Traded: Boston’s Post

How Will 99 Cents Only Store Closures Impact Orange County? Retail Vacancy in Garden Grove, California, To Rise Most The discount retailer occupies over 500,000 square feet in Orange County. Anchor spaces below have been listed available for lease. - Yorba Linda Center, Placentia - asking $1.95 NNN - 14731 Goldenwest St, Westminster - asking $2.00 NNN - Red Hill Village, Tustin - Brookfield Promenade, Huntington Beach - Lake Forest Town Center - College Plaza Shopping Center, Fullerton - Pinnacle Plaza, Anaheim In early April, discount retailer 99 Cents Only announced that it would close all 371 of its stores across Arizona, California, Nevada and Texas. The majority of those storefronts are in Southern California, where a group of investors led by the former president of Big Lots and CEO of Pic ‘N’ Save Bargains is positioning to reopen 143 stores, following the initial closures and liquidation sales. 99 Cents Only — which is seeking Chapter 11 bankruptcy protection — occupies more than 90 locations in Los Angeles County, nearly 50 in the Inland Empire, 26 in Orange County and just over 20 in San Diego County, according to CoStar research. CoStar subscribers may read more here https://lnkd.in/gRZ3-9pA #99CentsOnly #orangecountyretail #OCRetailCRE

Flatiron, once a bustling hub of commerce, is now grappling with challenges that have left its streets lined with empty storefronts. According to Jack Morphet, Amanda Woods, and Jorge Fitz-Gibbon, the New York Post, rise in crime and the tumultuous post-pandemic retail real estate market have taken a toll on local businesses. From iconic retailers to small shops, many have been forced to close their doors, unable to weather the storm. As we witness this transformation, it's clear that adaptation and resilience are more crucial than ever especially in this real estate market. https://lnkd.in/gJdxSfZC #HalifaxWest #WinTogether #capitaladvisory #MandA #restructuring #operatingadvisory #Flatiron #NYC #postpandemic

Would you live in housing developed by Costco Wholesale? This is quite a concept & one I think many will be watching to see if it can be successfully replicated - some highlights: - A TOD mixed-use project with 800 small units above a big-box store with 184 set aside for low-income tenants (decent %) - modular construction, which uses prefabricated units built off site, should reduce building costs - Costco’s ties to the residential development aren’t much more than a shared building and underground parking garage, but the retail chain needs the housing in order to get permits to open at this location (this aspect is interesting!) - some South Central community leaders have expressed concern that, despite the need for family- and senior-friendly housing, the majority of these units will likely go to young singles. (bcuz of the small 350-605 sq/ft floor plans)

Bussel Realty Retail Services Leases 3,100 SF at 245 Route 22 in Green Brook, New Jersey EDISON, NEW JERSEY (August 19, 2024) – Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, leased the entirety of 245 Route 22 in Green Brook, New Jersey, a 3,100-square-foot retail property, to Wonder Food Delivery & Take Out.   Chandler Vanderbeek, vice president, and Connor Vanderbeek, vice president, of BRC Retail Services represented the owner, F&E Green Brook Corner LLC, in the transaction. Wonder Food Delivery & Take Out was represented by Jeffrey Realty. The retailer is expected to open its doors in January 2025. “This is a great addition to the Green Brook market as Wonder continues to expand their footprint throughout New Jersey,” noted Connor Vanderbeek. With more than 44,370 vehicles per day passing the site, 245 Route 22 in Green Brook, New Jersey is located at a traffic-controlled intersection with great visibility off Route 22 and easy access to Warrenville Road and I-287. The retail property offers plenty of parking and is near such retailers as Starbucks, Dunkin’, AT&T, Mavis, Basset Furniture, Walgreens, Harbor Freight Tools, Taco Bell and Dollar Tree. About Wonder Wonder.com is a food delivery service that partners with restaurants and chefs to offer a variety of menus. Wonder offers delivery, pickup, and dine-in at their locations. Wonder's meals are prepared fresh and delivered in about 35 minutes. About Bussel Realty Corp. With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial/retail real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, retailers, owners, and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution, retail and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey. #busselrealty #commercialrealestate #commerciallisting #commerciallistings #commercialproperty #commercialspace #commercialrealestate #commercialleasing #commercialleasingagent #njcre #industrialspace #warehousespace #warehouselease #newjerseywarehouse #northernNJ

Interesting read.

JUST LISTED - Panera Bread 4-Tenant Strip | Mansfield (Ontario), OH We are excited to be brining to market a 4-tenant strip center located in Mansfield (Ontario, OH). This site benefits from strong retail synergy, local positioning, and high traffic counts. About one month ago I toured the site and was not only surprised by how much retail development is going on in the nearby trade area, but also by the number of cars and consumers in the nearby parking lots. There is a lot to be excited about in the Mansfield (Ontario) market; providing below some brief investment highlights as a sneak peek. - List price of $2,601,487 yielding a 7.50% Cap Rate - Main Retail Corridor: Strong retail synergy with numerous national brand tenants including but not limited to Menards, Meijer, Target, Best Buy, Starbucks, IHOP, Sunbelt Rentals, Sam’s Club, Lowe’s, ALDI, Applebee’s, Taco Bell, AT&T, Panda Express, Five Guys, Mattress Firm, Outback, & more. - Long Term Occupancy: Panera Bread has been at this location since 2006 and recently installed a drive-thru to be up to the tenants current real estate plans and development standards. The tenant signed a brand new, 10 year extension in 2020 showing their long-term commitment to the location. - Extensive Retail Development in Trade Area: National tenant’s are developing in the local trade area given low vacancy within the Ontario retail hub. Recently completed and current developments include but are not limited to Caliber Collision, Culver’s, Ferguson, Holiday Inn Express, & more. Healthy WALT: The property’s Weighted Average Lease Term (WALT) exceeds 5 years. Reach out to me directly with any questions or interest - [email protected]

Explore the intriguing history of 6077 S. Packard Ave., once the last operating Kmart in Milwaukee County, by reading Milwaukee Business Journal’s article below! #MidAmericaRE #CRE #Redevelopment #Cudahy

JUST LISTED: Grocery Outlet & Lincoln City Shops located in the heart of Lincoln City, Oregon. Selling together or separate, these assets are located in the most desirable retail location in the city and provide strong upside growth. The single-tenant Grocery Outlet is the only discount grocer in the area and has a new long-term lease in place with rent increases. The attached Lincoln City Shops provides a synergistic mix of e-commerce-proof retail tenants with strong national-brand recognition. Grocery Outlet & Lincoln City Shops offer a hard-to-find investment opportunity providing low-risk and high-reward. Presented by Ryan Marn CCIM and The Warner Retail Team Grocery Outlet Offering Memorandum: https://lnkd.in/gsjfaWzn Strip Center Offering Memorandum: https://lnkd.in/gTiatrDh #oregon #commercialrealestate #justlisted #newtomarket #investmentproperty  

New York City’s once-bustling drugstores are becoming relics of the past, leaving behind a trail of “zombie pharmacies” that contribute to the city's commercial challenges. Empty storefronts, such as the darkened Duane Reade near Wall Street, the long-abandoned Walgreens in Murray Hill, and the boarded-up Rite Aid in Astoria, symbolize a broader trend of vacant big-box pharmacies. These closures have turned prime real estate into neighborhood eyesores, attracting illegal activity and deterring foot traffic. Despite the overall recovery of NYC’s storefront real estate post-COVID-19, scores of these pharmacies remain shuttered, creating over a million square feet of dormant commercial space. Factors like ironclad leases, the difficulty in finding new tenants for large spaces, and shifts in the drugstore business model are significant contributors to this phenomenon. As of July, 138 big-box pharmacies out of the 222 that closed since the start of 2020 remain vacant, with Manhattan being the hardest hit. This situation persists even though the city has the same number of pharmacies as before the pandemic, largely due to the rapid opening of smaller independent pharmacies. The large pharmacy chains—Walgreens Boots Alliance (Duane Reade), CVS, and Rite Aid—continue to reduce their store count, often maintaining leases on closed locations, a situation known as “dark rent.” This disincentivizes landlords from seeking new tenants, exacerbating the vacancy issue. The result is a drag on retail recovery, particularly in busy commercial districts. Local business groups and city officials are exploring creative solutions to repurpose these vacant spaces. Recent zoning changes under the “City of Yes” plan have paved the way for diverse uses, such as microbreweries, arcades, children’s play centers, and light manufacturing like beer brewing and coffee roasting. This approach aims to revitalize these spaces and support the city's economic rebound. Despite the innovative zoning changes, the challenge remains significant. With many property owners still tied to long-term leases with former pharmacy tenants, finding new uses for these large spaces continues to be a complex issue. However, the shift in zoning laws represents a hopeful step toward addressing the problem of zombie pharmacies in New York City. #ZombiePharmacies #NYCRealEstate #RetailVacancies #UrbanRevitalization #CommercialRealEstate #CityOfYes #PostPandemicRecovery #InnovativeZoning #UrbanDevelopment #BusinessImprovement https://lnkd.in/ezmU_4CU

For those considering commercial real esate investment: this is an example that for single tenant buildings, even with a longer term landlord friendly lease in place, it's more important to focus on the actual quality of the real esate than the tenant in the building. The unlucky owners that see their Dollar Tree/Dollar store tenant vacate will generally be stuck with an older, very large empty building in average quality locations. Making it a hard building to lease at market rate or sell going forward. Compare that to a 2,000 Sq foot building in a high traffic, growth location. Even if that tenant leaves; that size and location will be easy to lease at market rate or sell. It's nice to have a good long term tenant in pace, but this (and Bed Bath and Beyond, Walgreens etc..) are examples making a decision based on the actual value of the physical real estate/location as opposed to the tenant when weighing whether or not to purchase.