News

NewMark Merrill Mountain States Co-Founder Allen Ginsborg Dies at Age 59

by Alex Tostado July 15, 2020

Woodland Hills, Calif. — Chairman and co-founder of NewMark Merrill Cos. Inc.’s Mountain States division Allen Ginsborg has died at the age of 59. Ginsborg is survived by his wife, Jeanne; sons Josh, Jake and Joey; and daughter, Jackie. In April 2008, Ginsborg and Sandy Sigal, CEO of NewMark Merrill Mountain States, founded Mountain States to develop and acquire shopping centers in Colorado. According to a press release from the company, Ginsborg’s proudest accomplishment was the redevelopment of Twin Peaks Mall in Longmont, Colorado. The $100 million redevelopment turned the …

July 15, 2020

News Washington DC

NRF Survey: Back-to-School Spending Could Reach Record Levels as Families Gear Up for At-Home Learning Amid Pandemic

by Alex Tostado July 15, 2020

Washington, D.C. — The novel coronavirus could result in record-levels in spending for back-to-school supplies as families across the country are expected to buy more electronics to prepare for at-home learning, a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics has found. Major school systems around the country, including the Ivy League, Los Angeles Public School District, Atlanta Public Schools, New York City Public School system and the University of California school system have announced virtual learning or a hybrid of in-person and online classes …

July 15, 2020

Company news Entertainment Massachusetts News

MGM Reopens Casino in Springfield, Massachusetts, at 25 Percent Capacity

by Alex Tostado July 15, 2020

Springfield, Mass. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also …

July 15, 2020

Georgia Investment sales News Retailers

Skyline Seven Arranges $7.1 Million Sale of Retail Property in Metro Atlanta

by Alex Tostado July 15, 2020

Norcross, Ga. — Skyline Seven Real Estate has arranged the $7.1 million sale of Peachtree Corners Shopping Center, a 106,257-square-foot retail property in Norcross. The asset is situated at 7050 Jimmy Carter Blvd., 20 miles northeast of downtown Atlanta. The property was 44 percent leased at the time of sale to tenants including Family Dollar, Beauty Mart, Arcadio Pizza, Lily Massage Spa and Island Chef Café, as well as an outparcel leased to Popeye’s and Dekra Emissions Check. Elliott Kyle, Chase Murphy and Reid Maynard of Skyline Seven represented the …

July 15, 2020

Alabama Investment sales News Retailers

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

by Alex Tostado July 15, 2020

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 …

July 15, 2020

Company news News Retailers Washington

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

by Alex Tostado July 10, 2020

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 …

July 10, 2020

Company news Illinois News Retailers

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

by Alex Tostado July 10, 2020

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 …

July 10, 2020

California Development News Retailers

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

by Alex Tostado July 10, 2020

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. …

July 10, 2020

Company news New Jersey News Retailers

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

by Alex Tostado July 9, 2020

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 …

July 9, 2020

Company news New York News Retailers

Brooks Brothers Files for Chapter 11 Bankruptcy

by Alex Tostado July 9, 2020

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.

July 9, 2020

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