Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is expected …
Columbia, S.C. — DD’s Discounts will open a 22,000-square-foot store within Fashion Place Shopping Center in Columbia Friday, Oct. 24. The property will be located at 2720 Decker Blvd., 10 miles northeast of downtown Columbia and the University of South Carolina. This will be dd’s Discounts third location in South Carolina and 270th overall in 20 states. Jake Dugan of JBL Asset Management represented the undisclosed landlord in the lease negotiations.
Woonsocket, R.I. — CVS (NYSE: CVS) intends to hire 15,000 new employees during the fourth quarter in anticipation of communities seeing greater incidences of COVID-19 and the flu during the upcoming winter months. More than 10,000 of these positions are for full- and part-time licensed pharmacy technicians, some of which will be offered on temporary bases with the possibility of becoming permanent. Woonsocket, Rhode Island-based CVS is also recruiting qualified candidates to work as pharmacists, nurses, nurse practitioners, physician assistants, member benefit case professionals and distribution center employees. Lastly, the …
Fort Lauderdale, Fla. — Whole Foods Market will open a 47,000-square-foot store in Fort Lauderdale on Wednesday, Oct. 28. The new location will be situated at 501 SE 17th St., two miles south of downtown Fort Lauderdale and within CURV, Ram Realty’s 243-unit multifamily community. The store will include a coffee bar featuring cold-brew, nitro tea, wine and beer. This will be Whole Foods’ second Fort Lauderdale location, with the first being located at 2000 N. Federal Highway.
Washington, D.C. — Retail sales increased 1.9 percent month-over-month in September, the U.S. Commerce Department reports. The most recent figure is 70 basis points higher than what economists surveyed by MarketWatch had forecast. Total sales reached $549.3 billion in September, which marked the fifth consecutive month of retail sales growth amid the coronavirus pandemic. In February, the total monthly spending reached $527 billion. According to the National Retail Federation (NRF), the sectors with the largest gains were clothing and accessories (11 percent), sporting goods stores (5.7 percent) and general merchandise …
Newnan, Ga. — InvenTrust Properties Corp. has broken ground on the renovation of Thomas Crossroads, a 105,000-square-foot shopping center in Newnan. Kroger anchors the property, which will get a new façade, paint scheme, LED lighting under canopies, landscaping enhancements and sidewalk improvements. The Downers Grove, Ill.-based owner expects renovations to be completed by the end of November. Other tenants at the center include Great Clips, Subway, McDonald’s and multiple locally owned service and dining options. The asset was last renovated in 2008, shortly before InvenTrust acquired it in 2009. Thomas …
Simi Valley, Calif. — Marcus & Millichap has brokered the sale of a multi-tenant retail center located at 1030 E. Los Angeles Ave. in Simi Valley. A local private investor sold the asset to an undisclosed buyer for $6.2 million at a 5.6 percent capitalization rate. James DeBuiser and Gary Cohen Marcus & Millichap’s Cohen | DeBuiser Team represented the seller in the deal. At the time of sale, the property was fully leased.
Sugar Land, Texas — A development team by Houston-based Lionstone Investments will renovate Sugar Land Town Square, a 1.4 million-square-foot mixed-use destination located on the southwestern outskirts of Houston. Lionstone is partnering with Dallas-based creative real estate firm Rebees and Planned Community Developers on the project, which will upgrade landscaping and outdoor common areas to allow for social distancing and more public seating as part of Phase I. In addition, the team will add new signage and tenant storefronts and revamp the tenant roster to include local entrepreneurs with original …
Burnham, Pa. — JLL has arranged an undisclosed amount of acquisition financing for Greater Lewistown Plaza, a 185,282-square-foot, grocery-anchored shopping center located in the Central Pennsylvania town of Burnham. Grocer Weis is the anchor tenant at the 22-acre property, and other users include CVS, Dunham Sports, Goodwill and Rent-a-Center. Michael Klein and Claudia Steeb of JLL arranged the fixed-rate loan through AmeriServ Financial. The borrower, Logan GL Holdings LLC, plans to implement a capital improvement program.
Norco, Calif. — SRS Real Estate Partners has brokered the sale of a single-tenant retail property located at 1428 Sixth St. in Norco. A family partnership acquired the asset from a local developer for $6 million. Grocery Outlet occupies the newly constructed, 18,000-square-foot building, which is situated on 1.7 acres. Grocery Outlet, which opened in March, is the anchor tenant for the new Norco Gateway Shopping Center. Additional tenants include Taco Bell and 6,000 square feet of future retail shops. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease …