November 22, 2021
Shopping Center
& Owner News
Legacy Plaza in Palm Beach Gardens Sold for $101.6M ($239 PSF) An affiliate of Germany-based GLL Real Estate Partners sold the 425,316 square-foot center to a joint venture between Dallas-based Lone Star Funds and Boca Raton-based Woolbright Development on October 26th for $101.6 million. The price equated to $239 per square foot. Legacy Place last traded for $180.17 million in 2007. CBRE was the broker on the deal. (Business Journal 10/27) [Read]
El Mercado Shopping Center in Hialeah Sold for $33M ($325 PSF) Stockbridge Capital Group sold the 101,484 square-foot center to an LLC associated with Hialeah-based commercial real estate firm Horizon Properties on September 13th $33 million. The price equated to $325 per square foot. The center is anchored by a Publix grocery Store. Cushman and Wakefield was the broker on the deal. (Business Journal 9/22) [Read]
Fresh Market Anchored Center in Jupiter Sold for $25.5M ($463 PSF) North Miami Beach-based Elion Partners sold the 55,046 square-foot center to New York-based JB Capital Management, in partnership with Royce Properties, on October 18th for $25.5 million. The price equated to $463 per square foot. The property last traded for $8.38 million in 2013, it was renovated in 2014, when specialty grocer Fresh Market opened. Atlantic Retail Properties was the broker on the deal.
(Business Journal 10/18) [Read]

South Harbor Plaza in Fort Lauderdale Sold for $40M ($437 PSF) Three LLC’s managed by Andrew L. Martin of Ft Lauderdale sold the 91,634 square-foot center to a joint venture between Hudson Capital Group and Barron Commercial Development on October 22nd for $40 million. (Business Journal 10/22) [Read]
Park View Square in Miramar Sold for $15.7M ($217 PSF) Phillips Edison & Co sold the 72,256 square-foot center to an affiliate of RK Centers, led by Miami Heat part-owner Raanan Katz, on September 15th for $15.68 million. The price equated to $217 per square foot. The center is anchored by Winn Dixie Grocery Store. CBRE was the broker on the deal. (Business Journal 9/15) [Read]

Turtle Crossings in Coral Springs Sold for $32.5M ($359 PSF) A joint venture between Davie-based Ross Realty Investments and Fort Lauderdale-based SunCap Real Estate Investments sold the 90,434 square-foot center to Dallas-based commercial real estate firm Crow Holdings on October 12th for $32.5 million. The price equated to $359 per square foot. The center is shadow anchored by a Super Target, and notable tenants include Chipotle, Dollar Tree, Panda Express, VisionWorks, Buffalo Wild Wings, and Autozone. CBRE was the broker on the deal. (Business Journal 10/12) [Read]

The Crossroads Shopping Center in Margate Sold for $10.7M ($130 PSF) SW Global, managed by Suk Hui Walsh in Margate, sold the 82,662 square-foot center to an LLC associated with Hollywood-based Current Capital Management on September 20th $10.71 million. The price equated to $130 per square foot. Notable tenants include CVS and Dollar General. Crossroads last traded for $5.85 million in 2005. NEG Property services was the broker on the deal. (Business Journal 9/22) [Read]

Kimco Buys Out Jamestown Stake in Publix-Anchored Portfolio Kimco Realty has acquired the remaining 70% interest in a portfolio of six Publix-anchored shopping centers from its existing joint venture partner, Jamestown, for $425.8 million. Kimco entered into a 50/50 joint venture partnership with Blackstone Real Estate, in which Kimco will continue to manage the portfolio on behalf of the JV. The six assets total more than 1.2 million square feet of gross leasable area, with five located in South Florida and one in the Atlanta market. (Connect CRE 10/27 [Read]

Market News

Physical Stores to Account For 72% of Retail Sales in 2024 Physical retail continues to drive the bulk of retail sales — and will for quite some time. 72% of U.S. retail sales will still occur in brick-and-mortar stores in 2024, according to new research from Forrester. The top reasons for shopping in store are to test products (47%) and being able to walk away with an item after purchasing (38%). (Chain Store Age 10/20) [Read]

New Store Opening Announcements are Up 58% from 2020 Retailers have announced 4,969 store openings so far in 2021, which represents a 58.3% increase over last year. That figure slightly outpaces announced closures for the year, which stand at 4,889, down 37.9% from 2020. Dollar General has announced far more openings than any other retailer and represents more than 20% of all announced openings so far this year. (Retail Dive 9/21) [Read]
Retail News
Trader Joe’s Opens in Coral Gables Mixed Use Project Trader Joe’s officially opened for business in Coral Gables at 211 S. Dixie Highway, in the new mixed-use development Gables Plaza. The Project also includes a Lifetime Fitness, which opened in September. This will be the third Trader Joe’s in Miami-Dade County and the 22nd Trader Joe’s in the state of Florida. (Local-10 10/26) [Read]

Bowlero, Sephora, Lucid Motors, Sign Leases at Miami Worldcenter Miami Worldcenter has lured three more tenants to the $4 billion mixed-used development. Sephora will occupy 6,000 square feet, electric car retailer Lucid Motors has agreed to 27,000 square feet, and bowling alley and sports bar chain Bowlero will occupy 31,000 square feet. Miami Worldcenter has completed around 150,00 square feet of its retail space with another 130,000 square feet currently under construction. The 10-city-block retail center is expected to be fully completed by 2022. (Business Journal 10/6) [Read]

RITHM, former University Mall in Tampa, signs Sprout’s Farmers Market RITHM at Uptown, formerly known as University Mall, has signed deals with Sprouts and Burlington Coat Factory. Sprouts has signed a lease for 23,218 square feet; the new Burlington will be 49,912 square feet. Both retailers are slated to open in late 2022 or early 2023. (Business Journal 10/28) [Read]

Burlington Will Backfill Old Whole Foods Space in Tampa Burlington Stores Inc. has filed plans with the city to renovate Whole Foods' former location in Walter's Crossing shopping center at 1548 N. Dale Mabry Highway. Whole Foods vacated the space earlier this year to move down the street to Midtown Tampa. (Business Journal 10/28) [Read]

Fresco Y Mas to Expand in Central and Western Florida. Plan calls for the Hispanic grocery chain to open stores in Deltona and Tampa in early November. The two new stores would give Fresco y Más 29 locations overall. Most of its supermarkets are in South Florida, but the chain also has several units in Orlando in central Florida and Tampa on the Gulf side. (Supermarket News 9/17) [Read]
Ross Meets 2021 Store Growth Target Ross Stores has completed its store growth for its current fiscal year but sees plenty of more room for expansion. The retailer opened 18 Ross Dress for Less locations and 10 dd's Discounts locations across 15 states in September and October. With the additions, the retailer met its goal of 65 new stores in fiscal 2021. For its second quarter, ended July 31, Ross reported that its sales rose 21% to $4.8 billion, with a 15% comp-sale increase. (Chain Store Age 10/11) [Read]

Ulta to Open 50 Stores Annually Ulta Beauty plans to open 50 new stores in the United States per year. The retailer will also test smaller format stores, launch same-day delivery in select markets, and introduce “Beauty to Go,” a commitment that buy online, pick-up in-store orders will be ready for pick-up in two hours or less. (Chain Store Age 10/19) [Read]

Costco Sales Up 15% in September Costco’s sales rose 15.8% to $19.50 billion in September — the first months of its fiscal first quarter — from $16.84 billion a year ago. Total same-store sales increased 14.3%, while online sales rose 10.6%. Costco’s September sales increase compares with an increase of 16.2% for August sales and 16.6% for July. (Chain Store Age 10/7) [Read]

Amazon Q3 Earnings - Biggest Drop in Four Years Amazon’s third-quarter profit fell by the biggest percentage in more than four years. Amazon’s net income fell to $3.2 billion in the quarter ended Sept. 30, compared with $6.3 billion in the year-ago period. Amazon’s earnings decline was not unexpected given supply-chain disruptions and labor shortage. Amazon has been increasing its wages and benefits to attract and keep workers. The company said the costs to fulfill and ship orders increased to $18.5 billion from $14.71 billion. (Chain Store Age 10/28) [Read]
Until Next Time!