Retail

Richter + Ratner Continues Renovation, Redevelopment of Bow Tie Building in Times Square

by Amy Works July 26, 2016

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.

July 26, 2016

New Jersey Northeast Retail

CBRE Brokers $5.5M Sale of New Jersey Retail Property

by Amy Works July 26, 2016

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.

July 26, 2016

Northeast Pennsylvania Retail

PREIT Welcomes Primark to Willow Grove Park Mall in Philadelphia Suburb

by Amy Works July 26, 2016

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.

July 26, 2016

Midwest Ohio Retail

The Barre Code to Open in Downtown Cincinnati

by Christina Cannon July 26, 2016

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.

July 26, 2016

Features Retail Top Stories

Need for Customer Engagement, Sense of Belonging Turns Traditional Shopping Center Paradigm on Its Head

by Christina Cannon July 26, 2016

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 …

July 26, 2016

California Retail Western

Hanley Investment Arranges Sale of Two 7-Eleven Locations in California for $6.1M

by Nellie Day July 25, 2016

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.

July 25, 2016

Connecticut Northeast Retail

CBRE Negotiates $45.3M Sale of Shopping Center in Connecticut

by Amy Works July 25, 2016

STAMFORD, CONN. — CBRE has arranged the sale of Newfield Green, a shopping center located in Stamford. Urstadt Biddle Properties acquired the property from Hoffman Investment Partners for $45.3 million. The 71,588-square-foot grocery-anchored center is more than 60 percent occupied by Grade A Market and CVS/pharmacy. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the deal.

July 25, 2016

Massachusetts Mixed-Use Northeast Office Retail

GLL Real Estate Partners Sells Mixed-Use Building in Boston for $42.1M

by Amy Works July 25, 2016

BOSTON — GLL Real Estate Partners has completed the disposition of a mixed-use building located at 70 Franklin St. in Boston. Deka acquired the 85,977-square-foot property for $42.1 million. At the time of sale, the building was 91 percent leased to eight tenants, including TIAA-CREF, Jos. A. Bank and Papyrus. Robert Griffin, Edward Maher and Matthew Pullen of Newmark Grubb Knight Frank represented the seller in the transaction.

July 25, 2016

Retail Texas

JLL Secures Sale of Nassau Bay Town Square in Houston

by Haisten Willis July 25, 2016

HOUSTON — On behalf of Griffin Partners, JLL has secured the sale of Nassau Bay Town Square, a 100 percent occupied, 50,253-square-foot retail development in Houston. An undisclosed buyer purchased the Class A asset for an undisclosed price. JLL also secured $12.9 million in acquisition financing, with Wells Fargo providing the securitized loan. George Cushing and Wendy Vandeventer led the JLL team on the sale. Jimmy Board and Paul House led the firm’s financing efforts. Located directly across from NASA’s Johnson Space Center, Nassau Bay Town Square is part of a 660,000-square-foot mixed-use development that includes office, multifamily and hotel assets. Tenants of Nassau Bay Town Center include Jimmy Johns, Five Guys, Berkeley Eye Center and Texas Citizens Bank.

July 25, 2016

Connecticut Northeast Retail

CW Landmark Group Arranges Sale of 114,000 SF Retail Center in Connecticut

by Amy Works July 25, 2016

CROMWELL, CONN. — CW Landmark Group has brokered the sale of Cromwell Commons, a retail center located at 136 Berlin Road in Cromwell. The Nugent Organization and J&V Ventures acquired the 114,000-square-foot property from Cromwell Commons RSK and MBMB Cromwell for an undisclosed price. Price Rite anchors the shopping center. Ralph Lewis and Daniel Bernardini of CW Landmark Group represented the buyer and seller in the deal.

July 25, 2016

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