March 10, 2021
Shopping Center
& Owner News
Cobblestone Commons in Boynton Sold for $37.5M ($425 PSF) An Affiliate of Tricor Financial Corporation sold the 88,456 square foot center to an LLC managed by Isidoro Attie Laniado, who is also an executive VP at Mexico-based commercial REIT Fibra Uno Administracion SA de CV, on March 1st for $37.5 million. The price equated to $425 per square foot. Winn-Dixie opened there in November 2020 after Earth Fare closed. Other tenants include PetSmart, Sport Clips and Club Pilates. (Business Journals 3/1) [Read]

The Shoppes of Oakland Forest in Oakland Park Sold for $10.7M ($109 PSF) Country Wide Mortgage Funding sold the 97,418-square-foot retail center at 2901 W. Oakland Park Blvd. to an LLC managed by Andrew and Corey Shader, top executives at Fort Lauderdale-based Alliance Marketing Corp., on February 17th for $10.65 million. The price equated to $109 per square foot. Notable tenants include Family Dollar, Peter Glenn, and Coco Beauty Supplies. (Business Journals 2/18) [Read]

Academy Sports Building in Jacksonville Sold for $9.8M ($126 PSF) Sleiman Enterprises sold the 78,000-square-foot building at 9041 Southside Blvd. to Arkansas based 9041 Southside on January 29th for $9.8 million. The price equated to $126 per square foot. The retail building is part of a larger shopping center, Southside Square, whose tenants include Target, Aldi, HomeGoods, and Michael’s. (Jax Daily Record 2/18) [Read]

Terra, Grass River Break Ground on Target Anchored Grove Central in Miami Terra and Grass River Property have broken ground on Grove Central, a mixed-use project at the Coconut Grove Metrorail station in Miami. The developers leased the 5-acre site at 2780 S.W. 27th Ave. from Miami-Dade County for 90 years. The 23-story project will consist of 402 apartments, 170,000 square feet of retail, and a 1,250-space public parking garage. Target leased 50,000 square feet of retail there, which will make this the closest Target to the popular Coconut Grove neighborhood. (Business Journals 2/24) [Read]

Regency Plans Groundbreaking Ceremony for Jacksonville Area Development Regency Centers broke ground on their Publix-anchored development, East San Marco. Located at 1532 Atlantic Blvd., the project includes a 39,200-square-foot Publix grocery store, a 1,400-square-foot liquor store, a 10,100-square foot retail building and an 8,200-square foot building. (Business Journals 2/4) [Read]

Market News

Consumer Confidence at Three-Month High in February Consumer confidence rose in February amid the vaccine push and as Americans grew more optimistic about the economy and travel. The Confidence Index improved for the second consecutive month in February. The Index now stands at 91.3, up from 88.9 in January. (Chain Store Age 2/23) [Read]
Retail Sales Jumped 5.3% in January, Higher Than Expected U.S. retail sales surged 5.3% in January, far higher than expected, providing a jolt to the economy. Driving the increase were strong sales of electronics, which increased 14.7% from December, and furniture and home furnishings, which rose 12%. Even restaurants, among the hardest hit by the pandemic, saw strong sales in January, increasing about 7% — though they remained nearly 17% below their levels from a year earlier. (Business Journals 2/18) [Read]

U.S. Retail Sales in 2021 to Rise 6.5% to 8.2%, Amid Vaccine Rollout Retail sales in the U.S. this year are expected to total more than $4.33 trillion as more individuals receive the COVID vaccine and the economy reopens. Online sales, which are included in the total, are expected to grow between 18% and 23%, to between $1.14 trillion and $1.19 trillion. The overall economy is expected to gain between 220,000 and 300,000 jobs per month in 2021, depending on the pace in the second and third quarters. (Chain Store Age 2/18) [Read]
Retail News
Publix Adds New GreenWise Market Location Publix Super Markets has opened the eighth location of its GreenWise Market specialty natural and organic foods banner. The 27,758-sq.-ft. store is located in Fort Lauderdale, Fla., on the ground floor of The Main Las Olas building. The first GreenWise Market in a multi-use high-rise. It’s also the sixth GreenWise in the state of Florida. (Business Journals 2/04) [Read]

Presidente Supermarkets to Open Seven Stores in 2021 Presidente, which currently has 31 Florida locations, plans to open seven more this year. Four of the new stores will be in South Florida, and three in Central Florida. Central Florida locations include a stores at 7653 S. Orange Blossom Trail, 2300 S. Chickasaw Trail, and a new wholesale concept, dubbed Omax Plaza Wholesale, in Kissimmee. The South Florida locations include a store at 4675 N.W. 119 St. in Miami Gardens, and at 4348 Okeechobee Blvd. in West Palm Beach within the Cross-Country Plaza shopping center. (Business Journals 2/24) [Read]

Dick’s Sporting Goods to Open Five Stores Dick’s Sporting Goods is expanding its warehouse store format. The sporting goods giant will open four Warehouse Sale stores in February, and one under its namesake banner, for a total of 728 Dick’s Sporting Goods stores nationwide in 47 states. One of the stores will be in The Loop shopping center in Kissimmee Florida. (Chain Store Age 2/10) [Read]
Five Below to Open 170 - 180 Stores in 2021 Five Below remains one of the few specialty retailers that has not pulled in the reins on brick-and-mortar growth. Five Below plans to open 170 to 180 stores across the country during the next nine months. The company currently operates some 1,051 locations nationwide. Five Below’s net sales for holiday 2020 jumped 21.1% to $722.3 million from $596.6 million in the year-ago period. (Chain Store Age 2/12) [Read]
Aldi to Open 100 U.S. Stores in 2021 The German discount grocer plans to add 100 stores in 2021, with the locations focused on Arizona, Florida, California and the Northeast. The company is also breaking ground on a regional headquarters and distribution center in Loxley, Alabama, that will support it expansion throughout the Gulf Coast region. (Chain Store Age 2/10) [Read]
Whole Foods to Open a St. Petersburg Store Whole Foods Market, rumored for years to be looking for property in St. Petersburg, has tentatively committed to occupy a redevelopment at 203 38th Ave. N. A current tenant in the property, Suncoast Fitness, said that it will vacate its space there to make way for Whole Foods. (Business Journals 2/27) [Read]
Sephora to Open 60-Plus U.S. Stores in 2021 Sephora is embarking on the largest store expansion plan in its 21-year history in the United States. The beauty giant will open more than 60 freestanding stores and 200 locations in Kohl’s stores this year. Sephora will begin to open the standalone stores this month, with locations planned across the Pacific Northwest, Florida, Texas, Los Angeles and Nashville. (Chain Store Age 2/25) [Read]
SoFresh 2021 Expansion Plans, Adding Eight to Ten Stores in the Southeast SoFresh, known for its lean protein and vegetable-heavy salads and bowls, has big plans to bulk up in 2021. The Tampa-based chain plans to open eight to 10 locations this year and has signed deals in Orlando, Atlanta and Pittsburgh. Within the Tampa Bay area, it is targeting new stores in Palm Harbor and St. Petersburg, and a previously reported location in Carrollwood will open in early April. (Business Journal 2/8) [Read]
Pollo Campero Looking to Expand in Tampa Pollo Campero will open 40 new restaurants in Florida in the next 5 years, and 250 new stores Nationwide. The brand’s popularity in Central America has fueled momentum for its US expansion. With 77 U.S. locations already open and in development, Tampa is a natural next step for Pollo Campero given its local consumer base, real estate availability and business community. (QSR 2/23) [Read]

Target Q4 Sales Soar Targets 2020 revenue grew by more than $15 billion — greater than its total sales growth during the prior 11 years. Total revenue for Q4 rose 21.1% to $28.34 billion, comparable sales increased 20.5%, comp store-sales rose 6.9%, while digital comparable sales jumped 118%. Same-day services (order pick up and Shipt) grew 212%, led by more than 500% growth in drive up. More than 95% of Target's Q4 sales were fulfilled by its stores. For the full year, Target’s revenue rose 19.8% to $93.6 billion. (Chain Store Age 3/2) [Read]
Macy’s Posts First Profitable Quarter in a Year Macy’s ended the year on an upbeat note, topping estimates and reporting quarterly sales improvements. Macy’s reported net income of $160 million for the quarter ended Jan. 30. Adjusted EPS came in at $0.80 per share, crushing estimates of $0.11 per share. Sales fell to $6.78 billion from $8.34 billion but beat estimates of $6.48 billion. Same-store sales on an owned basis fell 17% and were down 17.1%. (Chain Store Age 2/23 [Read]

TJX Companies Q4 Sales Down The TJX Companies, Inc. reported fourth-quarter fiscal 2021 numbers that were below estimates. The company reported fourth-quarter earnings of 27 cents per share, with earnings coming in at 50 cents per share. Net sales came in at $10,943.2 million, lower than $12,206.5 million reported in the year-ago quarter. Moreover, earnings and sales declined year over year. (Nasdaq 2/24) [Read]
Until Next Time!