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Shopping Center
& Owner News
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Shops at Sunset Place Mall in South Miami Sold for $66M ($127 PSF) FRIT Shops at Sunset Place, a joint venture between Federal Realty Investment Trust, Grass River Property, and Comras Co., sold the 524,180 square foot mall to Midtown Equities on January 4th for $65.5 million. The price equated to $127 per square foot. The property last traded for $111.5 million in 2015. In 2019, the city approved plans to reduce the retail space to 440,148 square feet, increase the office space to 32,840 square feet, build 414 apartments, 182 hotel rooms, and an expanded parking deck. Development has not taken place. (Business Journals 1/4) [Read]
Southgate Center in Orlando Sold for $9.1M ($63 PSF) Marx Realty sold the 144,052 square foot retail center to an affiliate of the Dallas-based Tabani Group on December 10th for $9.1 million. The price equated to $63 per square foot. JLL was the broker on the deal. (Business Journals 12/17) [Read]
Former Penn Dutch Center in Margate Sold for $12M ($89 PSF) Ross Realty Investments in partnership with SunCap Real Estate Investments sold the 134,369 square foot retail center to an affiliate of Broward Meat and Fish on January 4th for $11.9 million. The price equated to $89 per square foot. (Business Journals 1/2) [Read]
Best Buy Anchored Retail in Plantation Sold for $12M ($196 PSF) An LLC managed by Robert K Barth sold the 58,642 square foot retail center to RK Centers on December 24th for $11.5 million. The price equated to $196 per square foot. The Property is anchored by a Best Buy. Axiom Capital Advisors brokered the deal. (Business Journals 12/24) [Read]
Publix Anchored Center Breaks Ground in Boynton Stiles Corp. broke ground on the Shoppes at the Village of Golf in Palm Beach County, located at the 19.3-acre site at 3775 W. Woolbright Road, after obtaining a $26.9 million construction loan. In February 2020, Stiles announced it secured a 46,811-square-foot lease with Publix for the Shoppes at the Village of Golf and a 3,454-square-foot lease for a 7-Eleven gas station on the outparcel along the main intersection. At the time, the project was expected to break ground in summer 2020. (Business Journals 12/28) [Read]
Menin to Transform Delray Beach Retail into Apartments Menin Development wants to redevelop the center at 520 W. Linton Blvd in Delray Beach into an apartment complex. The 9.4-acre site currently has a 78,399-square-foot commercial building, which would be demolished, and two outparcel buildings, which would remain. The project would have 274 apartments in buildings of up to five stories tall, a clubhouse, a fitness center, a pool, and 494 parking spaces.(Business Journals 12/10) [Read]
Market News
Holiday Sales Rose Better-than-Expected 8.3% Despite the Pandemic Retail sales during 2020 November-December holiday season rose an “unexpectedly high” 8.3% over the year-ago period to $789.4 billion, exceeding the forecasts which predicted an increase between 3.6% and 5.2%. Of the key retail sectors, online sales saw the largest increase, jumping 23.9% at $209 billion. The “grocery and beverage” sector was up 9.6%. (Chain Store Age 1/15) [Read]
South Florida Construction Down 25% The Covid-19 pandemic took a big bite out of development in South Florida, as constructions starts plummeted 25% in 2020. There were $9.6 billion in construction starts in the tri-county area, a drop of $3.2 billion from the year before. Nonresidential construction – including office, hotels, retail, industrial and government – took the biggest hit. It fell 30%, to $4.3 billion, in 2020. Residential construction was down 20%, to $5.3 billion. (Business Journals 1/28) [Read]
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Target Store Planned in Homestead The city of Homestead could soon have its first Target store, as the retailer filed development plans. The store would be located at the 6-acre vacant property within the Homestead Pavilion shopping center at 2457 N.E. 10th Court. The store would total 72,772 square feet and include space for a CVS pharmacy with drive-thru lanes, a Starbucks and a liquor store. (Business Journals 1/8) [Read]
Publix Envisions New Store Near Disney Publix is planning a new store west of Walt Disney World. The Lakeland-based grocery chain is preparing to build a new store on land at 10500 Avalon Road in Winter Garden. A 48,387-square-foot Publix and 4,800-square-foot commercial building are set to be built on the 6.73-acre parcel, according to plans submitted to Orange County. (Business Journals 11/30) [Read]
Presidente Supermarkets to Roll Out New Wholesale Concept in Kissimmee Presidente Supermarkets plans to open a new wholesale concept this year in Central Florida that will offer products in bulk to low-income customers. Dubbed Grand Plaza Distributors, the wholesale store will open in a roughly 100,000-square-foot space at 2211 W. Irlo Bronson Memorial Highway. (Business Journals 12/15) [Read]
BJ's Wholesale Club Proposed in West Palm Beach Brandsmart filed an application with the city to build a BJ’s at 751 W. Executive Center Drive, next to an existing Brandsmart store. This would be the wholesale retailer’s third Palm Beach County location. The BJ’s store would total 103,611 square feet, including an auto shop and a liquor store. There would also be a gas station and a propane gas filling station. BJ’s has experienced robust growth this year. Its sales were up 18.2% for the 39 weeks ended Oct. 31. (Business Journals 12/15) [Read]
Orlando's Four New Conn's Locations Conn's Home Plus will open its first two Central Florida locations at 7407 W. Colonial Drive, and 2628 E. Colonial Drive, on Feb. 19. Those stores will mark its fourth and fifth Florida locations. Following the two openings, Conn’s is planning another two locations by the end of 2021. The third store will open at The Florida Mall in Orlando, and a fourth will open at 812 Saxon Blvd. in Orange City. (Business Journals 1/28) [Read]
Earth Fare Returns to Open Florida Store Earth Fare and developer Sleiman Enterprises have revealed that the natural food grocer will open a store at the Shoppes of St. Johns Parkway, St. Johns County, in the second quarter of 2021. (Progressive Grocer 1/15) [Read]
Crunch Franchise Expands in Southern Florida Crunch Fitness announced an expansion beginning in the Spring in the South Florida region including locations in Cutler Bay, Greenacres and Palm Beach Gardens. (PR Newswire 1/25) [Read]
Citi Trends to Open 100 New Stores by 2023 Citi Trends is bullish on store growth amid strong holiday sales. The retailer said it will grow its store fleet with at least 100 new locations by the end of fiscal 2023. Citi Trends also reported that its total sales for the nine-week period ended January 2, 2021 increased 12.9% to $192.5 million. Comparable store sales increased 10.3% versus 3.6% in the same period last year. (Chain Store Age 1/12) [Read]
Sprouts to Open Store Near Downtown Orlando Sprouts Farmers Market has a new location planned for Orlando. The specialty grocer will occupy 23,000 square feet of space, part of a space formerly occupied by Stein Mart, at the Colonial Plaza shopping center near the intersection of Colonial Drive and Bumby Avenue. (Business Journals 12/30) [Read]
Tropical Smoothie Café Opened 99 Restaurants in 2020 Tropical Smoothie announced another record-breaking year in 2020. Tropical Smoothie Cafe delivered its ninth consecutive year of positive same-store sales, with 2020 same-store sales coming in at 7.5 percent. The brand opened 99 new cafes. Further, the brand signed 254 new franchise agreements, and is on track to reach more than 1,000 operating restaurants in 2021. (QSR 1/14) [Read]
Belk Files for Bankruptcy Belk has filed for Chapter 11 bankruptcy protection with a plan to recapitalize its business and reduce its debt burden by approximately $450 million. The 133-year-old department store retailer said that it has entered into a restructuring support agreement with its majority owner, Sycamore Partners. Belk operates nearly 300 stores in 16 Southeastern states. The formerly family-owned business was purchased in 2015 in a $3 billion deal by Sycamore Partners. (Chain Store Age 1/26) [Read]
Cici’s Pizza Files for Chapter 11 Bankruptcy Cici’s Holdings Inc. has filed for Chapter 11 bankruptcy protection, which involves the company’s sale to real estate company D & G Investors LLC. Cici’s has agreed to the purchase, for which D & G’s debt will be converted to 100% ownership of the new company. At the time of the bankruptcy filing, a total of 214 restaurants had closed, of which 67 had closed permanently. (NRN 1/26) [Read]
Bed Bath & Beyond to close 43 Stores by March Bed Bath & Beyond is moving on its previously announced plans to close about 200 locations by 2022. The home goods retailer is liquidating 43 stores that are expected to close by the end of February. Four of the locations are in Florida. (Chain Store Age 1/25) [Read]
Godiva to Exit the Brick-and-Mortar Business in North America The luxury chocolatier announced it will close or sell its 128 locations in North America amid weak in-store visits. It expects to complete the closures by the end of March. Godiva owns and operates more than 600 namesake stores in the United States, Canada, Europe, and Asia. (Chain Store Age 1/25) [Read]
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