Coldwater Plaza in Avondale, Arizona, sells for $2 million
Phoenix — Sparty Holdings has acquired the 10,017-sq.-ft. Coldwater Plaza in Avondale, Arizona, for $2.085 million.
Evergreen represented Sparty Holdings in the transaction. CBRE (www.cbre.com) represented the seller, a partnership between North Dysart SG and Coldwater Dysart Partners.
The 10,017-sq.-ft. shopping center is 100% leased. Tenants include Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing, and Checkmate Loans.
Constructed in 2003, the building has excellent visibility from the road and is located at the main entrance of a Sam’s Club-anchored shopping center. The property also benefits from a strong retail corridor with neighboring tenants such as Home Depot, Walgreens, McDonald’s, Ashley Furniture, QuickTrip and numerous restaurants.
Gordon Brothers appoints Michael P. Muldowney CFO
Boston — Gordon Brothers Group, an advisory investment firm specializing in the retail, consumer products, industrial and real estate sectors, has named Michael P. Muldowney to the post of CFO. He will work with all business units on transactional, strategic, financial and operational initiatives. Muldowney will also serve as a member of the executive committee.
Muldowney comes to Gordon Brothers from Foxford Capital, a strategic, financial advisory and investment management firm. There he led the planning, start-up and growth of this boutique business that advised more than 75 high-profile financial services companies.
Michaels solid in first quarter
While many retailers were still reeling from a prolonged winter that hurt their first quarter results, Michaels saw solid results in its first quarter, posting increases in both net and comparable-store sales.
Net sales increased 5.9% to $1.05 billion from $993 million during last year’s first quarter. Comparable store sales increased 3.8% driven by a 2.4% increase in the company’s average ticket, a 1.3% increase in transactions and a 10 basis point positive impact from deferred custom framing revenue. The Canadian foreign exchange rate negatively impacted comparable-store sales by 80 basis points.
Gross profit for the quarter increased 4.9% to $429 million from $409 million during last year’s first quarter. Gross profit as a percent of net sales decreased approximately 40 basis points to 40.8%. This decrease was driven by increased freight and distribution costs, higher remodel costs and lower merchandise margin.
Net income for the quarter increased 21.7% to $56 million and increased approximately 70 basis points as a percent of net sales to 5.3%.
During the quarter, the company opened eight and relocated five Michaels stores and closed three Aaron Brothers stores. The company operated 27 net new Michaels and Aaron Brothers stores in the past 12 months. The company now operates a total of 1,262 stores including 1,144 Michaels stores and 118 Aaron Brothers stores.