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Company newsFloridaNewsRetailers

Stein Mart Files for Chapter 11 Bankruptcy, Plans to Close Most Stores

by Alex Tostado

Jacksonville, Fla. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed voluntary petitions for relief under Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing …

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DevelopmentEntertainmentNew YorkNewsRetailers

Sour Patch Kids Opens 3,300-Square-Foot Flagship Store in New York City

by Alex Tostado

New York City — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, …

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NewsRetailersWashington DC

Retail Imports to See Lowest Annual Total in Four Years, Says NRF

by Alex Tostado

Washington, D.C. — Retail imports at major U.S. ports are expected to see their lowest annual totals in four years as the coronavirus continues to affect the economy, according to the National Retail Federation (NRF). The NRF forecasts year-end 2020 totals to reach 19.6 million TEUs, which would be a 9.4 percent decrease from 2019 and the lowest number seen since the 19.1 million TEUs of imports in 2016. The NRF and Hackett Associates released their monthly Global Port Tracker report, which found that U.S. ports handled 1.6 million 20-foot …

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FloridaInvestment salesNewsRetailers

CTO Realty Sells Retail Property Leased to Wawa in Jacksonville for $7.1 Million

by Alex Tostado

Jacksonville, Fla. — CTO Realty Growth has sold a 6,267-square-foot retail property leased to Wawa in Jacksonville for $7.1 million. The property was delivered in 2017 and features gasoline pumps. Wawa has 17 years remaining on its lease. The asset sits on 2.2 acres at 4866 Gate Parkway, 10 miles southeast of downtown Jacksonville and near St. Johns Town Center. Brad Peterson, Michael Brewster and Joseph Naas of JLL represented the seller in the transaction. An undisclosed private investor purchased the asset.

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Investment salesNewsRetailersUtah

Ostler Holding Sells Family Dollar-Occupied Retail Property in Helper, Utah

by Alex Tostado

Helper, Utah — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 U.S. Highway 6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.

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CaliforniaDevelopmentNewsRetailers

Gaw Capital USA, DJM Unveil Plans for Ovation Hollywood Mixed-Use Project in Los Angeles

by Alex Tostado

Los Angeles — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose, California- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood. Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of restaurant space, 65,000 square feet of entertainment space and 40,000 …

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Company newsFloridaNewsRetailers

Regency Centers’ NOI Drops 20.1 Percent in Second Quarter Due to Pandemic

by Alex Tostado

Jacksonville, Fla. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that …

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Grocery-anchoredIllinoisInvestment salesNewsRetailers

Cleeman Realty Group Arranges Sale of Kent Plaza Shopping Center in Springfield, Illinois

by Alex Tostado

Springfield, Ill. — Cleeman Realty Group has arranged the sale of Kent Plaza in Springfield for an undisclosed price. County Market anchors the 94,260-square-foot retail center, which sits on 9.4 acres. The property was more than 90 percent occupied at the time of sale. Michael Cleeman and Sam Seelenfreund of Cleeman brokered the transaction. A Maryland-based private investment firm purchased the asset from the property’s original owner.

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DevelopmentGrocery-anchoredNew JerseyNewsRetailers

Lidl Opens 28,000-Square-Foot Grocery Store at Brunswick Shopping Center in New Jersey

by Alex Tostado

North Brunswick, N.J. — German discount grocer Lidl has opened a 28,000-square-foot store at Brunswick Shopping Center, a 288,000-square-foot retail center located in North-Central New Jersey. Other tenants at the property include LA Fitness, Muscle Maker Grill, GNC, Dollar Tree, Sally Beauty, McDonald’s, Sherwin Williams and Community Dental. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Lidl now operates 10 stores in New Jersey.

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Company newsNewsRetailersRhode Island

CVS Reports 35.2 Percent Revenue Increase in Second Quarter, Stock Up 20 Percent

by Alex Tostado

Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans …

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