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Retailers, Landlords Adjust Business Models, Leasing Practices Amid Pandemic

by Alex Tostado

The impact of COVID-19 has forced retailers, restaurants and service providers in the Northeast to improve their digital channels and adapt social distancing policies to continue serving customers. With retailers struggling to pay rent, landlords could find mutual benefit in reaching a compromise with existing tenants before temporary closures become permanent. Unfortunately, for many small businesses the virus has activated a Darwinian battle of the fittest among retailers with primarily physical channels. Meanwhile, e-commerce giants like Amazon are thriving in market conditions tailored to their already digital-focused business plans. Grocery …

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FeaturesFrom The MagazineRetailers

Anchor Shops Gives Clicks-to-Bricks New Option Within Fashion District Philadelphia

by Alex Tostado

Shlomo Chopp doesn’t mind stepping out of the box and being told his ideas won’t work, or even being slightly outcast as the “village idiot.” He is fine with the naysayers because he knows when he has an idea worth pursuing and one that has the potential to change the way e-retailers grow a physical location. That’s what Chopp has in Anchor Shops, a proposed location within Fashion District Philadelphia where companies can start a physical location without the start-up costs of diving headfirst into a brick-and-mortar. Chopp brought on …

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DevelopmentNewsRestaurantsRetailersTexas

Gulf Coast Commercial Underway on 18,000-Square-Foot Retail Project in Houston

by Alex Tostado

Houston — Locally based developer Gulf Coast Commercial Group is underway on construction of Block 14 at Garden Oaks, an 18,000-square-foot retail project the Garden Oaks neighborhood of Houston. The project is being developed on a 1.7-acre site just north of Loop 610 and is expected to be complete in July. Tenants that have already signed leases include McAlister’s Deli and Salata.

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CaliforniaCompany newsNewsRetailers

Umansky of Progressive Real Estate Partners Named President of Retail Brokers Network

by Alex Tostado

Rancho Cucamonga, Calif. — Brad Umansky has been named the new president of the Retail Brokers Network (RBN). Umansky is the owner and president of Rancho Cucamonga-based Progressive Real Estate Partners. In this volunteer role, Umansky will lead the RBN executive committee and work with the other committee members to grow the RBN brand, represent the organization at industry events, recruit new firms, facilitate education, lead internal networking events and share brokerage “best practices” between the 57 RBN member offices. Umansky has more than 25 years of retail real estate experience …

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Company newsFloridaNewsRetailers

Regency Centers Collects 58 Percent of May Rent Checks, Down from 68 Percent in April

by Alex Tostado

Jacksonville, Fla. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent …

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Company newsMinnesotaNewsRetailers

Target, Other Retailers Temporarily Close Stores Across Nation in Response to Protests

by Alex Tostado

Minneapolis — Minnesota-based discount retailer Target has temporarily closed six stores in four states in response to protests that turned violent over the weekend. The looting and destruction of commercial property took place in the days following the death of George Floyd, an unarmed black man who died May 25 following an encounter with Minneapolis police during which an officer kneeled on his neck for several minutes. On Sunday, several other retailers, including CVS, Apple and Walmart also announced temporary closures or adjusted hours in major cities where rioting had …

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Company newsMichiganNewsRetailers

Detroit’s Bedrock to Continue Offering Rent Relief to Retailers in Exchange for 7 Percent of Gross Sales

by Alex Tostado

Detroit — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, has implemented a program called Bedrock Relaunch, which will build off its rent relief program that began in March with three months of rent abatement. Through Bedrock Relaunch, the landlord will provide all eligible, operating restaurant and retail tenants with the option to waive all rent and fees for the month of June; waive base rent in favor of paying 7 percent of gross sales starting in July; and apply the security deposit toward reopening …

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Grocery-anchoredInvestment salesNewsRetailersTexas

NewQuest Brokers Sale of 89,213-Square-Foot Inwood Forest Shopping Center in Houston

by Alex Tostado

Houston — Locally based firm NewQuest Properties has brokered the sale of Inwood Forest Shopping Center, an 89,213-square-foot retail center located at 5700-46 W. Little York Road in Houston. About 75 percent of the six-acre property’s tenant roster consists of businesses that have been deemed essential. Grocer La Michoacana anchors the center. David Luther, Bob Conwell and Josh Friedlander of NewQuest represented the seller, RPI Interests I Ltd., and procured the buyer, Fahra International Inc.

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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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