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Marathon Petroleum to Sell Speedway to 7-Eleven for $21 Billion

by Alex Tostado

Findlay, Ohio — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc., whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the …

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Company newsNewsRetailersTexas

At Home Posts 42 Percent Sales Growth in Second Quarter, Eyes Store Expansions

by Alex Tostado

Plano, Texas — At Home, a home décor and furnishings retailer, posted net sales of $515 million in its fiscal second quarter, which ended July 25, and is reportedly looking to expand its footprint. That figure represents a 42 percent year-over-year increase in comparable store sales. At Home CEO Lee Bird told CNBC over the weekend that the company has been expanding its store count by about 20 percent per year over the last seven years, and that it could grow from its current 219 stores to as many as 600. …

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DevelopmentNew JerseyNewsRetailers

Burlington Signs 47,000-Square-Foot Lease at Building of Former Sports Authority in Secaucus, New Jersey

by Alex Tostado

Secaucus, N.J. — Burlington has signed a 47,000-square-foot lease at a space formerly occupied by Sports Authority at Mill Creek at Harmon Meadow in Secaucus, located just across the Hudson River from Manhattan. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

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Grocery-anchoredIllinoisInvestment salesNewsRetailers

NARE Investments Acquires 142,195-Square-Foot Shopping Center in Metro Chicago

by Alex Tostado

Harwood Heights, Ill. — NARE Investments has acquired Harwood Commons, a 142,195-square-foot shopping center in metro Chicago’s Harwood Heights. The purchase price was undisclosed. Harwood Commons, located at 4701 N. Harlem Ave. and built in 1981, is home to Burlington, Marshalls and Aldi. CBRE’s National Retail Partners Midwest team represented the seller, Icahn Enterprises.

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Brokers Sale of Two Inland Empire Retail Buildings for $5.2 Million

by Alex Tostado

Corona, Calif. — Hanley Investment Group has brokered the sale of two multi-tenant retail buildings located at 1240-1282 Border Ave. in Corona. A Denver-based private investment group sold the assets to a local private investor for $5.2 million. The Shops at Village Grove Plaza features a freestanding, 9,200-square-foot retail pad building occupied by six tenants and a two-tenant, 2,400-square-foot shop building adjacent to Stater Bros. Markets. Tenants at the properties offer a variety of services and products, including dental care, dry cleaning, laundry services, flowers, donuts, liquor, hair styling and …

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GeorgiaIndianaInvestment salesMissouriNew YorkNewsOhioRetailersVirginiaWisconsin

Gorjian Acquisitions Sells 500,000-Square-Foot Midwest Retail Portfolio for $25 Million

by Alex Tostado

Great Neck, N.Y. — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led …

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Company newsGrocery-anchoredNewsRetailers

Slate Retail REIT Reports Best Quarter of Leasing Activity Since 2014 Despite Pandemic

by Alex Tostado

Toronto — Slate Retail REIT has reported during its second quarter earnings call that it experienced the best quarter of leasing since its founding in 2014. The Toronto-based company, which owns and operates 70 grocery-anchored shopping centers in the United States, reports that it completed 464,326 square feet of lease renewals and 54,365 square feet of new leasing. The 518,691 square feet total is a 60 percent jump over second-quarter 2019. The REIT’s portfolio occupancy rate dropped 0.6 percent in the three months ending June 30 to 92.2 percent. Slate …

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Investment salesNewsPennsylvaniaRetailers

JLL Negotiates Sale of 140,418-Square-Foot Columbus Crossing Retail Center in Philadelphia

by Alex Tostado

Philadelphia — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

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AlabamaInvestment salesNewsRetailers

SRS Arranges $10.3 Million Sale of Walmart-Occupied Property in Tuscaloosa, Alabama

by Alex Tostado

Tuscaloosa, Ala. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property …

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Ancillary RetailFeaturesRetailersSCBlog

How Landlords are Helping Save Pop-Ups During Pandemic

by Alex Tostado

Before the coronavirus pandemic, mall and shopping center owners were so much more to pop-up tenants than just landlords. Specialty leasing has become more about business mentoring and support than it has about filling empty space. These supports in design, technology, POS, merchandising, data collection and much more have resulted in top developers becoming incubators for fresh new brands to keep the shopping experience unique and unexpected. During the pandemic, many owners are still finding ways to help sustain their smaller, digital-first or local tenants and to supplement the Small …

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