theaters and JC Penny anchor the balance of the more than 1 million-square-foot mall. SouthBay Pavilion is located at 20700 S. Avalon Blvd., 18 miles south …

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CaliforniaCompany newsEntertainmentNews

Media Reports: Disney to Lay off 28,000 Employees at Theme Parks in California, Florida

by Alex Tostado

Burbank, Calif. — The Walt Disney Co. will lay off 28,000 employees who were previously furloughed due to the coronavirus pandemic, according to multiple media reports. Disney World in Orlando, Fla., and Disneyland in Anaheim, Calif., both closed in mid-March due to the COVID-19 outbreak. Disney’s chief financial officer Christine McCarthy said in May that for every two weeks the parks were closed, the company lost $500 million. Disney World reopened in July with limited capacity, but Disneyland remains closed under California guidelines. A timeline for reopening has not been established. …

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DevelopmentFloridaGrocery-anchoredNewsRetailers

Whole Foods Market to Open New 40,000-Square-Foot Store in Jacksonville Beach Next Week

by Alex Tostado

Jacksonville Beach, Fla. — Whole Foods Market will open a 40,000-square-foot store in Jacksonville Beach on Oct. 7. The new grocery store will anchor Pablo Plaza, a 156,755-square-foot shopping center located at 1822 S. Third St., 22 miles east of downtown Jacksonville. Pablo Plaza’s other tenants include Marshalls, HomeGoods, PetSmart and Office Depot. Jax Daily Record reports that J. Raymond Construction Corp. is the general contractor, CPH Engineering is the civil engineer and ELM | Ervin Lovett Miller is the architect. Jacksonville-based Regency Centers leases the property on behalf of the …

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DevelopmentEntertainmentIllinoisNewsRestaurants

Knoebel Construction Builds Drake’s Restaurant in O’Fallon, Illinois

by Alex Tostado

O’Fallon, Ill. — Knoebel Construction has completed building a new Drake’s restaurant in O’Fallon near St. Louis. The 6,014-square-foot restaurant and entertainment venue features two full-service bars and a covered patio. Drake’s, an entity of parent company Bluegrass Hospitality Group, is a Kentucky-based chain with 15 locations across the Midwest and Southeast. The restaurant offers more than 20 craft beers on tap as well as sandwiches, salads, burgers and sushi. Drake’s says it is closely following government guidelines for reopening during COVID-19 and working alongside state and local officials to …

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FloridaInvestment salesNewsRetailers

Limestone, Orion Purchase Two Retail Properties in Sarasota, Florida for $15.5 Million

by Alex Tostado

Sarasota, Fla. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.

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CaliforniaDevelopmentNewsRetailers

Rodeo 39 Public Market in Southern California to Open in Mid-October

by Alex Tostado

Stanton, Calif. — Dan Almquist of Frontier Real Estate Investments plans to debut Rodeo 39 Public Market, a collection of eateries and retail spaces in Southern California, in mid-October. Located at 12885 Beach Blvd. in Stanton, Rodeo 39 will feature hangar doors that open up for an inside/outside setting, original artwork and murals from five different local artists and several first-to-market retail and restaurants concepts. The Rodeo 39 mix includes Banh Xeo Boys, Bearded Tang Brewery, Beleaf Burgers, Bestea, Dot & Dough, Fika Fika Creamery, Hook & Anchor, Joystix, Kra …

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Company newsNewsOregonRetailers

Nike’s Online Sales Jump 82 Percent Resulting in $10.6B in Quarterly Revenue

by Alex Tostado

Beaverton, Ore. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported its revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter …

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Company newsNewsRetailersWashington

Costco Reports 12.5 Percent Increase in Quarterly Sales as Fiscal Year Sales Soar

by Alex Tostado

Issaquah, Wash. — Costco Wholesale Corp. (NASDAQ: COST) has reported a 12.5 percent increase in quarterly net sales in its fiscal fourth quarter, which ended Aug. 30. Costco’s sales jumped to $52.9 billion from $46.4 billion last year. Costco also experienced a 91 percent jump in quarterly e-commerce sales, resulting in a 50 percent increase over the previous year. The company’s net income for the fourth quarter was $1.4 billion, compared with $1.1 billion last year, even though this year’s fourth quarter was negatively impacted by $281 million in costs …

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DevelopmentGrocery-anchoredNewsRetailersVirginia

Wegmans to Open 80,000-Square-Foot Store in Northern Virginia in November

by Alex Tostado

Tysons, Va. — Wegmans is slated to open an 80,000-square-foot store in Tysons on Nov. 4. Wegmans Tysons will feature a café with indoor/outdoor seating and The Burger Bar. The store will be located along the McLean Silver Line Metro stop at 1835 Capital One Drive S., 12 miles west of downtown Washington, D.C. Rochester, N.Y.-based Wegmans is hoping to hire 150 employees before the grand opening. The location is situated within Capital One Center, the public-facing portion of the bank’s global headquarters. Other tenants at the property include The …

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