November 20, 2020
Shopping Center
& Owner News
Shoppes at South Semoran in Orlando Sold for $18M ($177 PSF) Weingarten Realty Investments sold the 101,611 square foot retail center to an affiliate of Miami-based Core Investment Mgmt on September 2nd for $18 million. The price equated to $177 per square foot. The Property is anchored by a Walmart Neighborhood Market and a Dollar Tree. The Shopping Center Group was the broker on the deal. (Tampa AFP 9/14) [Read]

Best Buy Center in Sweetwater Sold for $20.4M ($447 PSF) Shops at 107th LLC, managed by Salomon Hanono, sold 45,675 square feet of retail at 10760 N.W. 17th St. to Sunny Isles Beach-based RK Centers on September 28th for $20.4 million. The price equated to $447 per square foot. AXIOM Capital Advisors Group brokered the deal. (Biz Journals 9/28) [Read]

Hialeah Retail Center Sold for $21M ($194 PSF) Seritage Growth Properties sold the 106,000 square foot retail center at 1460 W. 49th St. to an affiliate of Daytona Beach-based CTO Realty Growth on September 29th for $21 million. The price equated to $194 per square foot. the property formerly had Kmart as an anchor, but that store closed in early 2020. Seritage was able to renovate the building and attract new tenants, including grocer Aldi, Ross Dress for Less, Bed Bath & Beyond, and dd’s Discount. (Biz Journals 10/16) [Read]

Proposed Miramar Retail Center Will Soon Break Ground The Miramar Park Place retail center will soon break ground, making it one of the few retail projects in South Florida to move forward during the Covid-19 pandemic. A construction loan was awarded to a joint venture between Konover South and Master Development Partners. The site covers the 7-acre site at the northwest corner of Red Road and Miramar Parkway. Miramar Park Place will begin vertical construction by the end of the year, and space should be ready for tenants in summer 2021. It will total about 56,600 square feet. (Biz Journals 10/12) [Read]

Redevelopment Planned for Westshore Plaza in Tampa Washington Prime Group plans to transform WestShore Plaza's dark Sears box and parking lots into a walkable, mixed-use development, and have received preliminary approval from Tampa City Council. The redevelopments first phase will include 75,000 square feet of retail anchored by a 30,000 square foot grocery store, 935 residential units, a hotel, 120,000 square feet of medical office space, and 93,000 square feet of office space. A timeline for beginning construction isn't known. (Biz Journals 10/9) [Read]

Three Retailers Sign Leases at CocoWalk In Coconut Grove As CocoWalk's renovation nears completion, the shopping center has signed three new tenants. Three clothing stores – Free People Movement, Europann and Late-Night Gypsy – signed one-year leases for space within the 150,000-square-foot retail portion of the development, in Miami's Coconut Grove. With these agreements, the retail portion is now 80% leased. 16 retail tenants have been announced for CocoWalk, which is slated to begin a phased reopening this fall. (Business Journal 11/9) [Read]

Developer Closes Deal for Target-Anchored Development in Miami A company led by developer Michael Swerdlow acquired a property in Miami’s Overtown for a mixed-use project only days after winning a legal judgment. The Project, dubbed Sawyer’s Landing, signed leases with Target and Aldi. The project will be a 19-story tower that will include 578 units of affordable housing, 251,000 square feet of retail space, and a public promenade called Sawyer’s Walk. Sawyer’s Landing is slated to break ground in the first quarter of 2021. (Biz Journals 9/14) [Read]

Market News

Retail Sales Rose in September Retail sales climbed in September for the fifth straight month as people spent on clothing, sporting goods, furniture and other items in stores and online. US retail sales rose 1.9% in September, well above the 0.7% rise predicted by economists. In August, retail sales grew 0.6%. Retail sales had slumped to a low point April as coronavirus prompted stores across the country to shut their doors, though sales bounced back to pre-pandemic levels in July. (CNN 10/16) [Read]
Retail News
Winn Dixie Opens in Former Earth Fare Store in Boynton Beach Winn-Dixie opened in Boynton Beach on November 11th. The new store, the site of a former Earth Fare grocery store, is located in Cobblestone Commons, on Boynton Beach Blvd and Lyons Rd. Earth Fare closed earlier this year. Winn-Dixie supermarkets are also slated to open at former Earth Fare locations in Jacksonville and Lakewood Ranch, as well as one former Lucky’s Market in Gainesville. (Business Journals 10/13) [Read]

Whole Foods Opens Second Fort Lauderdale Location The 47,000-square-foot Whole Foods store is on the ground floor of an eight-story, 243-unit apartment tower, called CURV, located at the corner of South Federal Highway and Southeast 17th Street in Fort Lauderdale. The Store held its Grand opening October 28th. (Sun Sentinel 10/20) [Read]

Earth Fare Coming Back to Orlando’s SoDo Neighborhood Organic grocery store chain Earth Fare is returning to Orlando’s SoDo neighborhood after closing all of its stores earlier this year. Earth Fare is expected to come back to its former spot on the ground floor of the Novel Lucerne mixed-use community on Orange Avenue south of downtown near Orlando Health by the end of the year. (Orlando Sentinel 9/25) [Read]

Ross Opens 30 New Stores Ross Stores has completed its 2020 expansion. The off-pricer opened 30 Ross Dress for Less and nine dd's Discounts stores across 17 different states in October. The new locations complete Ross’ stores growth plans for fiscal 2020 with the addition of 66 new stores. The retailer added a total of 12 stores to its largest markets of California, Texas, and Florida, while also opening two stores in its newest Mid-Western state, Ohio. (Chain Store Age 10/26) [Read]

Round One Entertainment to Replace Sears at Pembroke Lakes Mall The mall's owner filed an application with the city to make changes to the mall in preparation for Round One Entertainment to open its first Florida location. The ground floor of Round One Entertainment will have 53,467 square feet of entertainment space, which will include bowling lanes, billiard tables, party/karaoke rooms, and a bar and arcade. The second floor has about 48,167 square feet of available space. Japan-based Round One Entertainment has 42 venues open at other malls across the U.S. (Biz Journals 9/15) [Read]

CoreLife Eatery Debuts in South Florida CoreLife Eatery opened two restaurants in South Florida this summer, with plans to open more across the tri-county area. The first restaurant opened in Boca Raton in June and the second opened a month later in Royal Palm Beach. Founded in 2015, the fast-casual restaurant chain is based in New York. It's a health-focused brand that expanded to more than 50 locations in the U.S. The two South Florida locations mark the chain's entrance into the Florida market. (Biz Journals 9/15) [Read]

Dunkin’ to Close Over 680 Under Performing Stores Dunkin' closed 687 stores by the end of the third quarter, out of the 800 underperforming units expected to permanently shutter by the end of the year. These stores represent 8% of Dunkin's total U.S. restaurant footprint and 2% of the company’s 2019 sales. Net closures of U.S. Dunkin' locations was 466 during the third quarter. (Restaurant Dive 10/29) [Read]

Publix Sees 18.3% Sales Spike in Q3 Publix Super Markets reported an 18.3% increase in sales, and a nearly 60% jump in earnings for the three months ended Sept. 26. Sales reached $11.1 billion for Q3, while comparable-store sales increased by 16.5%. The grocer's net earnings were $917.6 million, compared with $574 million in 2019, an increase of 59.9%. Publix’s sales for the nine months ended Sept. 26 were $33.7 billion, an 18.7% increase from $28.4 billion in 2019. Comparable-store sales increased 16.9%. (Progressive Grocer 11/2) [Read]

Sprouts Sees 9.5% Revenue Increase in Q3 Sprouts Farmers Market reported revenue increased 9.5% year over year in the third quarter ended Sept. 27. The food retailer's net sales hit $1.6 billion thanks in part to growing demand during the pandemic. Comparable store sales increased 4.2% and two-year comparable store sales grew 5.7% Net income reached $60 million and adjusted net income of $62 million. That compares to net income and adjusted net income of $26 million from the same period in 2019. During Q3 of 2020, Sprouts opened six new stores, resulting in a total of 356 stores in 23 states. (Progressive Grocer 10/28) [Read]

Smoothie King Reports Record Growth in Q3 Smoothie King reported a strong 10.4% sales increase year-over-year in the third quarter. Smoothie King also opened 22 more stores in the U.S. and another 62 internationally, totaling 84 new stores for the quarter and 195 new-store openings year-to-date. The franchise projects another 27 store openings domestically before the end of the year for an annual total of 75 new U.S. locations. (QSR 10/20) [Read]

Amazon Revenue Jumps 37% in Q3 Amazon notched a 37% year-over-year increase in net sales in the third quarter, reaching $96.1 billion. Amazon’s operating income increased to $6.2 billion in the third quarter, compared with operating income of $3.2 billion in Q3 — an increase of nearly 94%. Net income, meanwhile, increased to $6.3 billion in the third quarter, compared with net income of $2.1 billion in the third quarter of 2019 — an increase of 200%. (Progressive Grocer 10/29) [Read]

Starbucks Q4 Earnings Tops Estimates Starbucks reported better-than-expected Q4 earnings results and same-store sales. But the pandemic still took a big bite out of sales. Starbucks lost $1.2 billion in sales during the Q4 amid modified operations, and reduced hours. Starbucks reported net income of $392.6 million for the quarter ended Sept. 27, down from $802.9 million from a year earlier. (Chain Store Age 10/30) [Read]

Gap Will Exit Mall Locations By 2024 Gap plans to phase out its shopping mall presence, closing 350 Gap and Banana Republic mall locations by 2024. The closures, representing 30% of the store count for the two brands, are expected to be 75% completed by the end of fiscal 2021. Gap will emphasize a shift to digital channels. Phasing out mall locations doesn’t mean walking away from brick-and-mortar retail, though. As part of a long-term omnichannel strategy, Gap plans to leverage its network of 3,000 physical stores for local delivery and pickup. (Connect 10/26) [Read]
Until Next Time!