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Grocery-anchoredInvestment salesNewsRetailersTennessee

Stan Johnson Co. Arranges $18.5 Million Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

by Alex Tostado

Germantown, Tenn. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity …

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Company newsNewsRestaurantsTennessee

Ruby Tuesday Files for Chapter 11 Bankruptcy Protection, Closes 185 Restaurants

by Alex Tostado

Maryville, Tenn. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process.  The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles.  “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” …

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Company newsDevelopmentNewsRetailersTennessee

Dollar General to Launch New Retail Concept Targeting Wealthier Shoppers, Nashville to House First Stores

by Alex Tostado

Goodlettsville, Tenn. — Dollar General will launch popshelf, a new shopping concept that will offer seasonal and home décor, health and beauty must-haves, home cleaning supplies, party goods and entertaining needs. The Goodlettsville-based retailer says 95 percent of the items will be priced at $5 or less. Each popshelf location will average 9,000 square feet and will house up to 15 employees. The first two locations will open near Nashville this fall with the company expecting to open another 30 locations by the end of fiscal year 2021, which will …

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Company newsEntertainmentNewsTennessee

Regal Cinemas to Temporarily Suspend All U.S. Theater Operations Beginning Oct. 8

by Alex Tostado

Knoxville, Tenn. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld owns Knoxville, Tennessee-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United …

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Company newsMallsNewsRetailersTennessee

CBL Properties Staves Off Bankruptcy with Debt Restructuring, Loses Four Malls to Foreclosure

by Alex Tostado

Chattanooga, Tenn. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire …

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LeasingNewsRestaurantsTennessee

Washington Prime Signs Chipotle, Chicken Salad Chick to Leases at Mall at Johnson City in Tennessee

by Alex Tostado

Johnson City, Tenn. — Washington Prime Group (WPG) has signed Chipotle Mexican Grill and Chicken Salad Chick to the tenant roster of The Mall at Johnson City, a mall in Johnson City that is currently being redeveloped. The two eateries are expected to open in spring 2021. Other new and committed tenants include HomeGoods, which will replace the former Sears department store; Palmetto Moon, a Southern apparel retailer that opened in June; and Rose & Remington and Curve & Cloth, which are set to open next spring. WPG is renovating …

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CBL Properties Collects 27 Percent of Rent Checks in April, Predicts Similar Revenue Stream for May

by Alex Tostado

Chattanooga, Tenn. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements …

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Sprouts Farmers Market Expands Grocery Pick-Up Service to 46 Stores Across Southeast

by Alex Tostado

Phoenix — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering the service was not disclosed. The Phoenix-based grocer recently expanded this …

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Investment salesKentuckyNewsRetailersTennessee

Hanley Investment Group Arranges Sales of Two Retail Outparcels in Tennessee, Kentucky Totaling $6.9 Million

by Alex Tostado

Knoxville, Tenn. and Somerset, Ky. — Hanley Investment Group has arranged the sale of two multi-tenant retail outparcels situated on Walmart Supercenter-anchored properties in Tennessee and Kentucky. An undisclosed private investor based in Kentucky acquired both properties in all-cash deals. The first sale was of a two-tenant building leased to Aspen Dental and Visionworks in Knoxville. The outparcel was built in 2015 and spans 7,500 square feet. The property is situated at 2960 and 2964 Miller Place Way, seven miles north of downtown Knoxville. The undisclosed seller, a private investor …

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NewsTennessee

Tennessee Governor to Allow Service Retailers in Most Counties to Reopen on Wednesday

by Alex Tostado

Nashville, Tenn. — Tennessee Gov. Bill Lee will allow personal service businesses in 89 of the state’s 95 counties to reopen under strict guidelines Wednesday as the COVID-19 pandemic continues to impact the country’s economy. The governor’s office estimates 38,000 people will be able to return to work. The remaining six counties — Shelby, Madison, Davidson, Hamilton, Knox and Sullivan — will create individual plans in consultation with their locally run health departments. The state’s guidance applies to personal services including barber shops, hair salons, waxing salons, nail spas, massage …

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