NEW YORK CITY — PUMA has opened an 18,000-square-foot flagship store in Manhattan, the company’s first location of this kind in North America. Customers can use the store’s PUMA x YOU technology to customize clothing and accessories before purchase. Additional in-store technology includes virtual racing and soccer simulators, 3-D knitting and screens that display alternate selections and colors of in-store merchandise.
NEW YORK CITY — Le Tote, an online clothing rental subscription service based in San Francisco, has entered an agreement to acquire Lord & Taylor, a New York-based clothing department store chain previously owned by Canadian retail group Hudson’s Bay Company (TSX: HBC). Le Tote will assume responsibility of Lord & Taylor’s 38 brick-and-mortar stores, digital channels and inventory. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s Board of Directors and certain rights as a minority shareholder. The transaction is expected to close before the start of the 2019 holiday season. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. Helena Foulkes, CEO of HBC, said the company will focus on its other brands, Saks Fifth Avenue and Hudson’s Bay. “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord & Taylor, bringing together fashion rental subscriptions with traditional retail,” Foulkes said. “Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord & Taylor, its loyal customers and dedicated …
SOMERVILLE, MASS. — JLL has arranged a $140 million construction loan for 101 South Street, a life science development in Somerville, a northern suburb of Boston. The project represents Phase I of the borrower’s planned mixed-use development, which will include retail and residential components as well as public green space. JLL arranged the financing on behalf of the borrower, a joint venture between New York-based developer DLJ Real Estate Capital Partners and Boston-based developer Leggate McCall Properties. Construction is slated for completion in 2021.
NEW YORK CITY — Rosewood Realty Group has arranged the $10.5 million sale of 495 Amsterdam Avenue, a five-story multifamily building in Manhattan. Built in 1900, the 9,975-square-foot property features eight four-bedroom apartments and three retail spaces that are leased to a spa and electronics and clothing retailers. Aaron Jungreis of Rosewood Realty Group represented the buyer, Rudd Realty Management, in the transaction. Jungreis also represented the seller, 162 West 84th Street Corp.
BROOKLYN, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Brooklyn Commons, a retail center located about 45 miles east of Hartford. The 106,900-square-foot property was 60 percent leased at the time of sale to tenants including Ocean State Job Lot, Dollar Tree and Subway. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, an undisclosed limited liability company.
SADDLE BROOK, N.J. — Leco Plastics Inc., a New Jersey-based manufacturer, has signed a 31,550-square-foot industrial lease in Saddle Brook, a western suburb of New York City. The building features 5,000 square feet of office space and 20-foot ceiling heights. Steven Leitner and Scott Perkins of NAI James Hanson represented the owner, Wilbur ’96 LLC, in the transaction.
ELMWOOD PARK, N.J. — NAI James Hanson has negotiated a 27,600-square-foot industrial lease for Best Value Kosher Foods in Elmwood Park, a western suburb of New York City. The space is located within 475 Mola Boulevard, a 45,000-square-foot building that features 7,000 square feet of office space, six loading docks and a fitness center. Jeff DeMagistris, Tom Vetter, and Tom Ryan of NAI James Hanson represented Best Value Kosher Foods in the lease negotiations. The NAI team also represented the owner, The Stro Companies.
NORWOOD, MASS. — CBRE has brokered the sale of Commons at Windsor Gardens, a 914-unit multifamily property in Norwood, a southern suburb of Boston. The property consists of 77 buildings with floorplans including 682 apartments and 232 townhomes. The Windsor Gardens commuter rail station is located onsite, offering a direct line to Boston. Simon Butler and Biria St. John of CBRE represented the seller, Windsor Gardens Propco LLC, in the transaction. The CBRE team also procured the buyer, which was undisclosed.
PORTLAND, MAINE — Koucar Management, a Michigan-based developer, has broken ground on a 102-room hotel in Portland, a city about 55 miles north of Augusta. The property is a Cambria-brand hotel from Choice Hotels International, a Maryland-based international hotel franchisor. Amenities include an indoor-outdoor rooftop bar, 2,000 square feet of event space, fitness center and a restaurant and bar. The hotel is slated to open in 2021.
MONTVILLE, N.J. — A joint venture between New Jersey-based developer Diversified Properties LLC and New York-based 1026 Real Estate Investors LLC will develop an 807-unit self-storage facility in Montville, a western suburb of New York City. The project will span three stories and 98,000 square feet of net rentable space. CubeSmart Self Storage will manage the property, construction of which is slated to begin September 2019.