Hawthorne, Calif. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.
By Ray Balfanz, Outlook Management Group What does Milwaukee bring to mind? Beer? Cheese? TV’s “Happy Days”? Perhaps the city chosen as the site for the 2020 Democratic National Convention? Yes, that’s us — being recognized and happy about it. But since I began penning this piece in March, we’ve experienced a world of change in the realities of group gatherings: We can hardly have 10 people in a group now, let alone thousands of delegates filling our new Fiserv Forum. It’s anybody’s guess how long the multi-trillion-dollar brick-and-mortar retail …
Washington, D.C. — The advance estimate for U.S. retail and food services sales, including e-commerce, in May is 17.7 percent higher than in April, the U.S. Commerce Department reported this morning. May is the first month since the COVID-19 outbreak halted the U.S. economy that has shown positive month-over-month growth. April was down 14.7 percent from March, and March decreased nearly 10 percent from February. Spending in May was at $485.5 billion, still lower than pre-pandemic levels. February’s total spending came in at $527.3 billion. “These sales numbers do not …
Philadelphia — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended May 2. In addition, …
Dover, Del. — Lululemon (Nasdaq: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and …
Lauderhill, Fla. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided …
Miami — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, …
Indianapolis — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared …
Port Richey, Fla. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.
Phenix City, Ala. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.
