September 14, 2021
Shopping Center
& Owner News
Sunrise West in Sunrise Sold for $17.4M ($212 PSF) Iowa-based Principal Real Estate Investors sold the 82,126 square-foot center to an LLC associated with Sunrise-based Global Fund Investments on August 4th for $17.4 million. The price equated to $212 per square foot. The center is anchored by a Publix grocery store, and last traded for $15 million in 2016. Cushman and Wakefield was the broker on the deal. (Business Journal 8/5) [Read]

Plaza Ecco in Orlando Sold for $30.5M ($528 PSF) A partnership between Intram Investments and BluRock Commercial Real Estate sold the 57,747 square-foot center to a private investor on August 31st for $30.5 million. The price equated to $528 per square foot. The center is 100% leased and anchored by a Publix Grocery Store. JLL was the broker on the deal. (Connect CRE 9/7) [Read]
Nob Hill Place in Sunrise Sold for $23.5 ($247 PSF) An affiliate of Janoura Realty sold the 95,024 square-foot center to an LLC managed by Alberto Dayan of North Miami Beach on August 6th for $23.5 million. The price equated to $247 per square foot. Notable tenants include Doris Italian Market, New York Mart, and Nob Hill Academy. (Business Journal 8/11) [Read]
Shoppes at Nona Place in Orlando Area Sold for $35M ($598 PSF) A venture between North American Development Group and Blackfin Partners Investments sold the 60,557 square-foot center to a private investor group affiliated with the Flocchini/Van Wagner Families on August 31st for $35 million. The price equated to $598 per square foot. Shoppes at Nona Place was constructed in 2018 and is anchored by Bravo Supermarket and Pet Supermarket. JLL was the broker on the deal. (City Biz 9/3) [Read]
University Village in St. Petersburg Sold for $27M ($448 PSF) An affiliate of Bell Partners Inc. sold the 60,223 square-foot center to Publix on September 3rd for $27 million. The price equated to $448 per square foot. Located at 250 Third St. S. and built in 2003, University Village is anchored by a Publix grocery store. Other tenants include CVS/pharmacy and Bank of America. CBRE was the broker on the deal. (Shopping Center Business 9/7) [Read]

Shoppes of Coral Way in Coral Gables Sold for $24.17M ($297 PSF) Rajen Properties sold the 84,309 square-foot center to an affiliate of Miami-based B Developments on August 24th for $24.17 million. The price equated to $297 per square foot. The center is anchored by an Office Depot and a CVS. (Business Journal 8/31) [Read]

Former Sam’s Club Box Sold in Lake Worth Area for $26M ($192 PSF) An affiliate of Pennsylvania-based Alliance Partners HSP sold the 135,268 square-foot building to Home Depot on August 26th for $26 million. The price equated to $192 per square foot. The property last traded for $17 million in February, so it had about a 50% gain in value in six months. The Sam’s Club store closed in 2018. (Business Journal 8/26) [Read]

Little Havana Retail Project to Break Ground A retail and apartment project will commence in Miami’s Little Havana after the developer obtained a construction loan. The loan will cover the first phase of Riverwest Miami at 805 W. Flager St., consisting of 55,000 square feet of retail anchored by Aldi and Ross Dress For Less. It's expected to be completed in late 2023. In the second phase, 278 apartments will be built, plus some additional retail. (Business Journal 8/18) [Read]

Market News

Grocery Store Visits Returning to Pre-Pandemic Patterns Shopping trips to grocery stores and superstores are returning back to normal. Visits per visitor and weekend visits to the outlets were up significantly in the second quarter year-over-year. During Q2, Publix, Safeway, Aldi, and ShopRite saw impressive growth of 17.7%, 12.3%, 12.8%, and 11.3%, respectively. The increase in visits coupled with a decrease in median visit duration indicates that mission-driven shopping has come to an end. The expectation that shopping is returning to pre-pandemic norms is shown by increases year over year in weekend visits of 17.3% to superstores and 15% to groceries. (Globe St 8/2) [Read]
Nearly Half of Consumers Prefer to Shop In-Person In a recent study, 48% of respondents said they prefer to shop in-person at a physical store. An overwhelming percentage of consumers (just shy of 35%) prefer in-store shopping because they “enjoy the experience.” The other reasons why consumers prefer to shop in person are they want to interact with products before spending money (24%) and they do not want to pay shipping fees (13.2%). For those who prefer online shopping, the number one reason was the convenience of being able to buy anytime, anywhere. (Chain Store Age 8/26) [Read]
Retail News
Publix GreenWise Market Opens in Downtown Tampa Publix continues to expand its specialty and organic foods banner. The newest GreenWise Market is located in Tampa, in the Water Street Tampa downtown development. The 26,000-sq.-ft. store is the anchor retail tenant at Heron, the first apartment building to open at Water Street. It’s the second GreenWise to be located in a high-rise, multiuse building. (Chain Store Age 8/20) [Read]

Earth Fare Re-Opens in Jacksonville Area In August, Earth Fare opened a 24,000-square-foot store within the Shoppes of St. Johns Parkway in the Jacksonville suburb of St. Johns. The company previously occupied a space at the center, which closed following Earth Fare’s bankruptcy declaration at the beginning of 2020. Sleiman Enterprises — developer and owner of the center — helped arrange the reopening. (Shopping Center Business 8/17) [Read]
Five Below on Track to Open 170-175 Stores This Year Five Below has opened 102 stores in the first half of the year, a record number for the fast-growing retailer. The company opened 34 stores during Q2, bringing its total store count to 1,121 locations in 39 states. Five Below reported net earnings totaling $64.8M for the quarter ended July 31. Same-store sales rose 39.2% compared to the year-ago quarter and 21% compared to the second quarter of 2019. (Chain Store Age 9/2) [Read]

Ace Hardware on Track to Open More Than 170 Stores This Year Ace Hardware, the largest retailer-owned hardware cooperative in the world, has already opened 110 new stores in 2021, and is planning to open at least an additional 60 stores by the end of the year. Ace operates more than 5,500 locally owned hardware stores in all 50 states and 70 countries, with global sales topping $20 billion. (PR Newswire 9/2) [Read]

Amazon to Open Small Department Stores Amazon is planning to open 30,000-sq.-ft. locations set up similar to small department stores, with the first expected to open in California and Ohio. At 30,000-sq.-ft., the Amazon format would be much smaller than traditional department stores, but in line with the smaller store concept now being opened by Bloomingdale’s and Nordstrom. Amazon reportedly intends its planned department stores to help it sell more apparel and technology goods, both from national brands as well as its own product assortment. (Chain Store Age 8/19) [Read]
Publix Q2 Sales Edge Up Publix sales rose 3.9% to $11.8 billion for the three months ended June 26, from $11.4 billion in the year-ago period. Comparable store sales increased 2.3%. Net earnings fell 26.2% to $1 billion, compared to $1.4 billion last year amid stockpiling by consumers during the pandemic. Publix’s sales for the six months ended June 26, 2021, were $23.5 billion, up 3.9% increase from $22.6 billion in 2020. (Chain Store Age 8/2) [Read]
Dick’s Sporting Goods Has Record-Breaking Q2 Sales Dick’s Sporting Goods net income rose nearly 80% to $495.5 million in the quarter ended July 31, from $276.8 million in the year-ago period. Adjusted earnings per share were $5.08, crushing analysts’ estimates of $2.08. Net sales totaled $3.27 billion, an increase of 21% compared to the year-ago quarter and a 45% increase compared to the second quarter of fiscal 2019. The company expects to open a total of six namesake locations and eight specialty concept stores in 2021. (Chain Store Age 8/25) [Read]
Walmart Q2 Earnings Top Estimates Walmart reported adjusted earnings per share of $1.78 for the quarter ended July 31, beating estimates of $1.57. Total revenues rose 2.4%, to $141.04 billion and exceeded estimates of $137.17 billion. Net sales at Walmart U.S. increased 5.3% to $98.2 billion. Comp sales rose 5.2% in the quarter, reflecting strong underlying business trends, a robust U.S. economy and stimulus spending. (Chain Store Age 8/17) [Read]
Home Depot Sets Quarterly Sales Record Despite strong 2020 comparisons, Home Depot reported Q2 net sales increased 8.1% year over year to $41.1 billion — the first time the retailer has surpassed $40 billion in quarterly sales. Compared to 2019, sales increased 33.3%. Total comparable sales in the period rose 4.5%. The retailer's operating income grew 9.4% from the year-ago period to $6.6 billion, while its net income increased 11% to $4.8 billion. (Retail Dive 8/17) [Read]

TJX Sales Up, led by a Surging HomeGoods The parent company of T.J. Maxx, Marshalls, HomeGoods, and other banners, reported net income of $785.7 million in the quarter ended July 31, compared to a loss of $214.2 million in the year-ago quarter. Net sales increased 18% to $12.08 billion, up from $6.67 billion last year. Total open-only comparative sales increased 20%, led by a 36% increase at HomeGoods. Same-store sales at T.J. Maxx and Marshalls rose 18%. (Chain Store Age 8/18) [Read]
Until Next Time!