(Panelists, top, left to right): Ralph Conti, RaCo Real Estate Advisors; Cindy Schooler, SRS Real Estate Partners; Chuck Whittall, Unicorp National Developments. Shopping Center Business and Southeast Real Estate Business hosted “Central Florida Retail Outlook: How are Central Florida Markets Responding to COVID-19?” Watch to hear how the retail leaders are adapting to the challenges of COVID-19 and its fallout for tourism and travel. See a list of some topics covered below: To what extent has tourism declined in Central Florida this year — and how significantly has that affected the retail …
With a multifaceted approach to real estate, Taylor Street has an ear to the ground when it comes to investing, selling, financing, leasing and managing commercial properties. The Phoenix-based advisory firm is closely following the pandemic’s effects on retail. Vice president Jake Baratz and investment advisor Boston Chauthani recently sat down with Shopping Center Business to share some of their key insights. To plan for the future in the middle of a pandemic, the firm is advising investors to carefully evaluate market activity at the highest level in individual markets …
Framingham, Mass. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig …
Chicago — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.
Cary, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL …
Orlando, Fla. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus, …
Delaware, Ohio — Gosula Realty Ltd. has acquired Glennwood Commons in Delaware, about 30 miles north of Columbus. The purchase price was undisclosed. Tenants at the 100,999-square-foot center include OfficeMax, Dollar Tree and Pet Supplies Plus. CBRE’s National Retail Partners Midwest team represented both Gosula and the seller, Principal Real Estate Investors.
New York City — Rick Strauss has been hired at Odyssey Retail Advisors as a principal managing partner of landlord advisory business, the New York City-based firm announced. Strauss spent more than 20 years as a group vice president at The Taubman Co. and executive vice president at Westfield Corp. With Odyssey, Strauss will focus on landlord advisory and consulting, including project visioning, merchandising, marketing, proformas and execution of deals. “My passion is to make shopping environments highly competitive in today’s marketplace by broadening appeal through merchandising and creating engaging …
Commercial real estate lenders have remained timid as retail businesses in the Central Florida market navigate how to operate successfully during the COVID-19 crisis. As of this writing, Orange County had the 23rd most cases by county in the United States with 36,400 positive coronavirus cases and 378 deaths, according to Johns Hopkins University (JHU). The metro Orlando county is currently in Phase II of the Sunshine State’s reopening plan, which includes allowing restaurants to bump up capacity from 50 percent in Phase I to now 75 percent; retailers can …
New York City — Macy’s Inc. (NYSE: M) reported approximately $3.56 billion in net sales across its Macy’s, Bloomingdale’s and Bluemercury brands during its fiscal second quarter ending Aug. 1, a 34.7 percent decline from that period in 2019. However, the New York City-based retailer said its second-quarter performance exceeded expectations, thanks largely to a 53 percent spike in year-over-year sales across its digital platforms. Digital sales represented 54 percent of Macy’s total revenue figure for the quarter. Macy’s CEO Jeff Gennette also said that the successful reopening of a …