BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.
BURLINGTON AND NEWARK, N.J. — CBRE has brokered the sales of two retail properties in New Jersey. In the first transaction, a double net-leased Dollar Tree property, located at 1204 Route 130 N in Burlington, sold as part of a 1031 exchange for $1.4 million. The name of the seller and buyer were not released. In the second deal, a 19,500-square-foot retail property located at 727 Frelinghuysen Ave. in Newark sold for $650,000 to an undisclosed buyer. At the time of sale, the property was 75 percent vacant. The name of the seller was not released. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transactions.
WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …
CERRITOS, CALIF. — HFF has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air retail center located in the Los Angeles suburb of Cerritos. The property began an extensive renovation in 2014, most of which was completed in 2015, with more renovations scheduled to begin later this year. The center is over 97 percent leased to tenants including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant and 24-hour Fitness. Paul Brindley, Eric Tupler and Steven Paskover of HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition and renovation financing.
NEW YORK CITY — Richter + Ratner, serving as construction manager, is completing a core-and-shell renovation and structural redevelopment of the 160,000-square-foot Bow Tie Building, located at 1514 Broadway in Times Square. The multimillion-dollar renovation began in February 2016 and will continue through early 2017. The project will create 25,000 square feet of additional floor space for new retail tenants by infilling the atrium space of the former Toys R Us flagship store. The new anchor tenants, Gap and Old Navy, will each occupy 31,000 square feet of the three-story building with additional retail tenants filling the remaining space. Bow Tie Partners has owned the building since 1977. Project team members include Carlton Architecture, Jack Green Associates and GMS Engineering.
WESTWOOD, N.J. — CBRE has arranged the sale of a retail property located at 39 Kinderkamack Road in Westwood. An undisclosed buyer acquired the property for $5.5 million. The 9,300-square-foot building is triple net-leased to Goodyear for a 15-year term. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transaction. The name of the seller was not released.
WILLOW GROVE, PA. — PREIT has signed Primark, a European fashion retailer, to its Willow Grove Park Mall in Willow Grove, a suburb of Philadelphia. The European fashion retailer will occupy 58,300 square feet of space, which was previously occupied by Sears, on the second and third floors of the mall. The store will feature 59 fitting rooms, 47 registers, recharge areas and a trend room that elevates the shopper experience with added convenience and innovative experiences. The retailer offers a range of fashion products, including womenswear, menswear, children’s apparel, home goods and beauty products. The opening at Willow Grove supports PREIT’s commitment to diversifying its tenant mix. This Primark location is the second in the Philadelphia region and the fifth in the Northeast.
CINCINNATI — Chicago-based fitness franchise The Barre Code is set to open a new location at 615 Main St. in downtown Cincinnati early next year. The new 2,250-square-foot location will include a studio room and changing rooms with fully stocked vanity areas. Megan Fair of CBRE represented the tenant in the lease transaction. CBRE’s project management team is also facilitating a buildout at the location.
Gathering spaces and food are changing the format of the physical shopping environment, say retail architects and designers who are being tasked with creating new designs for older shopping centers and new retail-oriented projects. “Retail projects are requiring a different approach as far as what they mean to the customer anymore,” says Sy Perkowitz, principal with KTGY in Irvine, Calif. “What we want is something that is an attraction; something that brings you out to the retail center as opposed to Internet shopping or other activities that you may be involved in,” explains Perkowitz, “The need to be physically present at a retail project has changed. It used to be out of necessity, and today it’s more about wanting to be there because you’re interested in communicating with other people face-to-face.” As a result, retail developers are incorporating more places for people to socialize in shopping centers, whether that is restaurants, outdoor dining areas or public gathering spaces at shopping centers, something that used to be taboo in retail design. In former times, gathering spaces were thought to disengage shoppers from spending time in stores. Today, the opposite is true: the longer visitors spend at the center, and the more …
LAKEWOOD AND CULVER CITY, CALIF. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has arranged the sale of two 7-Eleven stores located in California. The properties include a 1,481-square-foot 7-Eleven located in Culver City, as well as a 4,690-square-foot, two-tenant strip center occupied by 7-Eleven in Lakewood. Jeremy McChesney of Hanley represented the buyer and seller, both undisclosed private investors, in the sale of the Culver City property for $2.7 million. McChesney represented the buyer, an undisclosed private investor, and Dave Hunsaker and Chuck Noble of Lee & Associates represented the sellers, Orange, Calif.-based private investors, in the sale of the Lakewood strip center for $3.4 million.
