PHILADELPHIA, BOSTON AND WASHINGTON, D.C. — Modell’s Sporting Goods has acquired three new locations in major cities on the East Coast. The company has acquired 1608 Walnut St. in Philadelphia, 480 Boylston St. in Boston and 715 Seventh St. NW in Washington, D.C., from City Sports for an undisclosed price. Modell’s Sporting Goods will transition the three locations, ranging from 7,500 square feet to 9,000 square feet, from City Sports retailers in early 2016. The acquisition of these locations brings Modell’s total store count to 160 locations in 10 states.
NEW YORK CITY — The Port Authority of New York and New Jersey and The Durst Organization have announced that One World Trade Center is ending the year by reaching a major milestone of leasing 2 million square feet of Class A office space. The 1,776-foot tall tower reached this milestone with the signing of two new leases for pre-built space on the property’s 84th floor: a 12,000-square-foot transaction with SHVO, an international developer of luxury residential, hospitality and mixed-use projects; and a 10,000-square-foot lease with Juno Lab, a sharing economy venture. One World Trade Center now includes a roster of 24 tenants in a variety of business sectors, including media, technology, financial services and advertising. The landlord, The Durst Organization, was represented in-house by Karen Kuznick, along with Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas of Cushman & Wakefield. Elliott Warren of the Kaufman Organization represented Juno Lab in the transaction, while SHVO was represented in-house.
NEW YORK CITY — Equicap has arranged $5 million in permanent financing for a mixed-use property located in the Chinatown section of New York City. The 20-unit property features four retail units and 16 apartments. The borrower, a large not-for-profit, plans to renovate and re-tenant the retail portion of the property. Daniel Hilpert of Equicap negotiated the five-year loan at a 3.25 percent interest rate.
MURPHY, TEXAS — United Development Co. of Southlake, Texas has closed on a 1.6-acre parcel in Murphy with plans to co-develop a 11,500-square-foot retail center. The property will feature a 4,000-square-foot Sherwin Williams at 420 W. FM 544 near the Brand Road intersection. The center will be complete summer 2016. The project is being co-developed with Stacy McVey of Double Eagle Properties. Shelley Taylor of The Retail Connection is leasing the project, which will include Jimmy John’s, a dentist’s office, and 4,000 square feet of available space. United Development Co., through its investment platforms, has managed more than $500 million of real estate investments over the last 15 years.
JACKSON, MICH. — Colliers International has arranged a 1,200-square-foot retail lease in Jackson, approximately 35 miles west of Ann Arbor. Jackson Properties Inc. is leasing the space to HoneyBaked Ham. The property is located at 1083 N. Winser St. and will be the first HoneyBaked Ham location in Jackson. Paul Lichtenberg and Morry Levin of Colliers International represented the landlord in the transaction.
LAS VEGAS — Sterling Organization has acquired Smith’s Shopping Center, a 108,731-square-foot, grocery-anchored retail plaza in Las Vegas, for $20 million. The asset was acquired from a subsidiary of Kirkorian Enterprises via Sterling Organization’s institutional stabilized fund Sterling United Properties I LP. The center is fully occupied by tenants including Subway, The UPS Store, Verizon and H&R Block.
SANTA BARBARA, CALIF. — Lee & Associates has arranged the over $15 million sale of a 48,813-square-foot Saks Off 5th Avenue building located in downtown Santa Barbara. Stephen Leider and Clarice Clarke of Lee & Associates represented the seller, State Street Properties LLC, in the transaction.
LOS ANGELES — Forever 21 continues its expansion of its new concept, F21 RED, with three new stores in Brooklyn, N.Y., San Diego, and Kendall, Fla. F21 RED is a new concept store for Forever 21, which launched the first location in first quarter 2014, and currently operates more than 20 locations in the U.S. The Fulton Street store, located in the heart of Brooklyn, is 35,000 square feet, while the San Diego and Kendall locations are more than 20,000 square feet. F21 RED, headquartered in Los Angeles, is a fashion retailer of women’s, men’s and children’s clothing and accessories.
HOUSTON — NewQuest Properties will break ground on additional retail space in its 46-acre Spring Town Center in tandem with the first-quarter opening of the Grand Parkway in northwest Houston. The 320,497-square-foot Spring Town Center is the largest and closest retail development to the Kuykendahl Road exit of the Grand Parkway’s $1.1 billion extension from U.S. 290 to U.S. 59. Kuykendahl Road bisects Spring Town Center, with its northeastern corner anchored by Walmart, a 12-screen Cinemark and Palais Royale and the southeastern tract anchored by Lowe’s Home Improvement Center and Sprouts Farmers Market. NewQuest will be adding an 11,550-square-foot freestanding building on the southeastern corner. The new structure will front Kuykendahl Road, adjacent to the newly opened El Pollo Loco. Designed by NewQuest’s in-house architects, the building will deliver in the fall.
PALOS HEIGHTS, ILL. — Adelphia Properties has brokered the $1.6 million sale of a retail property located in Palos Heights, approximately 25 miles southwest of Chicago. The property is fully leased to tenants including Lou Malnati’s, Great Clips, Jersey Mike’s Subs and Forever Yogurt. The 5,545-square-foot retail center, located at 12801 S. Harlem Ave., was redeveloped in 2014. Simeon Spirrison of Adelphia Properties represented the buyer, a private non-1031 investor. The seller is also undisclosed.