August 5, 2021
Shopping Center
& Owner News
Beachway Shopping Center in Pompano Sold for $16.5M ($298 PSF) RMS Properties sold the 55,428 square-foot center to Selby of Florida LLC, a Miami-based led by Ibrahim Yasubuga, on July 23rd for $16.5 million. The price equated to $298 per square foot. It last traded for $8.18 million in 2018. Tenants include West Marina, Quest Diagnostics, Subway, Kumon Learning Center, and Zona Fresca. (Business Journals 7/26) [Read]

St Johns Town Center North in Jacksonville Sold for $44M ($389 PSF) American Realty Advisors sold the 113,139 square-foot center to Core Investments LLC on June 29th for $44 million. The price equated to $389 per square foot. Notable tenants include Publix and Total Wine. JLL brokered the deal. (Jax Daily Record 7/13) [Read]

South Pasadena Shopping Center in St Petersburg Sold for $32.6M ($195 PSF) Branch Properties sold the 165,746 square-foot center to an LLC associated with New York based RPT Realty on July 14th for $32.6 million. The price equated to $195 per square foot. The shopping center has more than 30 tenants, including Ace Hardware, CVS, and Anytime Fitness. (Tampa Bay 7/22) [Read]

Horizon Park in Tampa Sold for $21.9M ($104 PSF) Forge Capital Partners sold the 215,713 square-foot center to Mishorim Investments on July 22nd for $21.9 million. The price equated to $104 per square foot. Notable Tenants include DD’s Discounts, Guitar Center, Dollar General, and YouFit Health club. The center was 86% leased at the time of sale. Plaza Advisors brokered the deal. 
(Connect CRE 7/23) [Read]

Target-Anchored Project Breaks Ground in Miami Swerdlow Group and partners have broken ground on the Sawyer’s Walk mixed-use development in Miami's Overtown neighborhood, providing both retail and affordable housing for the area. The project is located on the 3.44-acre site at 249 N.W. Sixth St. The 250,000 square feet of retail will be anchored by a 50,000-square-foot Target and a 25,000-square-foot Aldi. The 19-story building will also have 578 apartments designated for low-income seniors. Sawyer’s Walk should be completed in 2023. (Business Journals 6/25) [Read]

Publix Buys Palm Beach County Development Site Publix has acquired 20 acres for a new store in Westlake, a developing community in Loxahatchee. Minto Communities sold the property to Publix for $9.14 million. The city recently approved the site for a 140,000-square-foot retail plaza, with the first phase being a 50,000-square-foot Publix with a liquor store. It will be located on the west side of Seminole-Pratt Whitney Road between Town Center Parkway and Persimmon Boulevard. (Business Journals 7/29) Read

Miami Approves Deal with Terra for Mixed-Use Project Miami-Dade County Commission approved a lease and development deal with Miami-based Terra for a mixed-used project near the Dolphin Station park-and-ride facility. The vote cleared the way for a 97-year lease on 43 acres near the corner of Northwest 14th Street and Northwest 118th Place. The development, called Upland Park, will include 200,000 square feet of retail, 1,700 apartments, along with offices, a hotel, a school, and a life sciences facility. (Business Journals 6/25) [Read]

Market News

Strength in Brick & Mortar Sales Brightens Outlook for Malls, Shopping Centers Retail sales grew a surprising 0.6% in June, demonstrating the strength of the consumer sector as the economic reopening continues. Sales through brick & mortar channels were up 0.9% from the month before, outpacing total sales and brightening the outlook for malls and shopping centers, and the retail REIT sector. Brick & mortar sales have been on the front lines of many waves of the pandemic-induced recession and reopening recovery. June 2020 had already moved back above the pre-pandemic trend growth.
(Nareit 7/19) Read
Consumer Prices Shot Up 0.9% in June Prices for goods and services, excluding food and energy, shot up 0.9% in June on a month-over-month basis. On a yearly basis, June prices shot up 5.4%, compared to the 5% change in May. Investors largely believe elevated levels of inflation will be transitory, as the Fed reiterated in its meeting in June. 
(Axios 7/13) [Read]
Retail News
Publix to Launch Two New Central Florida Stores Publix Super Markets is preparing to open two new stores in metro Orlando, the first located at 3171 S. Orange Ave. on Aug. 12, and one at 3080 W. Kelly Park Road in Apopka on Aug. 19. The SoDo location — a former Lucky's Market — is 29,059 square feet and includes a pharmacy. Publix's new Apopka location is 48,387 square feet and includes both a pharmacy and a liquor store. 
(Business Journals 7/28) [Read]

Publix Plans New Store in Homestead Publix has proposed a new grocery store in Homestead, just west of Homestead-Miami Speedway. The city’s Planning & Zoning Board will consider the site plan for the property at 1200 E. Palm Drive. Publix has owned the vacant property since 2007. Plans call for a 40,606 square-foot store and a 1,400 square-foot Publix Liquors store. 
(Business Journals 7/8) [Read]

Sprouts to Open Brandon Location Sprouts Farmers Market will open a new store in Brandon on September 1st. The Brandon store in Lake Brandon Village off Causeway Boulevard is one of two planned for the Tampa area. The other is in The Heights near downtown Tampa. The opening date for this second location has not yet been announced. (Business Journals 6/18) Read

Naked Farmer Restaurant Group to Add 15-20 Florida Locations The all-natural, all-local, chef-driven restaurant operation just signed leases for locations in Miami’s Coral Gables and on Water Street in Tampa. Over the next three years, it plans to add 15 to 20 more locations throughout the Sunshine State. The company states it has secured funding for its expansion and hired JLL to help it find expansion locations throughout Florida.  
(Chain Store Age 6/28) [Read]

Tropical Smoothie on Pace to Open 130 Locations in 2021 Tropical Smoothie Café continues to expand its footprint amid strong sales, opening 38 new locations during Q2 and signing 105 franchise agreements. So far this year, Tropical Smoothie Cafe has opened 63 locations, signed 200 franchise agreements and is on pace to open 130 cafes. For the second quarter, Tropical Smoothie reported a same-store-sales increase of 42.3%, and a year-to-date same-store-sales increase of 38%, for a two-year same-store-sales increase of 29% at the end of the quarter.  (Chain Store Age 7/13) [Read]

Save-A-Lot to Remodel All of its 1,000 Stores Save-a-Lot is ramping up investment in its stores as part of the company’s ongoing modernization efforts. The discount grocery chain said it will fully rebrand and remodel more than a third of its store fleet in 2021, with plans to remodel all its 1,000 locations by 2024. (Chain Store Age 7/08) [Read]

P.F. Chang’s to Open 50-Plus Take-Out Locations PF. Chang’s has big plans for its new format amid ongoing demand for take-out. The chain has brought its P.F. Chang’s To Go concept, which launched in 2020, to Irving, Texas and Orlando, Fla. The company plans to have more than 50 To Go locations open by the end of 2022, including sites in Colorado, Florida, Texas, New York, Louisiana, Nevada, and Arizona. (Chain Store Age 6/28) [Read]

Mini Ulta Beauty Stores Are Coming to Target The Ulta Beauty in Target sections—basically mini Ulta stores— will begin appearing in stores in August. Each Ulta section will take up about 1,000 square feet, and will be placed next to Target’s existing beauty selection. The initial rollout includes 100 Target locations, with a plan to open in 800 stores over the next few years.  (Glamour 7/21) [Read]

Yum Brands Q2 Earnings Yum Brand, the parent Company of KFC, Pizza Hut, Taco Bell, and Habit burger, reported quarterly earnings and revenue that topped predictions, as sales outpaced pre-pandemic levels, and it opened new restaurants at a record pace. Shares of Yum closed at $130.31, up 6.28%, after reaching a 52-week high of $130.49. For the quarter, the company reported net income of $391 million compared with $206 million from a year earlier. Yum’s same-store sales grew 4% on a two-year basis. (CNBC 7/29) [Read]
Until Next Time!