Retailers

Under Armour to Furlough 6,600 Workers Beginning April 12

by Alex Tostado April 7, 2020

Baltimore — In response to the spread of COVID-19, Under Armour Inc. will temporarily lay off some 6,000 employees at its outlet stores around the country and approximately 600 workers at its U.S. distribution centers, effective Sunday, April 12. The Baltimore-based sports apparel retailer also said it would extend current store closures until further notice. In addition, the company’s board of directors and executive vice presidents will be taking 25 percent pay cuts during the public health crisis. Under Armour workers at distribution centers that continue to work will be …

April 7, 2020

Features Retailers

Retailers Pitch in to Aid in Coronavirus Efforts

by Alex Tostado April 2, 2020

As concerns about coronavirus (COVID-19) mount and the stock market is impacted, Shopping Center Business has compiled a number of retailers that are stepping in to aid in relief efforts. Brooks Brothers Brooks Brothers is converting its American factories to start producing 150,000 masks per day to help protect healthcare workers and others battling the spread of COVID-19. Blenders Eyewear Blenders Eyewear has repurposed a portion of its manufacturing to make safety goggles for health workers in light of the ongoing coronavirus pandemic. The company will donate 10,000 goggles to Southern California …

April 2, 2020

California Investment sales News Retailers

SunCoast Properties Sells Ground Lease of Chase Bank-Occupied Asset in Anaheim for $5.1 Million

by Alex Tostado April 2, 2020

Anaheim, Calif. — SunCoast Properties has completed the disposition of the ground lease of a newly constructed, freestanding retail building located at 545 N. Euclid St. in Anaheim. A Los Angeles-based private investor acquired the asset for $5.1 million. Chase Bank occupies the 3,988-square-foot, single-tenant property with a corporate-guaranteed, triple-net, 20-year lease. SunCoast developed the property, which opened earlier this year. Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Bill Asher and Jeff Lefko of Hanley …

April 2, 2020

Investment sales News Retailers South Carolina

TSCG Negotiates $17.1 Million Sale of Retail Center in North Charleston

by Alex Tostado April 1, 2020

North Charleston, S.C. — TSCG has negotiated the $17.1 million sale of The Shoppes at Centre Pointe, a 139,688-square-foot retail center in North Charleston. Ashley Home Furniture, Dollar Tree and Staples anchor the center, which was 98 percent leased at the time of sale. Other tenants include Dunkin’, Sally Beauty, GameStop and Cici’s Pizza. The property is situated at 4950 Centre Pointe Drive, 11 miles north of downtown Charleston. Anthony Blanco and Jeff Yurfest of TSCG represented the seller, an undisclosed investor based in Atlanta, in the transaction. The buyer …

April 1, 2020

Investment sales News Retailers Texas

Wellington Realty Brokers Sale of 54,250-Square-Foot Ridge Road Towne Center in Rockwall, Texas

by Alex Tostado April 1, 2020

Rockwall, Texas — Wellington Realty has brokered the sale of Ridge Road Towne Center, a 54,250-square-foot neighborhood shopping center in Rockwall, a northeastern suburb of Dallas. The property was built in 2005 and was 74 percent leased at the time of sale. David Shaffer, Caleb Jones, Curtis Sung, Tammy Shaffer and Brandon Johnson of Wellington Realty represented the seller in the transaction. Additional terms of sale were not disclosed.

April 1, 2020

Development Finance News Retailers Tennessee

Staghorn Capital Arranges $5.4 Million Construction Loan for Retail Development Near Nashville

by Alex Tostado April 1, 2020

Gallatin, Tenn. — Staghorn Capital Partners has arranged a $5.4 million construction loan for RREAF Holdings to develop Phase I of Shoppes at Hunter Pointe in Gallatin, about 30 miles northeast of Nashville. The property is expected to comprise 25,147 square feet and, with appropriate performance of Phase I, the loan will aid in developing Phase II. The loan features a floating interest rate with two years of interest-only payments followed by a 25-year amortization schedule. Tyler Rentfro of Staghorn Capital originated the loan through an undisclosed regional bank on …

April 1, 2020

From The Magazine Grocery-anchored North Carolina Retailers South Carolina

National, Regional Grocers Expand Across The Carolinas To Satisfy Demand

by Alex Tostado April 1, 2020

Grocery stores are the bellwether for retail health in the top markets of North Carolina and South Carolina. They are a reflection of job and population growth and are often a catalyst for future retail opportunities, anchoring both new shopping centers and mixed-use projects throughout the two-state region. The Carolinas are battle tested when it comes to the grocery segment, with several local and regional players headquartered in the area and actively leasing space. It came as a blow, then, when homegrown specialty grocer Earth Fare decided to close its …

April 1, 2020

California Company news New York News Retailers Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by Alex Tostado March 31, 2020

San Francisco, New York City and Menomonee Falls, Wis. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the …

March 31, 2020

Company news News Retailers Texas

Reports: Neiman Marcus to Furlough Most Workers Amid Coronavirus Crisis

by Alex Tostado March 31, 2020

Dallas — Dallas-based luxury retailer Neiman Marcus will furlough the majority of its 14,000 employees as it endures another month of store closures, according to reports from multiple news outlets including Reuters, Bloomberg and The Dallas Morning News. Neiman Marcus CEO Geoffroy van Raemdonck made the announcement Monday, also noting that he would be forgoing a salary during closures, and that employees not impacted by the furloughs would take pay cuts.

March 31, 2020

Investment sales News Pennsylvania Retailers

Marcus & Millichap Arranges $11.9 Million Sale of Shops at Red Lion Retail Center in Philadelphia

by Alex Tostado March 31, 2020

Philadelphia — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.

March 31, 2020

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