New tenant specialist joins Mid-America
Retail tenant specialist Jack Gray has joined Mid-America Real Estate’s Minnesota operation. He will be representing clients that include Starbucks, Buffalo Wild Wings, and Mills Fleet Farm.
Gray arrives at Mid-America from an internship on Cushman & Wakefield Northmarq’s industrial brokerage team.
Gray is a recent graduate of University of St. Thomas, where he earned a Bachelor’s degree in marketing.
Jack’s interpersonal skills will serve him well in our industry.” Said Mid-America VP of tenant representation, Johnny Reimann.
Phillips Edison acquires Ralph’s-anchored center
Chain Store Age’s “Fastest-Growing Acquirer” for 2016 continues to be hard at it in 2017.
Phillips Edison has purchased Sierra Del Oro Towne Center in Corona, California, about midway between Los Angeles and Palm Springs, for $28.6 million, it was announced this week.
Anchored by a Ralph’s Supermarket, the center is built on 11 acres and includes Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, and a Children’s Montessori Center. According to Hanley Investment Group—broker of the deal on behalf of seller Cornerstone Development Parters—70% of the current tenancy has occupied space for over 10 years.
“Since 2014, there have been 25 retail properties that have traded for over $20 million in Riverside and San Bernardino counties, according to CoStar. Only six of these properties were grocery-anchored, which speaks to the rarity of this type of property,” said Hanley Executive VP Pat Kent.
Sierra Del Oro’s major appeal is its location, Kent said, adding that household income within a one-mile radius exceeds $104,000 and that more than 156,000 people within a five-mile radius.
Off-pricer remains bullish on store expansion
Ross Stores continues to build out its store footprint at an aggressive pace.
The off-price retailer opened 21 Ross Dress for Less stores and seven dd's Discounts locations across 15 different states in June and July. The openings are part of the company's plans to add approximately 70 Ross and 20 dd's locations in 2017.
"With this opening group, we continued to expand Ross and dd's in both new and existing markets. Ross grew in its newest market – the Midwest – as well as existing markets, including California, Texas, and Florida," said Jim Fassio, president and chief development officer, Ross.
In June, dd's opened its 200th location and expanded into its newest state of Pennsylvania.
"Looking ahead, we remain confident in our expansion plans and continue to see plenty of opportunity to grow across all of our markets," said Fassio. "We continue to believe that over the long-term, Ross can grow to 2,000 locations and dd's can become a chain of 500 stores."
Ross Stores is headquartered in Dublin, California, with fiscal 2016 revenues of $12.9 billion. Currently, it operates 1, 384 Ross Dress for Less locations in 37 states, the District of Columbia and Guam, and 205 dd's Discounts ouposts in 16 states.