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FloridaGrocery-anchoredInvestment salesNewsRetailers

JLL Negotiates $46.8 Million Sale of Whole Foods-Anchored Property in Metro Miami

by Alex Tostado

Coral Gables, Fla. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by …

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AlabamaInvestment salesNet leaseNewsRetailers

Marcus & Millichap Arranges $12.9 Million Sale of Walmart in Sylacauga, Alabama

by Alex Tostado

Sylacauga, Ala. — Marcus & Millichap has arranged the $12.9 million sale of a 178,420-square-foot Walmart in Sylacauga. The property, which was built in 1996, is double net-leased to Walmart with 11 years remaining on the lease. The asset is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the buyer, Agree Development, and the seller, RP Payton Park LLC, in the transaction.

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ArkansasInvestment salesNet leaseNewsRetailers

SRS Arranges $4 Million Sale of Retail Property in North Little Rock, Arkansas

by Alex Tostado

North Little Rock, Ark. — SRS Real Estate Partners National Net Lease Group has arranged the $4 million sale of an 8,000-square-foot retail property in North Little Rock. The property is fully leased to Vitamin Shoppe and Mattress Firm on their respective corporate-guaranteed triple-net leases. The property is situated at 4300 McCain Blvd., seven miles north of downtown Little Rock. The asset is an outparcel to a Lowe’s Home Improvement-anchored shopping center. Brian Wolfman of SRS represented the seller, Los Angeles-based McCain Plaza LLC, in the transaction. Aaron Hines of …

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Company newsNewsRetailersTexas

Tuesday Morning Files for Chapter 11 Bankruptcy, Plans to Close 230 Stores

by Alex Tostado

Dallas — Tuesday Morning Corp. (NASDAQ: TUES) has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” Tuesday Morning is a discount home furnishings chain. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. Following the temporary closure …

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DevelopmentGeorgiaNewsRetailers

Ackerman, MDH Partners to Develop $85M Mixed-Use Expansion at Lee + White Project in Atlanta

by Alex Tostado

Atlanta — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood. The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project. Development plans include the ground-up construction of a two-story glass structure featuring a …

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MichiganNewsRetailers

Michigan Governor Reopens Auto Dealerships, Retail Businesses by Appointment

by Alex Tostado

Lansing, Mich. — Michigan Gov. Gretchen Whitmer has signed a statewide executive order to reopen retail businesses and auto dealerships by appointment starting Tuesday, May 26. The order also authorizes nonessential medical, dental and veterinary procedures starting Friday, May 29. Michigan residents are now able to gather in small groups of 10 people or fewer, as long as they practice social distancing. Businesses that open must provide COVID-19 training to workers.

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NewsRetailersWashington DC

NRF: Pandemic Risk Insurance Act Would Provide ‘Greater Resilience’ in Future Outbreaks

by Alex Tostado

Washington, D.C. — The National Retail Federation (NRF) has shown its support for the Pandemic Risk Insurance Act (PRIA), a proposed bill that would establish a federal program to help businesses obtain insurance coverage for future pandemics. PRIA is based on a model of the Terrorism Risk Insurance Act (TRIA), which was enacted following the attacks of Sept. 11, 2001, and grants companies the ability to get insurance money from a terrorist attack. “The development of a public-private partnership to address this risk will provide certainty for businesses and organizations …

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Company newsNewsRetailersTennessee

CBL Properties Collects 27 Percent of Rent Checks in April, Predicts Similar Revenue Stream for May

by Alex Tostado

Chattanooga, Tenn. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements …

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Company newsNew YorkNewsRetailers

Macy’s Reports $1.1 Billion Operating Income Loss in First Quarter

by Alex Tostado

New York City — Macy’s Inc. (NYSE: M) has reported an approximately $1.1 billion loss in operating income in the first quarter, a result of both temporary and permanent store closings as well as significantly decreased patronage amid the COVID-19 outbreak, the company said Thursday. As of this week, the company has reopened approximately 190 of its Macy’s and Bloomingdale’s shops and plans to reopen 80 more for the Memorial Day holiday weekend. At the close of 2019, Macy’s Inc. owned and operated a total of nearly 840 stores across …

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Investment salesNewsRetailersTexas

JLL Arranges Sale of 19,950-Square-Foot Rayford Village Retail Center in Metro Houston

by Alex Tostado

Spring, Texas — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed …

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