September 16, 2020
Shopping Center
& Owner News
Naranja Lakes Retail Center Sold for $12M ($118 PSF) North Carolina-based FRIC Group sold 98,471 square feet of retail at 27359 S Dixie Highway to an affiliate of Boston-based Longpoint Realty Partners. The price equated to $118 per square foot. Notable tenants at the center include Fresco y Más, Family Dollar, T Mobile, and La Colonia Wellness Center. The deal did not include the flea market on the southern end of the property or the retail strip on the northern side of the shopping center. The Shopping Center Group brokered the deal. (Biz Journals 7/31) [Read]

Miami Gardens Shopping Center Sold for $14.5M ($154 PSF) An affiliate of Peleg sold the 93,988-square-foot retail property at 17237 NW 27th Ave to Island Associates Real Estate. The price equated to $154 per square foot. Notable tenants at the center include Winn Dixie, Planet Fitness, and Rainbow Apparel. The center was 100% leased at the time of the sale. Marcus & Millichap brokered the deal. (Biz Journals 8/10) [Read]

Jacksonville Area Shopping Center Sold for $10.85M ($110 PSF) A subsidiary of Pennsylvania based Goodman Properties sold the 98,000-square-foot retail property at 8151 Blanding Boulevard to Boca Raton-based Fields-Realty LLC on August 13th. The shopping center is home to a Best Buy, Ashley HomeStore, and a Sam Ash Music Store. (Biz Journals 8/18) [Read]

Kissimmee Publix Center Sold for $7.7M ($116 PSF) Phillips Edison & Co sold the 68,853 square-foot retail property at 1251 W. Columbia Ave. to The PMAT Companies on September 2nd. The shopping center is anchored by a 44,270 square-foot Publix store. The center was 93% leased at the time of sale. JLL was the broker on the deal. (Shopping Center Business 9/2) [Read]

Holiday Mall in Tampa to Undergo Major Renovation MGold Properties announced its $8.56 million purchase of the Holiday Mall, located at the southeast corner of US Highway 19 and Moog Road, on Aug. 31st. The Holiday Mall’s listed at 130,177 square-feet and currently has 18 tenants and seven available units. The property, which is anchored by a Winn-Dixie, had a 40% vacancy rate at the time of purchase. MGold Properties plans to invest $4.6 million to renovating the complex to transform it into a dynamic shopping and dining destination. (Suncoast News 9/9) [Read]

First Wave of Tenants Open at Miami’s River Landing Miami’s $452 million mixed-use development, River Landing, welcomed its first tenants in September. Hobby Lobby, Burlington, Publix, Five Below, Chase Bank and AT&T are all on the list of opening stores. Ross Dress for Less and Planet Fitness will open later this fall, followed by T.J. Maxx, Old Navy, Ficelles Bakery, Chick-fil-A and others in the following months. Seventy percent of River Landing’s retail space is committed. (RE Business Online 9/10) [Read]

Publix Anchored Center Coming to St. Johns County Boca Raton-based PEBB Enterprises has secured an 8.9-acre site at 855 County Road 210 W to develop a Publix-anchored shopping center in St. Johns County. The company intends to develop a 48,400-square-foot Publix and 10,500-square-feet of inline space. Construction is expected to be complete by summer 2021. (Biz Journals 8/15) [Read]
Market News
Grocery Store’s Revenue and Net Income Soar in Q2 While much of the retail sector was negatively impacted by the coronavirus shutdowns, many grocery stores saw a significant increase in both revenue and net income in Q2 2020. While grocery stores faced added costs in order to implement safety measures and temporary reduce store hours, the additional business resulted in massive increases in both revenue and net income. By comparison, stores that are split grocery and non-grocery, such as Walmart and Target, saw a lesser increase in revenue and in some cases, a decrease in net income compared to the second quarter of 2019. (Biz Journals 8/14) [Read]

August Sees Uptick in Retail Rent Collections Retail center landlords received 79.7% of their rent checks in August, a two-percentage point improvement over July. National chains paid 83.5% of their bills, while non-nationals paid 76%. Last year at this time, all retailers were more than 90% paid up. Least likely to pay rent were Movie theaters (36.7%), fitness chains (61.3%), and apparel stores (63.3%). Essential retailers remained the most stalwart rent-payers, led by office supply stores (99.7%), drug stores (99.3%), banks (98%), supermarkets (97.8%), and pet supply stores (97.1%). (Chain Store Age 9/4) [Read]
Retail News
Sprouts Farmers Market Confirms Tampa Heights Store Sprouts Farmers Market has confirmed it will open a store in the proposed Tampa Heights development next year. Landing a grocer is a major win for the developers of The Heights, which includes the mixed-use historic Armature Works building as well as office complex Heights Union and a forthcoming Moxie Hotel. (Biz Journals 8/4) [Read]

Aldi to Open Three New South Florida Location This Fall Aldi is opening three new South Florida locations this fall. Stores in Princeton (just north of Homestead), Kendall, and Fort Lauderdale will open by December, joining 39 locations already open in Miami-Dade, Broward, and West Palm Beach. The expansion is part of the company’s broader plan to debut 70 stores nationwide by year’s end. Aldi is aiming to become the third-largest US grocery chain by late 2022. (Miami Herald 9/02) [Read]

BurgerFi is Expanding in Florida Fast-casual burger chain BurgerFi signed letters of intent to open 30 new restaurants, in addition to the nine it plans to open by the end of 2020. The company added that 18 of the company's 30 new units will be in Florida. The expansion plans include some non-traditional restaurants, as BurgerFi recently announced a partnership with Reef Technologies to open ghost kitchens across the country, which are kitchens designed to fulfill delivery-only orders available through third-party apps such as Postmates, Uber Eats and GrubHub. (Biz Journals 9/10) [Read]

Target Boasts Record Setting Q2 Target beat all estimates for its second quarter as it posted skyrocketing profits and same-store sales growth. Target's comparable sales grew 24.3% in the quarter ended Aug.1st. E-commerce sales nearly tripled, increasing 195%. Same-store sales rose 10.9%. The company's net income soared 80% $1.69 billion, or a record $3.35 per share, up from $938 million, or $1.82 in the year-ago period. (Chain Store Age 8/19) [Read]

At Home Reports Best-Ever Quarterly Comps At Home’s net sales increased 50.5% to $515.2 million in the quarter ended July 25, driven by 42.3% increase in comparable store sales and a net increase (15) in open stores. Net income was $89.4 million, or $1.39 per share, compared to $10.4 million, or $0.16 per share, in the year-ago quarter. (Chain Store Age 9/2) [Read]
Big Lots Same-Store Sales Jump 31% in Q2 Big Lot’s assortment of everyday essentials and stay-at-home products helped it achieve a 31.3% same store sales increase. Comp sales were driven by strong results both in-store, where customer traffic and transaction sizes both increased double digits, and online. Net sales for Big Lots in the second quarter of 2020 also increased by about 31%, to $1.64 billion, and the retailer posted net income of $452 million. (Progressive Grocer 8/28) [Read]
Five Below Q2 Earnings, Plans 110 to 120 New Stores, 45 Remodels Five Below opened a record 63 new stores during Q2 — compared to 44 in the same period last year — for a total of 982 stores in 38 states. Five Below expects to open 110 to 120 net new stores in 2020. In addition, it plans to remodel approximately 45 stores. Five Below reported net income of $29.6 million for the quarter ended Aug. 1, compared with net income of $28.8 million in the year-ago period. Revenue edged up 2.1% to $426.1 million, beating the $405.8 million analysts had expected. (Chain Store Age 9/3) [Read]

Macy’s to Test Smaller Stores in Non-Mall Locations In a strategic new move, Macy’s will test several smaller footprint stores that are outside of malls, as well as non-mall Bloomingdale’s locations that will open next year. Macy’s is anticipating a drawn-out holiday shopping season that will begin in earnest before Thanksgiving Day. The retailer expects that home and beauty will trend this year for gift-giving as shoppers stay away from more experiential items. (Chain Store Age 9/02) [Read]

Publix Takes No.1 spot on “50 Companies That Care” List Six retailers have been recognized for succeeding in business while also showing outstanding respect, care and concern for their employees, their communities and the environment – especially during the pandemic. Publix took the top spot in the fourth annual 50 Companies that Care ranking. The other retailers on the list were Wegman’s Food Markets (No. 5), Sheetz (No.11), Target (No.12), Car Max (No. 16) and Burlington Stores (No.23). (Chain Store Age 9/4) [Read]

J.C. Penney Strikes Deal to Sell Retail and Operating Assets J.C. Penney has reached an agreement to sell substantially all of its retail and operating assets through a court-supervised sale process to Brookfield Property Group and Simon Property for $1.75 billion. Simon and Brookfield are landlords to a total of 160 of J.C. Penney stores. J.C. Penney plans to seek approval from the bankruptcy judge for the deal, which is subject to competing bids, early next month. (Chain Store Age 9/10) [Read]
Until Next Time!