Delray Beach shopping center sells for $33 million
New Century Commons, a shopping center in Delray Beach, Florida, has been purchased by Menin Development for $33 million, according to a report in the Sun Sentinel.
Seller of the 84,551-sq.-ft. center was Linton 510 LLC, which faced uncertainty over the future of one of its anchors, Sports Authority, which filed for bankruptcy in March. Questions about cash flow going forward complicated the closing of the sale, though a Menin spokesman told the South Florida newspaper that several retailers have inquired about the Sports Authority space.
In its court filing, the once market-leading sporting goods chain said it would be forced to close all 463 of its locations if no white knight came to its rescue. Reuters reported that Dick’s Sporting Goods made an offer for 17 Sports Authority locations.
It’s nothing but good news for Dick’s, meanwhile. Goldman Sachs this week upgraded the retailer’s stock to its “Conviction Buy List,” a step above “Buy.”
Another department store retailer is getting a new CEO
It’s the end of an era for Belk Inc.
The retailer announced that Tim Belk will retire as CEO of the company in July 2016. Lisa Harper, CEO of Hot Topic, will succeed Belk as CEO, effective July 5.
The news comes less than a year after Belk, which operates 293 stores in 16 Southern states, was acquired in a $3 billion deal by Sycamore Partners. The private equity firm also owns Hot Topic.
Belk, the third generation of his family to lead the chain, was named CEO of the company in 2004. He joined the business in 1981 as a management trainee, and went on in a variety of roles. He also led Belk through its acquisitions of Parisian, Proffitt's and McRae's.
"After managing through the ownership transition and filling a number of key management positions, I've decided this is an opportune time for me to retire as CEO of Belk," said Belk, who will continue to serve on the Belk board. "It has been an honor to continue my family's legacy by serving the company over the past 35 years. I also appreciate the partnership we've developed with Stefan Kaluzny and Sycamore Partners. Their vision and expertise will carry the company forward to even greater success. “
Harper, who worked as a sales assistant at Belk as one of first jobs, has served as CEO of Hot Topic since 2011, and will continue to sit on the teen retailer’s board. She served as CEO from 2001 to 2006 and chairman from 2002-2006 of the Gymboree Corporation.
Stiles completes Coral Ridge Center in Fort Lauderdale
The Enclave Shops at Coral Ridge outside of Fort Lauderdale is complete and its Fresh Market anchor has opened its doors. Its developer, Stiles, partnered with local businessman Phil Smith to build the surrounding residential community, The Enclave at Coral Ridge Country Club.
The Fresh Market has been a draw to other prospective retail tenants at the 27,300-sq.-ft. center, according to Stiles VP of realty Mike Carpenter.
"The center benefits from a high quality lead anchor, not to mention direct frontage on US 1," Carpenter said. "In addition to the leases we have already secured, we are in active discussions for the last two bays with multiple users, including high-end hair salons, eco-friendly dry clean drop stores and jewelry stores."
Posh Nails is slated to open in Q3 and SunTrust Bank has ground-leased the outparcel with plans to open in Q1.