Category Archives: Shopping Centers/Retailers
Jacksonville based Regency Centers Corp. just announced a deal to acquire another major shopping center owner, Equity One, Inc. Regency currently owns 307 properties across the country, and the acquisition/merger with Equity One (122 properties) will result in a combined company with 429 properties across the US, with a total market value of $15.6 Billion. The deal is expected to take place in the first to second quarter of 2017. The company will retain the Regency Centers name and the headquarters will remain in Jacksonville. The merger will be done through an exchange of stock.
According to a Bankrate.com posting by Sarah Berger, the following 8 chains announced significant store closings this year.
WalMart (January) – 154 in US (269 worldwide)
Sports Authority (March) – 450 stores (all)
Kmart/Sears (April) – 78 stores (68 KM’s and 10 Sears)
Macy’s (?) – 100 stores
Ralph Lauren (June) – 50 stores
Office Depot (August) – 400 + 300 in next 3 years
Aeropostale (May) – 113 stores (plus all 41 of its Canadian stores)
JCPenney (January) – 7 stores (shuttered 33 in 2014 and 40 in 2015)
Topgolf opened for business on October 28th, after much anticipation and excitement. The venue is 65,000 SF and located near the St. Johns Town Center, just west (and visible) from I-295.
Ikea broke ground yesterday, with a planned opening in 2017. The store will be 290,000 SF and located on 25 acres, with 950 parking spaces. Ikea plans to hire 250 people once the store opens. This will be the 4th Ikea in Florida, and the first in Northeast Florida.
Both of these developments are great signs for the city, demonstrating that the city is now “on the radar” for major retailers who previously overlooked Jacksonville. Topgolf and Ikea chose sites close to the St. Johns Town Center, which is viewed by outsiders as the prime retail hub of the city.
IKEA plans to invest nearly $36M into the planned Jacksonville location. According to a recent article, the opening is expected to be in the fall of 2017 and the store plans on hiring 250 people to staff the location. The permits show a store size of 294,203 SF with 950 parking spaces and an expected development cost of $22.7M. IKEA paid $13M for the 25 acres back in May.
Best Buy is going to be relocating their existing store at The Markets at Town Center to the proposed new development across the street, known as The Strand, and expanding by 4,800 SF along the way. The Strand is being developed by Preferred Growth Properties, LLC, a subsidiary of Books A Million, Inc.
The Apple store located within the St. Johns Town Center is relocating to a larger space just down the street, and will be updated with the “next generation” Apple store design. The new store will be located in the higher end section of the outdoor mall, near restaurants J. Alexander’s, Capital Grill and Cantina Laredo, next door to the new Tesla showroom and across the street from Mayors, Tiffany & Co. and Louis Vuitton stores. The new location, which will be double the size of their existing store, will also be much closer to parking, making a trip to the store much more convenient for shoppers. The “next generation” store design proves that Apple thinks highly of the Jacksonville market and that its a strong performing store for them. As of May, there were only 4 locations open with this new store design, including San Francisco, Memphis, Guilderland (NY) and Brussels, and one planned in Oklahoma City.
Highland Square Shopping Center, located on Dunn Avenue just west of I-95, was just purchased by American Commercial Realty Corp. for $22.7M. The center is anchored by Publix, and other notable retailers include Bealls Outlet, dd’s Discount and Family Dollar. The sale also included a freestanding CVS and Starbucks, which are located on outparcels of the center. The inline space totals 262,000 square feet (277,600 SF including the outparcels).
While not involved in this sale, the Colliers Investment Team has brokered the sale of 3 Publix anchored shopping centers in the last 12 months. Contact Scott Rogers or Ernie Saltmarsh to learn more.
Plans and renderings for East San Marco were just flied with the city. The $41M project will include a Publix anchor, small shop space and 239 apartments above the retail on the ground floor.
Restoration Hardware just opened up an outlet store here in Jacksonville, located in The Shoppes at Southside. RH, a luxury home furnishings store, is taking up 40,000 SF in the former Sports Authority, next to Best Buy. As of April 30th, Restoration Hardware had 19 other outlet stores, and 69 traditional stores in 29 states.
A reception was held in front of the Duval County Main Library this past Thursday, welcoming Wawa to the Northeast Florida community. Wawa’s CEO, Chris Gheysens, was in town and went over Wawa’s plans for Northeast Florida. A large crowd gathered to hear the plans and to get a taste of what is in store. Wawa currently has 4 sites that are in various stages of permitting/approvals, but anticipates closer to 30 long term. Each store costs about $5M and employs 40 people, bringing their total NEFLA investment to $150M and 1,200 jobs. Locations that are currently in the pipeline include:
- Monument Rd and McCormick Rd
- Beach Blvd and Central Pkwy
- Gate Pkwy and Town Center Pkwy
- Blanding Blvd and Filmore St (Orange Park)
Interesting Fact: Wawa is a Native American word for the Canadian Goose, which is the companies logo.