Stirling acquires John Toomey & Co. in Mobile, Alabama
Covington, La. — Stirling Properties has acquired John Toomey & Co., a commercial real estate company based in Mobile, Alabama. Stirling will add Toomey’s 1.8-million-sq.-ft. portfolio to its own, bringing the total to 15.5 million sq. ft.
John Toomey and his team will join Stirling Properties, with Toomey serving as broker/new business development coordinator for the Mobile area.
E-commerce sees double-digit growth in first quarter
According to a report by digital measurement firm comScore, desktop-based e-commerce spending rose 12% year-over-year to $56.1 billion, marking the 18th consecutive quarter of positive year-over-year growth and 14th consecutive quarter of double-digit growth.
M-commerce spending on smartphones and tablets added $7.3 billion for the quarter, up 23% compared to a year ago, for a digital commerce spending total of $63.4 billion in the first quarter.
“Q1 e-commerce and m-commerce spending growth have seen a modest acceleration versus the fourth quarter, which is a positive sign in light of overall softness in consumer discretionary spending across the broader U.S. economy during the early part of the year,” said comScore chairman emeritus Gian Fulgoni. “As we look ahead to the remainder of 2014, we hope that signs of improved consumer sentiment and a strengthening job market will help further bolster digital commerce. In addition, with several key consumer tech product upgrade cycles and new product introductions expected in the back of the year, there would appear to be continued momentum for the market throughout the year barring any unforeseen economic troubles.”
According to the report, the top-performing online product categories were apparel and accessories, consumer packaged goods, sport and fitness, digital content and subscriptions and home and garden. Each category grew at least 13% compared to a year ago. Desktop e-commerce accounted for 11.7% of consumers’ discretionary spending, the highest first quarter share on record. Of the additional $7.3 billion in mobile commerce (m-commerce), purchasing using smartphones accounted for 62% compared to 38% from tablets.
Big Lots takes 31,000 sq. ft. in Revere, Massachusetts
Burlington, Mass. — Big Lots has signed a lease for 31,000 sq. ft. at Wonderland Marketplace in Revere, Massachusetts. KeyPoint Partners represented the landlord in the transaction.
Wonderland Marketplace is a 135,000-sq.-ft. shopping center anchored by Marshalls and Staples. In line tenants include Hair Cuttery, Ninety-Nine restaurant, and the U.S. Post Office. The Big Lots space is in a former Stop & Shop. Another 33,687 sq. ft. is available for lease in that building.
A new lease is pending for a 4,250-sq.-ft. out-parcel development at the center.