Retailers

Richard Chichester Spending, Stimulus, Stagflation

Retail’s Current Watchlist: Spending, Stimulus, Stagflation

by Sarah Daniels June 16, 2021

Retail, when it really boils down to it, is dictated by the almighty dollar. This, of course, means those who hold those dollars are in control. Consumers have been on quite the wild ride over the past 16 months, and sitting up front with them is the retail industry. “Brick and mortar will come back, but it’s going to come back differently,” says Richard Chichester, president and CEO of Irvine, Calif.-based Faris Lee Investments. “There is pent-up demand after a year of being shut down. The pandemic accelerated the emphasis …

June 16, 2021

Investment sales Nebraska News Retailers

NewStreet Properties Sells Shopping Center in Omaha for $12.7 Million

by Alex Tostado January 21, 2021

Omaha, Neb. — NewStreet Properties has sold the 98,837-square-foot 72nd Crossing Shopping Center in Omaha for $12.7 million. Situated in the 72nd Street Corridor, the property was fully leased at the time of sale to tenants such as Michaels, PetSmart, Big Lots and Dunkin’. Ember Grummons of Investors Realty represented the seller. Jason Taylor of Equity Management Group represented the buyer, Kentucky-based LVP Center LLC.

January 21, 2021

Arizona Investment sales News Retailers

Cushman & Wakefield Arranges $5.2 Million Sale of Shoppes at Cortaro Ranch in Tucson

by Alex Tostado January 21, 2021

Tuscon, Ariz. — Cushman & Wakefield has negotiated the sale of Shoppes at Cortaro Ranch, a newly constructed retail property located at 5660 W. Cortaro Farms Road in Tucson. Colorado-based Sonoma Heights acquired the asset from Terry Haute, Indiana-based Cortaro Commercial JV LLC for $5.2 million. Built this year, Shoppes at Cortora Ranch features 10,617 square feet of retail space. At the time of sale, the property was fully leased. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

January 21, 2021

California Investment sales News Retailers

Progressive Real Estate Partners Brokers $4.8 Million Sale of Former Food 4 Less Store in Corona, California

by Alex Tostado January 21, 2021

Corona, Calif. — Progressive Real Estate Partners has arranged the sale of a former Food 4 Less grocery store located at 109 N. McKinley St. in Corona. Expert Hardware Flooring acquired the property for $4.8 million. The buyer plans to use the 55,000-square-foot building as a showroom and wholesale distribution center for its commercial flooring. Built in 1989, the building features an open floor plan, two loading docks and bay doors, pylon signage along McKinley Street and expansive parking. Greg Bedell and Paul Su of Progressive Real Estate Partners represented …

January 21, 2021

Grocery-anchored Investment sales New Jersey News Retailers

JLL Negotiates Sale of 94,550-Square-Foot Shopping Center in Metro Philadelphia

by Alex Tostado January 20, 2021

Sewell, N.J. — JLL has negotiated the sale of Mill Pond Village, a 94,550-square-foot shopping center in Sewell, New Jersey. Grocery store ShopRite anchors the property, which was 98 percent leased at the time of sale to other tenants such as Inspira Health, Orangetheory fitness, Hair Cuttery and AAA. The asset is situated at 380 Egg Harbor Road, 19 miles south of downtown Philadelphia. Jim Galbally, Chris Munley, Jose Cruz, Colin Behr and Steve Simonelli of JLL represented the undisclosed seller in the transaction. Further details of the sale were …

January 20, 2021

Company news Florida News Retailers

Office Depot Parent Company Rejects Staples’ $2.1 Billion Acquisition Offer

by Alex Tostado January 20, 2021

Boca Raton, Fla. — ODP Corp. (Nasdaq: ODP), the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph …

January 20, 2021

Indiana Investment sales News Retailers

Three Retail Properties in Metro Indianapolis Trade Hands for $10.8 Million

by Alex Tostado January 19, 2021

Plainfield, Westfield and Fishers, Ind. — Hanley Investment Group Real Estate Advisors has represented a private investor in the acquisition of three retail properties in metro Indianapolis for $10.8 million. Dylan Mallory of Hanley represented the Bloomington, Indiana-based buyer. In Plainfield, Stafford Crossing is a 26,000-square-foot center home to Chicago’s Pizza, Big Red Liquors, Specks Pet Supply, UPS Store and Jack’s Donuts. Built in 2007, it was 91 percent leased at the time of sale. Carey Road Center in Westfield spans 13,043 square feet. It was also built in 2007. …

January 19, 2021

Florida Grocery-anchored Investment sales News Retailers

JLL Negotiates $9.1 Million Sale of Grocery-Anchored Shopping Center in Orlando

by Alex Tostado January 19, 2021

Orlando, Fla. — JLL has negotiated the $9.1 million sale of Southgate Shopping Center, a 144,052-square-foot retail property in Orlando. Aldi anchors the site, which was 92 percent leased at the time of sale to tenants including AutoZone, dd’s Discount’s, Aaron’s and Value Pawn. Additionally, the property can be expanded with the addition of a 6,000-square-foot future pad site and drive-thru ATM development opportunity. The asset spans 17 acres and is located at 4649 S. Orange Blossom Trail, four miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy …

January 19, 2021

Colorado Investment sales News Retailers

Marcus & Millichap Brokers $6.2 Million Sale of Johnstown Plaza Retail Center in Colorado

by Alex Tostado January 19, 2021

Johnstown, Colo. — Marcus & Millichap has arranged the sale of Johnstown Plaza, a shopping center located at 4914 Thompson Parkway in Johnstown. A private developer sold the asset to an undisclosed buyer for $6.2 million. Built in 2017, the property features 15,140 square feet of retail space. At the time of sale, the center was 100 percent occupied by Bad Daddy’s, Visionworks, Sprint, Berry Blendz, LUX NailBar and Honolulu Poke Bar. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller in the deal.

January 19, 2021

Florida Investment sales News Retailers

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by Alex Tostado January 18, 2021

South Miami, Fla. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust, Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River …

January 18, 2021

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