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Shopping Center
& Owner News
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River Bridge Centre in Greenacres Sold for $56.5M ($246 PSF) Apollo Global Management sold the 229,781 square-foot center to Publix on June 3rd for $56.5 million. The price equated to $246 per square foot. The center is anchored by Publix, Ross, Crunch Fitness, Ace Hardware, and a Five Below. JLL was the broker on the deal. (Business Journal 6/5) [Read]
The Grove in Windermere Sold for $58.75M ($387 PSF) Regency Centers sold the 151,752 square-foot center to Sterling Organization on May 25th for $58.75 million. The price equated to $387 per square foot. The center is anchored by Publix, LA Fitness, and Walgreens.
Coral Landings III in Coral Springs Sold for $37.4M ($217 PSF) Coral Landings Property Corp., managed by Jill A. Matarese, sold the 172,526 square-foot center to Sterling Organization on May 19th for $37.4 million. The price equated to $217 per square foot. The center is anchored by Best Buy, HomeGoods, and Jo-Ann Fabrics. (Business Journal 5/24) [Read]
Bay Landing in Bonita Springs Sold for $10.43M ($166 PSF) An affiliate of Barron Collier Company sold the 62,958 square-foot center to InvenTrust Properties on May 12th for $10.425 million. The price equated to $166 per square foot. The center is anchored by Fresh Market and HomeGoods. The Shopping Center Group was the broker on the deal. (Gulf Shore Business 5/12) [Read]
Rivertowne Square in Deerfield Beach Sold for $18.75M ($129 PSF) Ramco-Gershenson Properties, a subsidiary of New York-based RPT Realty, sold the 145,502 square-foot center to JBL Asset Management on June 7th for $18.75 million. The price equated to $129 per square foot. The center is anchored by Winn Dixie and a Bealls Department Store. JLL was the broker on the deal. (Business Journal 6/8) [Read]
Shoppes at City Centre in North Palm Beach Sold for $36M ($352 PSF) Hollywood based JB Shoppes sold the 102,384 square-foot center an LLC managed by Nelson and Antonio Ferreira on May 24th for $36 million. The price equated to $352 per square foot. The center is anchored by West Marine, Doris’s Italian Market, and a Dollar Tree. (Business Journal 6/8) [Read]
Crossing at Siesta Key in Sarasota Sold for $25.1M ($57 PSF) O’Connor Capital Partners sold the 439,958 square-foot center to Benderson Development on May 15th for $25.1 million. The price equated to $57 per square foot. The center is anchored by Macy’s, Esporta Fitness, Cinebistro, and Aldi. (Patch 5/24) [Read]
Plantation Marketplace Sold for $38.4M ($167 PSF) Claudio Mekler of Sunrise-based Miami Manager sold the 230,330 square-foot center to Hudson Capital Group on June 3rd for $38.4 million. The price equated to $167 per square foot. The center is anchored by Big Lots, Food Fair, and Quest Diagnostics. (Business Journal 6/6) [Read]
Market News
South Florida Among Strongest Commercial Real Estate Markets in USA a study of CRE markets in major metro areas found South Florida to contain some of the strongest markets, based on factors such as vacancy, rents, and wages. The study, which gave scores of up to index 100 points, found that Miami-Dade tied with Palm Beach County for having the second-highest index score in the nation, with 76 points each. Broward County tied with Fort Myers; Savannah, Georgia; and Austin, Texas, for third place, each area receiving 72 points. The Orlando-Kissimmee-Sanford metro area topped the ranking, with 84 points from the report. (Business Journal 5/13) [Read]
Rents Up, Vacancies Down for South Florida Retail Space Retail rental rates throughout South Florida increased between 5-8% year over year in Q4 of 2021. By the time figures for the first quarter of 2022 are collected, rents are expected to be 8% to 12% higher year over year. Miami-Dade had the highest average retail rental rate in the tri-county area at $40.68 PSF, Palm Beach County’s average came in at $30.06 PSF, and Broward's rates increased 7.9% to $28.71 PSF. (Business Journal 3/25) [Read]
US Gains 390K Jobs Last Month Employers added 390K jobs in May, the lowest job growth in a year. The unemployment rate was unchanged at 3.6%, holding close to the lowest levels seen in the past half century. The number of adults in the labor force — either working or looking for work — rose by 330,000. Wage growth, while still strong at 0.3% for the month, receded from its recent highs. Over the last year, average hourly earnings are up 5.2%, compared to 5.5% in April. (Axios 6/3) [Read]
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Academy Sports + Outdoors Continues Store Growth Academy Sports + Outdoors is entering new markets as part of its store expansion plans. The retailer is expanding its footprint in Florida with its first locations in the Tampa Bay area. Academy will open at The Shoppes at Park Place in Pinellas Park in winter 2022, and at Cypress Creek Town Center in Wesley Chapel in 2023, giving it a total of 15 locations in the Sunshine State. (Chain Store Age 6/14) [Read]
Dollar General Plans Brick and Mortar Expansion Dollar General announced that net sales for Q1 ended April 29 rose 4.2% to $8.8 billion, from $8.4 billion a year earlier. Comparable-store sales decreased 0.1% compared to the first quarter of 2021. During Q1 of 2022, Dollar General opened 239 new stores. For the full 2022 fiscal year, Dollar General plans to open 1,110 new stores. (Supermarket News 5/27) [Read]
Kohl’s Bets on Brick-and-Mortar with Plans to Open 100 Smaller-Format Stores Kohl’s announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years. This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. (RE Business Online 5/26) [Read]
Chicken Salad Chick Opening 50-Plus Stores in 2022 Chicken Salad Chick, the fast-casual chicken salad restaurant chain, is on track to open more than 50 locations in 2022. It has set a goal to have 500 locations open and operating by the end of 2025. It currently has more than 200 locations across 17 states. (Chain Store Age 5/18) [Read]
Container Store to Open 70-Plus Stores in the Next Five Years With a goal of doubling its sales to $2 billion by fiscal 2027, The Container Store said it plans to open 76 stores during the next five years, including two locations this year. The Container Store noted that it currently has only 5% of the $20 billion home storage and organization market. The Container Store exceeded the $1 billion mark in net sales for the first time in its history in fiscal 2021 (ended April 2), posting $1.1 billion in consolidated net revenues. (Chain Store Age 5/18) [Read]
Publix Sales Top Previous Year Publix 2021 Fiscal sales ended at $48 billion, up 7% from $44.9 billion a year ago. The company reported that net earnings for the three months ended Dec. 25, 2021, were $1.1 billion, compared to $1 billion in 2020, an increase of 3%. The Lakeland-based grocer saw sales increase to $12.6 billion in the fourth quarter, a 12.4% increase from the $11.2 billion in 2020.(Business Journal 3/2) [Read]
DSW Debuts Small Format Store DSW is reimagining its store design with a new, smaller-size concept that puts the spotlight on its owned brands. At about 15,000 sq. ft., the new format is smaller than a traditional DSW, which averages about 25,000 sq. ft., but offers the same amount of inventory due to design optimization. (Chain Store Age 5/10) [Read]
E-Commerce Retail Sales Grew 2.4% in Q1 2022 US retail e-commerce sales in Q1 2022, which totaled about $250B, grew by 2.4% over the 4Q total. Factoring inflation into the 2.4% growth of sales essentially flattens the e-commerce growth curve, which has been faltering since the third quarter of 2021, when e-commerce retail sales actually declined by -0.7% compared to the previous quarter. Overall US retail sales were estimated at $1.75T in Q1 2022, an increase of 3.7 percent over the results for Q4 2021. (Globe St 5/23) [Read]
Kohl’s May Have Found an $8 Billion Buyer Kohl’s has entered into exclusive negotiations with Franchise Group Inc. (FRG), a holding company whose retail portfolio includes The Vitamin Shoppe, Pet Supplies Plus and rent-to-own chain Buddy’s Home Furnishings, for a period of three weeks. Franchise Group is proposing to buy Kohl's for $60 per share, which would value the business at approximately $8 billion. (Chain Store Age 6/7) [Read]
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