January 22, 2020
Shopping Center
& Owner News
Palm Johnson Plaza in Pembroke Pines Sold for $13.5M ($150) Bar Invest Group sold the 96,131 square-foot center to New York Based Millbrook Properties on December 19 th for $13,500,000. Tenants include Food Fair, Planet Fitness, Marco’s Pizza, and Big Dawgs Sports Cafe. Marcus & Millichap was the broker on the deal. (Business Journal 12/23) [Read]

Bed Bath & Beyond in Fort Lauderdale Sold for $11M ($317) Bed Bath & Beyond sold it’s 34,716 square-foot Building at 2701 N. Federal Highway to Chicago-based Oak Street Real Estate Capital on January 6 th for $11,000,000. Bed Bath & Beyond immediately signed a lease with its new landlord to keep its store in place. The lease runs through Jan. 31, 2035, with two extension options. It last traded for $2.9 million in 2001. (Business Journal 12/30) [Read]

Holiday Centre in Tampa Sold for $9.7M ($144) Miami Based CF Properties Corp. sold the 67,147 square-foot center to a private individual investor on January 10 th for $9,700,000. The center is anchored by Publix and a Planet Fitness. GLT Group Brokerage was the broker on the deal. (CP Executive 1/10) [Read]

Former Sears at Plaza at Citrus Park in Tampa Sold for $5.5M ($43) ESL Investments, the hedge fund controlled by former Sears CEO Eddie Lampert, sold the 128,000 square-foot Space to Miami based Forbes International Realty December 9 th for $5,500,000. While specifics on the plan for the property have not been released, the owner of PrimeTime Amusements has confirmed involvement in a potential redevelopment of the property. PrimeTime operates, sells and rents out video arcade games and simulators. (Business Journal 1/10) [Read]

Stiles to Build Publix Anchored Center in Boynton Beach Stiles Corp., recently purchased 19.27 acres of land at the south-east corner of Woolbright Road and Military Trail for $6.85 million. The Developer plans to build a Publix anchored retail center dubbed “Shoppes at Village of Golf”, which will include 73,615 square-feet of retail, including a 46,811-square-foot Publix store. (Business Journal 1/2) [Read]
Uptown Boca Announces Seven New Tenants The 38-acre mixed-use development, scheduled to open between spring and summer, will feature about 155,000 square feet of retail space. The seven newly announced tenants will occupy a combined 34,520 square feet at the development, at Glades Road and 95th Avenue South. Tenants include Naked Taco, REI (Recreational Equipment Inc.), L’Eggspress, Tide Cleaners, Sloan’s Ice Cream, The Joint, and a Sports Clips. Previously announced retailers include Silverspot Cinema, Lucky’s Market, Chick-fil-A, Lynora’s Osteria, Olive U Mediterranean Grill, F45 Training, Tipsy Salonbar, Bolay and BurgerFi. (Business Journal 1/17) [Read]

Target Seeks to Build Store Near the Everglades Target and Stiles Corp. filed plans to build a shopping center in western Miami-Dade County, on the edge of the Everglades. County officials received a pre-application for West Dade Marketplace. It would cover 12.56 acres at the northwest corner of Southwest 8th Street and Southwest 137th Ave. West Dade Marketplace would total 148,383 square feet retail, including 120,162 square feet for the Target store. (Business Journal 1/8) [Read]

Market News

Holiday Retail Sales Up 4.1% Sales during November and December in 2019 grew 4.1% to $730.2 billion, numbers exclude automobile dealers, gasoline stations and restaurants. Online and other non-store sales, which are included in the total, rose 14.6%. Overall December sales – including auto dealers, gas stations and restaurants – were up 0.3% seasonally adjusted from November and up 5.8% unadjusted year-over-year. (Chain Store Age 1/16) [ Read ]
Retail News
Huey Magoo’s Plans South Florida Expansion Orlando-based Huey Magoo’s, a fast-casual restaurant focusing on fried chicken, is coming to south Florida. Huey Magoo’s opened its first South Florida location in Sunrise in December, with future spots planned for Coral Springs this summer, followed by Fort Lauderdale, Boca Raton and Coconut Creek over the next few years. Exact locations have not been revealed. (Sun Sentinel 01/13) [Read]

Five Below Ramps Up Store Growth Plans in 2020 New store openings will remain a priority for Five Below this year. The value-oriented retailer reported that it will open 180 new stores in 2020, up from roughly 150 locations in fiscal 2019. The expansion for 2020 translates to 20% unit growth, which currently has 900 stores in 36 states. Five Below currently has 82 Florida locations. (Chain Store Age 01/13) [Read]

Starbucks to Open 100 Stores in Low-Income Neighborhoods by 2025 Starbucks will be expanding its community stores initiative — which began in 2015 with 14 locations — to 100 stores by 2025. The community stores are meant to serve as an economic boost for low-income neighborhoods, by focusing on hiring locally and providing dedicated community spaces for job seekers and local events. (NRN.com 01/16) [Read]

New Jacksonville Fish-Fry Concept Hopes to Expand Jax Fish Fry is slated to open their first location on January 25 th at 8380 Baymeadows Rd. Although the first store isn’t yet open, the owners are already looking at a second location. They plan to open a total of four locations in the Jacksonville area, interested in areas such as Fleming Island, Bartram and Nocatee. (Business Journal 01/16) [Read]

Walmart Neighborhood Market Opens New Store in Dade Walmart opened a 42,000-square-foot store, at 14720 S.W. 26th St. in Miami, on January 8. This Walmart exclusively offers self-checkout aisles. (Business Journal 01/13) [Read]
Winn-Dixie Set to Open in Gateway Town Center in Jacksonville A new Winn-Dixie grocery store is set to open in the Gateway Town Center in February, less than two months after the previous tenant – Publix Supermarkets – closed on Dec. 28. (Business Journal 01/8) [Read]

Publix Ranked as Best Grocery Store in Four States Shoppers in Alabama, Florida, Georgia and South Carolina named Publix as their favorite store. Cincinnati-based Kroger had the most stores on the list with 13 states. Hy-Vee, an Iowa-based grocer, had five states and Albertsons, based in Idaho, tied Publix with four states. (Biz Journals 12/26) [Read]

Wawa Ranks Among Nation’s Top Convenience Stores Wawa ranks near the top of a new list of the best convenience stores in the country. A recent study puts the chain at No. 2 in the U.S., only beat out by Texas' cult favorite Buc-ees, which is currently expanding into Florida. (Biz Journals 12/31) [Read]

Yum! to Buy Habit Burger Grill Yum! Brands, Inc, has agreed to buy The Habit Restaurants, Inc, parent of Habit Burger Grill for approximately $375 million. Yum, parent to brands such as Taco Bell, will acquire all the issued and outstanding common shares of The Habit Burger Grill for $14 per share in cash. The board of directors of The Habit Burger Grill has unanimously approved the transaction. (NRN.com 01/06) [Read]

Macys to Close Three Florida Locations Macy's Inc. will soon close its location in Pompano Beach, as well as two other locations in Florida. Macy’s stores at Seminole Towne Center in Sanford and Indian River Mall in Vero Beach are the other Florida stores that will close. Macy's closed nine stores in 2019, although none of those were in Florida. (Business Journal 01/8) [Read]

Pier 1 to Close 450 Stores Pier 1 Imports released its quarterly earnings and announced plans to potentially close up to 450 store locations. The embattled retailer did not include any time parameters for the store closures to occur. There are currently 72 locations in Florida. Pier 1 reported that its net sales for the third quarter decreased 13.3% to $358.4 million, compared to the same quarter last year. (Business Journal 01/7) [Read]

Stein Mart Stock Drops Two Tiers, Risks Delisting After nearly eight months of trading under $1, Stein Mart Inc.’s listing was moved from the Nasdaq’s highest tier to its lowest.
Stein Mart announced that its listing would be transferred from the Nasdaq Global Select Market into the Nasdaq Capital Market. Simultaneously, the company announced that it received an additional 180-day grace period in which it would have the chance to raise its stock above the Nasdaq’s minimum bid price requirement. (Business Journal 01/16) [Read]

Until Next Time!