Retailers

July 22 Shopping Center Business and Southeast Real Estate Business Webinar

Webinar: South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?

by Sarah Daniels July 27, 2020

Last week, Shopping Center Business and Southeast Real Estate Business hosted “South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?” Listen as a panel of retail experts discusses their gameplans: how they are working with tenants and their employees as the industry seeks to adapt. Hear about attitudes towards loans, rent reductions, property value, next steps and more. See a list of some topics covered and their timestamps below: (07:00): How are restaurants and experiential tenants faring? (09:29) Adapting for the challenges of COVID-19 (17:28) Retail …

July 27, 2020

Company news New Jersey News Retailers

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Alex Tostado July 27, 2020

Mahwah, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of store closings was not disclosed, but the company said it will close a “significant” number of …

July 27, 2020

Development Florida Leasing News Retailers

Parkway, KKR Complete $10 Million Renovation of Brickell Miami Office Tower, Sign Three Retail Tenants

by Alex Tostado July 27, 2020

Miami — Parkway Real Estate Services LLC and joint venture partner KKR have completed their $10 million renovation of Sabadell Financial Center, a 30-story, 524,000-square-foot office tower in Miami’s Brickell district. The waterfront property overlooks Biscayne Bay. Parkway Real Estate and KKR acquired the property for $250 million in 2018 and immediately commenced renovation plans. Upgrades included redesigning the entrance and renovating the lobby, as well as adding enhanced cellphone signal technology, meeting and entertainment spaces and a rooftop deck with space for fitness classes. The landlords also signed three retail …

July 27, 2020

Grocery-anchored Investment sales Minnesota News Retailers

Hanley Investment Group Arranges $3 Million Sale of Aldi-Occupied Property in Metro Minneapolis

by Alex Tostado July 27, 2020

Chaska, Minn. — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of a 23,201-square-foot property occupied by Aldi in Chaska, a southwest suburb of Minneapolis. The single-tenant building is located at 110 Hazeltine Blvd., adjacent to the Hazeltine National Golf Club. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, TOLD Development Co. A Santa Barbara, California-based private investor purchased the asset.

July 27, 2020

Features Florida Retailers

First Inning: South Florida Retail Market Resets as COVID-19 Throws a Curveball, Says SCB Webinar

by Alex Tostado July 23, 2020

The outbreak of COVID-19 has had an outsized impact on South Florida. According to John Hopkins University & Medicine, the region’s three primary counties rank in the top 20 of confirmed COVID-19 cases as of Wednesday, July 22. At 92,345 cases, Miami-Dade County is No. 4 on the list. Broward County comes in at No. 9 with 43,747 cases, and Palm Beach County is No. 20 with 27,506 cases. The surge in cases has had a pronounced effect on the area’s retailers as citizens have resumed their caution in public …

July 23, 2020

California Company news News Retailers

Parent Company of Men’s Wearhouse, Jos. A. Bank to Shutter Up to 500 Stores, Cut Staff by 20 Percent

by Alex Tostado July 21, 2020

Fremont, Calif. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of May …

July 21, 2020

Development Grocery-anchored Maryland News Retailers

Sprouts Farmers Market to Debut New Store in Baltimore on Wednesday

by Alex Tostado July 21, 2020

Baltimore — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan …

July 21, 2020

Arizona Investment sales News Retailers

NKF Arranges $9 Million Sale of Shoppes at Legacy in Mesa, Arizona

by Alex Tostado July 21, 2020

Mesa, Ariz. — Newmark Knight Frank (NKF) has arranged the sale of Shoppes at Legacy, a retail center located at 5609 E. McKellips Road in Mesa. An affiliate of YAM Properties sold the asset to Sperry Equities for $9 million, or $166.17 per square foot. Built in 2006, Shoppes at Legacy features 54,160 square feet of retail space. At the time of sale, the retail center was 90 percent occupied by a variety of tenants, including Cigna Medical Group and Pita Jungle. The transaction included a freestanding building occupied by …

July 21, 2020

Investment sales News Retailers Wisconsin

Stan Johnson Co. Brokers $6 Million Sale of Walgreens-Occupied Property in Metro Milwaukee

by Alex Tostado July 21, 2020

Brookfield, Wis. — Stan Johnson Co. has brokered the sale of a 13,905-square-foot property occupied by Walgreens in Brookfield near Milwaukee. The single-tenant building sits on 2.4 acres at 15650 W. Greenfield Ave. and features a drive-thru. Walgreens has occupied this property for more than 20 years and recently extended its lease for another eight years. Mark Lovering and BJ Feller of Stan Johnson represented the seller, a Waukesha, Wis.-based developer. A Chicago-based buyer purchased the asset for $6 million.

July 21, 2020

Florida News Restaurants Retailers

Skanska USA Completes $92 Million Renovation of St. Petersburg Pier, Adds New Shops and Restaurants

by Alex Tostado July 20, 2020

St. Petersburg, Fla. — Skanska USA has completed a $92 million renovation of the historic St. Petersburg Pier on behalf of the City of St. Petersburg. The 26-acre area now includes 44,000 square feet of retail and restaurant space, including the St. Pete Museum of History and Tampa Bay Watch Discovery Center. Other tenants include The Driftwood Café; Doc Ford’s Rum Bar & Grille; Spa Beach Bistro; Teak, a waterfront restaurant; and Pier Teaki, a rooftop bar. The five-story Pierhead building includes shops and a fishing platform. The pier area …

July 20, 2020

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