Retail

Urban Edge Properties Obtains $100M Loan to Refinance Tonnelle Commons in North Bergen

by Nellie Day May 12, 2017

NORTH BERGEN, N.J. — Urban Edge Properties (NYSE: UE) has obtained a $100 million loan to refinance Tonnelle Commons, a 410,015-square-foot retail power center in the New York City suburb of North Bergen. The Class A center is located at 2100 88th St. at the corner of Tonnelle Avenue. Tonnelle Commons is fully leased to 16 tenants. Anchors include Walmart, BJ’s Wholesale Club, PetSmart and Staples. Other tenants include Applebee’s, the Vitamin Shoppe, GameStop, SuperCuts and Mattress Firm. The property was built in 2009 less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is situated at the northern edge of Hudson County, the most densely populated county in New Jersey. HFF’s debt placement team, led by Scott Aiese and Mike Tepedino , secured the 10-year, non-recourse, fixed-rate loan. Urban Edge Properties is a REIT that manages, acquires, develops and redevelops retail real estate in urban communities, primarily in the New York metropolitan region. The REIT’s stock closed at $24.93 per share on Thursday, May 11, down from $27.38 one year ago. — Nellie Day

May 12, 2017

Retail Washington Western

Nordstrom Names New Chief Financial Officer

by Nellie Day May 11, 2017

SEATTLE — Seattle-based Nordstrom Inc. has hired Anne Bramman as chief financial officer (CFO), effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison Corp. where she has served as senior vice president and CFO since 2015. She has an extensive financial leadership background in a variety of industries, including retail. Mike Koppel retired as the company’s CFO on May 1, 2017, after 16 years and will continue to support Nordstrom in a consulting and advisory role through the end of the year. Nordstrom Inc. is a fashion specialty retailer. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 353 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 220 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.

May 11, 2017

Loans Retail Texas

Vestar Secures $8.6M in Financing for Sprouts-Anchored Retail Center in Allen, Texas

by Taylor Williams May 11, 2017

ALLEN, TEXAS — Private equity firm Vestar has secured $8.6 million in financing for Twin Creeks Marketplace, a 43,134-square-foot retail center located at 1265 W. Exchange Parkway in the Dallas-Fort Worth metro of Allen. The property, which was developed in 2016, was 100 percent leased at the time of loan closing to anchor Sprouts Farmers Market, as well as tenants such as Verizon Wireless, Starbucks Coffee and Advancial Credit Union. Vestar secured the 15-year loan through Lincoln National Life Insurance Co.

May 11, 2017

Mixed-Use New Jersey Northeast Office Restaurant Retail

Edison Properties Begins Redevelopment of Ironside Newark in New Jersey

by Haisten Willis May 11, 2017

NEWARK, N.J. — Edison Properties has begun construction at Ironside Newark, a mixed-use building in downtown Newark. Located at the corner of Edison Place and McCarter Highway (Route 21), Ironside Newark will transform the warehouse building into a commercial and retail destination. Designed by New York City-based Perkins Eastman, the project will include 456,000 square feet of offices across its six upper floors, with access to a rooftop featuring green space and views of Newark and Manhattan. Two floors of retail and restaurant space will front the newly announced Mulberry Commons Park, providing a link between Ironside Newark and Newark Penn Station, Prudential Center arena and downtown Newark. Hollister Construction Services will serve as the sole construction manager on the project. Construction on the building is expected to last 18 months, with opening tentatively scheduled for fall 2018.

May 11, 2017

New Jersey Northeast Restaurant Retail

Anchor Tenants Announced at The Shoppes at Middletown in Middletown, N.J.

by Haisten Willis May 11, 2017

MIDDLETOWN, N.J. — National Realty & Development Corp. (NRDC) has signed the first anchor tenants at The Shoppes at Middletown, a retail development in Middletown. A 130,000-square-foot Wegmans Food Markets store and a 26,530-square-foot, six-screen CMX, The VIP Cinema Experience will join the 340,000-square-foot development. When complete, The Shoppes at Middletown will include national, regional and local retailers and restaurants. The project is located on Route 35 at its intersection with Kings Highway East in eastern Monmouth County.

May 11, 2017

Northeast Pennsylvania Retail Top Stories

CBRE Global Investor Fund Acquires King of Prussia Town Center for $183M

by John Nelson May 11, 2017

KING OF PRUSSIA, PA. — A fund advised by CBRE Global Investors has acquired King of Prussia Town Center, a newly constructed, open-air shopping center located at 155 Village Drive in King of Prussia, an affluent suburb of Philadelphia. The sales price and seller were undisclosed, but various media outlets have reported that the fund acquired the 263,423-square-foot project from developer JBG Cos. for $183 million. King of Prussia Town Center is the retail component of The Village at Valley Forge, a 122-acre master planned development by Realen Corp. that will feature nearly 3,000 residential units and 1 million square feet of commercial space upon completion. The development also features the newly opened Children’s Hospital of Philadelphia Specialty Care & Surgery, King of Prussia and a 130,000-square-foot Wegmans grocery store, which is owned by the same CBRE-backed fund. King of Prussia Town Center’s average traffic count is more than 360,000 vehicles daily, according to CBRE Global Investors. The development is situated near King of Prussia Mall, a 2.3 million-square-foot superregional mall owned and operated by Simon Property Group. King of Prussia Town Center was 87 percent leased at the time of sale to retailers including REI, LA Fitness, Muse Paintbar, …

May 11, 2017

Retail Texas Uncategorized

Oldham Goodwin Brokers Sale of 170,000 SF Retail Power Center in College Station

by Taylor Williams May 10, 2017

COLLEGE STATION, TEXAS — Oldham Goodwin Group LLC, a brokerage and development firm based in Central Texas, has brokered the sale of University Shopping Center, a 170,000-square-foot retail power center in College Station. Located at 1901 S. Texas Ave. approximately half a mile from Texas A&M University, the center is anchored by tenants such as Ross Dress for Less, Big Lots and Hobby Lobby. Clint Oldham of Oldham Goodwin represented the seller, Allegiancy, a Virginia-based asset management firm, and procured the undisclosed buyer.

May 10, 2017

Retail Texas

Prestige to Break Ground on 171,027 SF Shopping Center in Abilene

by Taylor Williams May 10, 2017

ABILENE, TEXAS — New Mexico-based Prestige Development Group will break ground this month on The Shops at Abilene Village, a 171,027-square-foot shopping center that will be located at 3550 S. Clack St. in Abilene. Approximately 85 percent of the space is preleased to tenants such as Academy Sports + Outdoors, Burlington and Petco. Delivery of the center is scheduled for 2018.

May 10, 2017

Retail Texas

Edifis Group Sells 8,500 SF Retail Center in Katy

by Taylor Williams May 10, 2017

KATY, TEXAS — Edifis Group, a Texas-based investment firm, has sold Grand Crossing II, an 8,500-square-foot retail strip center located at the intersection of Interstate 10 and Grand Parkway in Katy. At the time of sale, the property, which is shadow-anchored by Costco, was 100 percent leased to Sleep Number, GrandLux Nail Lounge and American Dental Partners. Ryan West of HFF represented the seller in the transaction.

May 10, 2017

New York Northeast Restaurant Retail

New Restaurants Announced at Hudson Yards in NYC

by Haisten Willis May 10, 2017

NEW YORK CITY — Several new restaurants have been announced at Hudson Yards on the west side of Manhattan. Opening in late 2018, restaurants at the site will include Chef Thomas Keller’s American restaurant, a new concept from David Chang’s Momofuku, Chef Costas Spiliadis’ Greek seafood restaurant Estiatorio Milos, a brasserie concept from D&D London and an American Grill concept from Chef Michael Lomonaco. In partnership with Related Cos. and Oxford Properties Group, José Andrés’ ThinkFoodGroup will also debut a new Spanish concept.

May 10, 2017

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