Houston — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Monday. According to The Wall Street Journal, the 140 shuttered stores represent about 20 percent of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share Tuesday, Nov. …
Atlanta — The Home Depot has reported that its third-quarter sales reached $33.5 billion, a 23.2 percent increase over third-quarter sales for 2019. Net earnings for the third quarter were $3.4 billion, or $3.18 per diluted share, compared with net earnings of $2.8 billion, or $2.53 per diluted share, in the same fiscal period of 2019. The Atlanta-based retailer’s third quarter ended on Oct. 31. Chairman and CEO Craig Menear cited demand for home improvement projects in the midst of the coronavirus pandemic as a steady driver for increased sales. …
Merrionette Park, Ill. — Newport Capital Partners has purchased Stonebrook Plaza in Merrionette Park, located about 17 miles southwest of Chicago. The purchase price was undisclosed. Stonebrook Plaza is a 95,825-square-foot shopping center anchored by grocer Jewel-Osco. It is currently 96 percent leased. Other tenants include Blink Fitness and Pet Supplies Plus as well as eateries and personal care tenants. Jewel-Osco has operated at the property since 1985. Jacksonville, Fla.-based Regency Centers was the seller. Chicago-based Newport specializes in the acquisition and management of neighborhood shopping centers throughout major metro …
Bentonville, Ark. — Walmart has reported that its third-quarter e-commerce sales grew 79 percent from the same period a year ago. Comparable sales, defined as those from stores that operated during the entire 12-month fiscal year, went up 6.4 percent. The Bentonville-based retailer’s revenue during its fiscal third quarter reached $134.7 billion, a 5.2 percent increase over the same time period a year ago. Walmart’s third quarter ended on Oct. 31.
Avon, Ind. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold Rockville Pointe in Avon near Indianapolis for $3 million. The 10,500-square-foot retail center is fully leased to Tropical Smoothie Café, The Good Feet Store, Spectrum, Papa Murphy’s and Family Allergy & Asthma. TTRG has owned the property since completing construction in 2009. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. C.F. Rockville LLC, a private investor from Bloomington, Indiana, purchased the asset.
“What are you wearing?” It’s been a common question in America’s daily vernacular, yet in 2020 — the year of dressing casually to work from home — it has never been less relevant. For those of us in the retail real estate industry, particularly owners of shopping centers, understanding the years-long downturn in apparel shopping has caused us to rethink what we will do with all the leasable area devoted to this retail segment. Much has been written about the demise of retail stores caused by the emergence of online …
Indianapolis and Bloomfield, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland …
Mansfield, Mass. — Newmark has arranged the $25 million sale of a 74,383-square-foot shopping center located at 377 Chauncy St. in Mansfield, a southern suburb of Boston. Grocer Stop & Shop anchors the property, which is situated on nine acres along Route 140. Robert Griffin, Geoffrey Millerd, Paul Penman and Mat Adler of Newmark represented the undisclosed seller and procured the buyer, Bailard Real Estate Fund, in the transaction.
Monticello, Minn. — Upland Real Estate Group has brokered the $20 million sale of a 188,000-square-foot retail property occupied by Fleet Farm in Monticello, about 40 miles northwest of Minneapolis. The single-tenant, net-leased building is situated near I-94. Fleet Farm has 19 years remaining on its lease. The retailer operates 45 stores in five states and sells a variety of sports and outdoor equipment, appliances, automotive goods, apparel, hardware, tools and farm supplies. Keith Sturm, Deborah Vannelli, Amanda Leathers and Ed Engler of Upland brokered the sale. Buyer and seller …
Minneapolis — Target Corp. has reopened two stores in Minneapolis and in Atlanta’s Buckhead district that were destroyed in the spring due to civil unrest from the George Floyd tragedy in Minneapolis. The stores were completely rebuilt in five months, which the Minneapolis-based retailer says is the fastest the company has ever rebuilt locations. The Lake Street location in Minneapolis features an additional entrance, larger food and beverage section and a more accessible pharmacy. Locally based Noor Cos. was the general contractor for the project, which reopened Nov. 10. The …