February 28, 2022
Shopping Center
& Owner News
Tamaya Market in Jacksonville Sold for $30.5M ($499 PSF) Harbour Retail Partners sold the 61,125 square-foot center to an affiliate of Las Vegas-based Kingsbarn Realty Capital on February 15th for $30.5 million. The price equated to $499 per square foot. The center is anchored by Sprouts Farmers Market.  (Business Journal 2/16) [Read]

Marketplace at The Outlets in West Palm Beach Sold for $130M ($428 PSF) New York-based Clarion Partners sold the 303,705 square-foot center to an affiliate of Starwood Capital Group on December 30th for $130 million. The price equated to $428 per square foot. Notable tenants include Whole Foods, DSW, Nordstrom Rack, Bed Bath & Beyond, TJMaxx, Ulta Beauty, HomeGoods, Five Below, and Banfield Pet Hospital. (Business Journal 1/12) [Read]

Southland Shopping Center in Fort Lauderdale Sold for $16.75M ($98 PSF) Casto Investments sold the 171,478 square-foot center to Schaumburg, Illinois-based company managed by attorney Daniel Shaffet on January 18th for $16.75 million. The price equated to $98 per square foot. The Center is anchored by Winn Dixie and Bealls Outlet. (Business Journal 1/25) [Read]

Delray Square Sold for $48M ($296 PSF) North Carolina-based the Keith Corp. sold the 162,412 square-foot center to an affiliate of Jacksonville based Sleiman Enterprises on February 3rd for $48 million. The price equated to $296 per square foot. The Center is anchored by Publix, Walgreens, and an under-construction Hobby Lobby which should be opening in the coming months. (Business Journal 2/7) [Read]

Shoppes at Cresthaven in West Palm Beach Sold for $20.7M ($118 PSF) An affiliate of New York-based Nightingale Group sold the 175,198 square-foot center to an affiliate of Elysee Investment Company on February 2nd for $20.7 million. The price equated to $118 per square foot. Notable tenants include Presidente Supermarket, Dollar Tree, YouFit, and Citi Trends. (Business Journal 2/16) [Read]

Bartram Market in Jacksonville Sold for $27.1M ($342 PSF) Ponte Vedra-based Eastland sold the 79,059 square-foot center to Publix December 29th for $27.1 million. The price equated to $342 per square foot. The Center is anchored by Publix. (Business Journal 1/10) [Read]

Ferber Co Proposes a Grocery-Anchored Retail Project in Florida City The site of a shuttered Restaurant and plant nursery in Florida City may be redeveloped into a grocery-anchored shopping center. Ferber Co. filed a pre-application with the county concerning the site at the southeast corner of U.S. 1 and Palm Drive/Southwest 344th Street. The Ponte Vedra Beach-based developer now has the property under contract. Called Gateway Key Center, this shopping center would total 128,900 square feet, consisting of a 45,600 square foot grocery store, a gas station, a fast food restaurant, and 73,300 square feet of additional retail. The project is still in the early planning stages (Business Journal 2/18) [Read]

Market News
Retail Sales Off to a Strong Start in January Retail sales in the United States (excluding auto) increased 7.2% year-over-year, according to Mastercard, which measures in-store and online retail sales across all forms of payment. Online sales increased 10.4% over last January. Apparel sales were up 37.6% in January year-over-year. Department stores have similarly gained from resurgent spending. January sales increased 10.5% year-over-year and 9.8% vs. pre-pandemic levels. (Chain Store Age 2/10) [Read]

January Jobs Report Signals Recovery in Retail, Restaurants Job growth in January was a robust 467,000, a strong gain. Solid macro fundamentals, including the jobs figures, are good news for commercial real estate and REITs, as a growing economy generates increased demand for leased commercial space. Retail employment has rebounded over the past two years. Employment at merchandise stores rose 195,000 from Feb. 2020 through Jan. 2022, an increase of 6.5%, and is now back above the earlier peak in 2016. (REIT 2/8) [Read]
Retail News
Publix Could Replace Fresh Market at Wellington Shopping Center The Fresh Market at the Wellington Green Square shopping center may be demolished and replaced with a larger Publix, per a site plan amendment filed by Southeast Centers. Under the proposal, the 20,400 square-foot Fresh Market building and two neighboring bays would be demolished and replaced with a 38,539-square-foot grocery store. This application has yet to be scheduled for a hearing by the village. (Business Journal 2/8) [Read]

Sprouts to Open Three New Locations in Miami-Dade County Sprouts Farmers Market will open three new locations in Miami-Dade County. The first of the new stores opened Feb. 11th at 12690 S.W. 88th St. in West Kendall. The second location will open April 1st, at 2631 N.E. 10th Court within the Homestead Pavilion. Lastly, Sprouts signed a lease within the under-construction Grove Central, a 23-story building being built by the Coconut Grove Metrorail, which is slated to be finished by 2023. (Business Journal 2/10) [Read]

Southeastern Grocers Grows Florida Footprint Southeastern Grocers, parent company of Fresco y Más, Harveys Supermarket, and Winn-Dixie, is continuing to expand in Florida with a new Palm Beach County Winn-Dixie location. The grocer will open the over 50,000-square-foot Westlake store, located at 5060 Seminole Pratt Whitney Road in the Grove Market Shopping Center, on March 2. (Progressive Grocer 2/9) [Read]

Indoor Adventure Park to Take Vacant Retail Space in Pinellas County Catapult Adventure Park, an indoor amusement park that features inflatable attractions, rock walls, slides, an interactive laser and more, is headed to Pinellas County. The company recently signed a 10-year lease 4460 66th St. N, according to Foundry Commercial and is expected to open in the second quarter of 2022. (Business Journal 1/13) [Read]

Marco’s Pizza Track for Expansion Marco’s Pizza’s store pipeline is robust as it looks to expand nationwide. The country’s fifth-largest pizza brand, which has some 1,000 locations and more than 200 currently in development, plans to grow to 1,500 stores by 2023. It also projects to reach $1 billion in annual systemwide sales in 2022 after closing out 2021 with robust systemwide growth and store-level performance. (Chain Store Age 1/18) [Read]

Big Lots Plans to Add 500 New Stores Big Lots plans open 500 net stores, or more, in the coming years. The retailer plans to add more than 50 net new stores in 2022 and more than 80 per year after that. The openings, together with initiatives to boost merchandise sales productivity and grow e-commerce, are aimed at bringing the retailer's sales to $8 billion to $10 billion in the long term. (Retail Dive 1/11) [Read]

Aldi Expansion Plans Aldi is targeting the Gulf Coast as its aggressive expansion continues. The grocer plans to add 150 new stores across the country. With more than 2,100 stores across 38 states, Aldi is on track to become the third-largest grocery retailer by store count by the end of 2022. More than 1,000 of its stores opened during the past decade. (Chain Store Age 2/08) [Read]

Chipotle Ramping Up Expansion Chipotle Mexican Grill continues to expand its footprint as it increasingly focuses on digital orders and drive thru. The chain has opened its 3,000th restaurant, in Phoenix. During the next 12 months, Chipotle, which owns and operates all its restaurants, plans to open 235 to 250 new restaurants. In 2021, Chipotle opened 215 locations in the United States, Canada, and Europe. (Chain Store Age 2/15) [Read]
Home Depot Q4 Sales Jump Home Depot reported another strong quarter and forecast continued sales growth in its new fiscal year. Net income increased to $3.35 billion in the quarter ended Jan. 30, from $2.86 billion in the year-ago period. Sales rose 10.7% to $35.72 billion, topping estimates of $34.88 billion. Same-store sales in the U.S. rose 7.6%. (Chain Store Age 2/22) [Read]

Big Lots, Five Below, and Dollar General Lead Sector In Foot Traffic Visits to “superstores” were up 6.8% quarter-over-quarter, 10.9% compared to the year-ago period and 5.7% compared to the fourth quarter of 2019. Three retailers in particular all saw massive foot traffic during the quarter. Big Lots saw visits grow by nearly 34% quarter-over-quarter, Five Below saw growth of almost 32%, and Dollar General of a little under 9%. (Chain Store Age 2/3) [Read]

Walmart Grabs More Grocery Share in Q4 For the fourth quarter ended Jan. 28, U.S. same-store sales at Walmart were up 5.6%. The retailer said comps reflected strong in-store traffic aided by robust consumer spending and a strong holiday. Comp sales were up 14.2% on a two-year stack basis, and January was the strongest month of the quarter. Traffic was up 3.1% during the quarter, and average ticket was up 2.4%. (Progressive Grocer 2/17) [Read]

Amazon Q4 Profit Nearly Doubles Amazon’s net income increased to $14.3 billion, or $27.75 per share, in the quarter ended Dec. 31, compared to $7.2 billion, or $14.09 per share, in the year-ago quarter. Included in the company’s fourth-quarter non-operating income was a pre-tax valuation gain of $11.8 billion from its common stock investment in Rivian Automotive, which completed an initial public offering in November. Analysts had expected earnings per share of $3.61. (Chain Store Age 2/03) [Read]
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