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 News Restaurants Washington

Starbucks to Revamp Stores for More Drive-Thru, Pickup Orders After $3.2 Billion Quarterly Loss in Revenues

by Alex Tostado June 16, 2020

Seattle — Starbucks Coffee plans to accelerate the transformation of its store portfolio across the United States amid the ongoing COVID-19 pandemic. Over the next 18 months, the coffee chain will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as Starbucks Pickup location. In a letter to shareholders, released through an SEC filing, Starbucks announced that it plans to close approximately 400 company-operated U.S. stores over the next 18 months as part of this new focus on drive-thru and pickup. In that same letter, …

June 16, 2020

Company news News Retailers Washington

Nordstrom to Permanently Close 16 Stores, Plans Phased Reopening for Others

by Alex Tostado May 7, 2020

Seattle — Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities …

May 7, 2020

Company news News Restaurants Washington

Starbucks to Reopen More Than 85 Percent of Stores Nationwide by May 9

by Alex Tostado May 6, 2020

Seattle — This week, Seattle-based Starbucks started re-opening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its re-opening in the United States amid the continued …

May 6, 2020

Development Grocery-anchored News Retailers Washington

Sprouts Farmers Market to Open New Store in Silverdale, Washington

by Alex Tostado April 7, 2020

Silverdale, Wash. — Sprouts Farmers Market plans to open a new store at 11066 Pacific Crest Place NW in Silverdale, about 33 miles west of Seattle. The Phoenix-based natural foods grocer will open the store at 7 a.m. local time tomorrow morning. The Silverdale location will be the third Sprouts in Washington and will operate from 7 a.m. to 8 p.m. daily, in line with the grocer’s adjusted hours during the COVID-19 pandemic. The new Sprouts will feature a large produce section, deli, fresh sushi, olive bar, sandwich bar, salad …

April 7, 2020

Company news News Retailers Washington

Costco Wholesale Acquires Innovel Solutions for $1B to Expand Last-Mile Capacity

by Alex Tostado March 19, 2020

Issaquah, Wash. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to nearly 95 percent of the United States and Puerto Rico. Products served through Innovel include major appliances, furniture, mattresses, televisions, grills, patios, fitness equipment …

March 19, 2020

Investment sales News Retailers Washington

Vestar Acquires Six-Property Retail Portfolio in Metro Seattle for $95 Million

by Alex Tostado January 6, 2020

Lynnwood, Wash. — Vestar has acquired a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III, which are located at the northeast and northwest corners near Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall and 17 miles north of downtown Seattle. The seller was the original developer of the properties, which were built between 1997 and 2002. The portfolio is fully leased …

January 6, 2020

Investment sales News Retailers Washington

Weingarten Realty Investors Buys 187,388-Square-Foot Covington Esplanade Shopping Center in Metro Seattle

by Alex Tostado December 4, 2019

Covington, Wash. — Weingarten Realty Investors has acquired Covington Esplanade, a daily needs-focused shopping center located in Covington, a suburb 25 miles southeast of Seattle. Situated on 15.3 acres at 27027 SE 185th Ave., Covington Esplanade features 187,388 square feet of retail space spread across seven separate parcels with uniform facades. At the time of sale, the property was 97.7 percent leased to a variety of tenants, including The Home Depot, Red Robin Gourmet Burgers and Brews, NorthWest Family Dental Care, IHOP, Bank of America, Verizon and Starbucks Coffee. Nick …

December 4, 2019

Investment sales News Retailers Washington

Hanley Investment Arranges $3.7 Million Sale of New Retail Building in Metro Seattle

by Alex Tostado August 28, 2019

Federal Way, Wash. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly constructed retail building located at 164 SW Campus Drive in Federal Way. A Kirkland, Washington-based buyer acquired the property from an affiliate of Henderson, Nevada-based Covenant Real Estate Group for $3.7 million. Situated on 1.2 acres, the 4,980-square-foot freestanding building is located at the signalized entrance to the WinCo Foods-anchored shopping center. The two-tenant building is occupied by a 2,104-square-foot Starbucks Coffee and a 2,876-square-foot Pacific Dental Services-supported dental office. Jeff Lefko and …

August 28, 2019

Investment sales News Retailers Washington

Marcus & Millichap Arranges $1.9 Million Sale of Starbucks Shopping Strip in Richland, Washington

by Alex Tostado June 17, 2019

Richland, Wash. — Marcus & Millichap has brokered the sale of a small retail center anchored by Starbucks in Richland. A developer sold the property to an undisclosed buyer for $1.9 million. Located at 698 Gage Blvd., the property features 7,038 square feet of retail space. Brendan Powell of Marcus & Millichap’s Portland, Ore., office, along with Joe Deis of Marcus & Millichap, represented the seller in the deal.

June 17, 2019

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