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Shopping Center
& Owner News
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The Promenade at Inverrary in Lauderhill Sold for $12.75M ($89)
Andrew Mirmelli sold the 143,430 square-foot center to an LLC managed by Todd Nepola, the president of Hollywood-based commercial real estate firm Current Capital Group, on June 12
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for $12.75 Million. The buyer plans to renovate the building to attract more high-credit tenants. Current Capital Management will handle all leasing and management. (Biz Journals 6/15)
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Regency Crossing in Port Richey Sold for $7.6M ($88)
Landmark Equity Management sold the 85,864 square-foot center to Louisiana based The PMAT Companies, on June 1
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for $7.6 Million. The center is anchored by a Publix grocery store. Pegasus Investments was the broker on the deal. (Retail Dive 6/10)
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Plaza San Remo Whole Foods in Coral Gables Sold for $46.8M ($783)
Prudential Insurance Co. of America sold 59,694 square-feet of retail space to Alpha Z Miami Retail 2 LLC, the investment arm of Zurich Insurance Group, on May 21
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for $46.8 Million. The center is anchored by a Whole Foods Market, on the bottom floor of an apartment complex tower. JLL was the broker on the deal. (Biz Journals 5/22)
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Oasis Hallandale Project Breaks Ground
The first phase of the $370 million Oasis Hallandale project has broken ground. Work has started on the commercial portion of the project, which consists of five buildings totaling 59,219 square-feet of retail, 34,691 square-feet of offices, and green space. In additional to the commercial phase, the project was approved for two 25-story towers with a total of 500 condo units. The project is slated for completion in 2025, which should provide enough time for the market to recover. (Biz Journals 5/22)
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American Dream Mega Mall Steps Closer to Becoming a Reality
Triple Five Group, the developer of the American Dream Mega Mall in Miami, a proposed mall with over a million square-feet of retail space as well as hotels, apartments, office-space, and an amusement park, is moving forward with plans after executing a land swap this month. Triple Five Group exchanged about 40 acres in northwest Miami-Dade County with an affiliate of Miami Lakes-based Graham Cos. The value of the land swapped was $12.7 million, but no money changed hands. (Biz Journals 6/17)
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Southland Mall Could be Seized in Foreclosure
The first South Florida mall to fall victim to Covid-19 could be Southland Mall in Cutler Bay as its lender moves to foreclose. Wells Fargo Bank filed a foreclosure lawsuit June 1st against Southland Mall Properties. The lawsuit claims the borrower missed the April payment and failed to repay the loan at maturity on May 9. (Biz Journals 6/8)
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Market News
US Retail Sales Rebound Almost 18% in May
US retail sales rebounded by a record 17.7% in May as consumers began spending and states gradually reopened their economies following the pandemic lockdowns. It was more than double economists’ expectations of an 8.2% increase. Sales of clothing and accessories, electronics and appliances, sporting goods, home furniture, and motor vehicles all surged last month after steep declines in April. (Biz Journals 6/16)
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E-commerce Sales Spiked Nearly 93% in May
E-commerce is a bright spot in otherwise trying times for brands, E-commerce sales jumped by 92.7% in May alone. In April and May, consumers spent more than $53 billion in the US online shopping. E-commerce sales in April and May comprised 22% of all retail sales, double last year's 11%. A recent projection anticipates that US retail sales will drop by 10.5% in 2020 overall, but e-commerce sales could see an 18% bump. (Retail Dive 6/15)
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25,000 US Stores May Close in 2020, Mostly in Malls
As many as 25,000 US stores could close permanently this year after the coronavirus pandemic devastated an industry where many mall-based retailers were already struggling. Most of the closures are expected to occur in malls, with department stores and clothing shops predicted to be among the hardest hit. The US has the most retail selling space per capita of any country and the lowest sales per square feet. Most retailers have been reluctant to shrink their store networks, but the pandemic has forced many to rewrite their playbooks. (Bloomberg 6/9)
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Publix Opens a GreenWise Market in Tampa Area
Publix Super Markets has opened its fourth GreenWise Market store in Florida — this time in Odessa, a suburb north of Tampa. This GreenWise store anchors The Preserve Marketplace in Odessa. Publix partnered with St. Petersburg-based Sembler Co. on the development of the shopping center. (Biz Journals 6/18)
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Publix Opens Northeast Florida’s First GreenWise Market
Publix Super Markets opened its first Northeast Florida GreenWise Market on June 20
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in Nocatee Town Center in St. Johns County. Publix already operates a 55,000-square-foot store in Nocatee Town Center and opened the 25,150-square-foot GreenWise Market across the street at 250 Pine Lake Drive. (Jax Daily Record 6/22)
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Sprouts Farmers Market Opens a Second Broward Store
Sprouts Farmers Market, the survivor after competitors Lucky’s Market and Earth Fare left Florida, opened its second Broward County store in Miramar on June 24
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in the Miramar Square Shopping Center. The center is located at 12216 Miramar Parkway in Miramar. (Sun Sentinel 6/12)
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Barnes & Noble Opened New Store in Sarasota
Barnes & Noble opened a new store in University Town Center on June 17
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, located at 200 N. Cattlemen Road. It will be the second Barnes & Noble location in Sarasota — the other is on US 41 and Glengary Street. The bookstore has been in the works for about a year and a half and opened with the necessary coronavirus precautions in place, including social distancing. (Herald Tribune 6/10)
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Amazon to Open Two Brick-and-Mortar Stores in South Florida
America's No. 1 online retailer is investing in traditional storefronts in South Florida. Amazon plans to open locations within the Gardens Mall in Palm Beach Gardens, and Lincoln Road Mall in Miami Beach. Amazon is opening brick-and-mortar stores even as the company reports soaring e-commerce sales due to the coronavirus. (Biz Journals 6/10)
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Nike Plans “Live-style” Stores Expansion
Despite reported losses of $790 million for the quarter ended May 31, Nike remains focused on growing its brand footprint. Focusing on its “Nike Live” concept, which is focused on localization, personal service, digital integration and convenience, Nike is planning to open 150 to 200 small footprint, digitally-enabled stores in the coming years. The new format uses data science and consumer insights to meet the needs of local shoppers, specifically the members of Nike’s NikePlus loyalty club. (Chain Store Age 6/26)
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Dollar General Has Blowout Quarter, Expansion Plans Remain
Dollar General’s net income surged to $650 million in the quarter ended May 1, up from $385 million in the year-ago period. Sales rose 27.6% to $8.4 billion, beating Street estimates of $7.6 billion. While many retailers have scaled back 2020 store openings, Dollar General remains committed to previously announced projects. It is still planning 1,000 new stores, 1,500 store remodels, and 80 store relocations in fiscal 2020. (Chain Store Age 5/28)
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Smoothie King Plan to Continue Expansion
Smoothie King, although already an established presence on the First Coast, is continuing to grow its locations in the area. With approximately 150 locations in Florida, Smoothie King is opening yet another location at 7474 U.S. Highway 1 N. on June 29. The company is looking towards substantial growth in the area down the line. (Biz Journals 6/23)
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City Furniture is Expanding
Florida-based City Furniture is continuing with its growth strategy, planning to open two locations during the coming months, including an Ashley HomeStore in North Miami this summer. Further out, it plans to open a 133,000 square-foot City Furniture superstore in Altamonte Springs. City Furniture operates 20 showrooms from Miami through Vero Beach, and in southwest and central Florida, as well as 13 Ashley HomeStore showrooms. (Chain Store Age 5/29)
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Brickell City Centre Announces New Shops Coming Soon
Brickell City Centre in Miami announced that five new tenants are slated to open at the mall by the end of this year, including three restaurants, one men's clothing retailer, and an automotive showroom. The luxury, open-air mall was temporarily closed due to the coronavirus pandemic, but reopened May 22 to shoppers. (Biz Journals 6/12)
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24 Hour Fitness Files for Bankruptcy and Closes 100 Gyms
24 Hour Fitness has filed for bankruptcy, after the Covid-19 pandemic forced its facilities shut for months. 24 Hour Fitness has secured $250 million in funding to help reopen some of its clubs and expects most locations to be open by the end of June. However, it's emerging as a smaller chain: It permanently closed 100 US locations in 14 states with roughly 300 clubs remaining. (CNN 6/15)
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GNC Files for Chapter 11 Bankruptcy Protection
GNC filed for Chapter 11 bankruptcy protection from creditors, placing the blame on the Covid-19 pandemic. GNC has reached a deal with some of its lenders and will continue operations through the bankruptcy process. The company termed the restructuring as dual-track, leading either to a standalone recovery or through a sale process. (Biz Journals 6/24)
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Tuesday Morning Files for Chapter 11 Bankruptcy
Tuesday Morning filed for Chapter 11 bankruptcy protection, citing the prolonged closure of its stores amid the COVID-19 pandemic as an "insurmountable financial hurdle." The off-price home goods retailer, which has been struggling pre-pandemic, plans to permanently close about 230 of its 687 stores, or 33% of its total footprint. The first wave of closings — at least 132 stores — will occur this summer. (Chain Store Age 6/25)
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Chuck E. Cheese Files for Chapter 11 Bankruptcy Protection
Chuck E. Cheese announced that it will be filing for voluntary Chapter 11 bankruptcy protection to “overcome the financial strain” of coronavirus-related venue closures. During the bankruptcy process, the company will continue to reopen locations that were closed due to the pandemic. Chuck E. Cheese franchised locations are not part of the Chapter 11 proceedings. (NRN 6/25)
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