12:30 PM
Newmark Grubb Knight Frank (NGKF) announced the Southwest expansion of privately-owned Bealls, Inc. (Bealls Outlet and Burkes Outlet), a national off-price retailer, in Phoenix, Albuquerque, Tucson and Las Vegas. Represented by Tim Westfall and Joe Doucett with NGKF Arizona Retail, Bealls, Inc. closed seven transactions in the last quarter for more than 136,000 square feet. The stores are scheduled to open between the fall of 2016 and spring of 2017.
“Our focus is on markets that will support the fashion brands and home goods products featured in our stores,” explained Lauri Mendoza, regional site manager at Bealls Outlet Stores, Inc. “The demographics in key southwest markets are ideal for our model and we expect continued growth in the region.”
Bealls expanded in the market last year, securing two new Phoenix locations, Westporte Village and Legacy Village, totaling nearly 44,000 square feet; most recently it doubled its presence in the New Mexico market with three back-to-back closings representing nearly 58,000 square feet.
NGKF Arizona Retail exclusively represents Bealls in its southwest expansion. Growing its footprint this past year by more than 180,000 square feet, the team is in active pursuit of 20,000-25,000 square foot opportunities.
“The Phoenix retail market is improving. There’s been a steady advancement since the trough of the recession when there were over 300 available big box locations”, commented Westfall, who is actively working with Bealls on transactions in the metro area.
“As the retail landscape continues to evolve, retailers must be prepared to take aggressive action to adapt to consumer needs and remain viable in the sector,” added Westfall. “Many retailers are rethinking their real estate portfolios, market penetration and getting creative with the foot print of new stores. Bealls Outlet is a prime example as the retailer is aggressively growing its presence in major markets throughout the country. As a privately-held company, Bealls Outlet is nimble with creative deal structures, and is attentive and responsive on transactions, which are all appealing tenant characteristics to landlords.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About Beall’s, Inc.
Beall’s, Inc. is the parent company of Beall’s Department Stores, Inc, Beall’s Outlet Stores, Inc., and Burke’s Outlet Stores, LLC. The corporation, through its subsidiaries, operates over 530 retail store sites in 16 states across the southern and eastern United States with annual sales over one billion dollars. Since its modest beginnings in 1915 Beall’s has grown to be a major employer in the State of Florida as well as a valued asset to all the communities it serves throughout the country. The firm is headquartered in Bradenton, Florida. Bealls Inc. is not affiliated with the Bealls department stores operated in the Southwest by Specialty Retailers Inc. of Houston. For more information, please visit www.beallsinc.com.