Retail

SHOPRITE TO ANCHOR SPRINGFIELD AVENUE MARKETPLACE

by admin May 29, 2013

NEWARK, N.J. — Wakefern Food Corp., the merchandising and distribution arm for ShopRite grocery stores, has signed a 67,000-square-foot lease to open a new supermarket at Springfield Avenue Marketplace in Newark. . As anchor tenant, ShopRite will service approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty. Springfield Avenue Marketplace, a project of Tucker Development Corp., will include 125,000 square feet of retail space and approximately 150 residential apartments. The development is located on an 11-acre site at the northeast corner of Springfield Avenue and Jones Street. Groundbreaking on the development is slated to take place this fall.

May 29, 2013

ONTARIO GATEWAY CENTER RECEIVES $25.2M IN FINANCING

by admin May 28, 2013

ONTARIO, CALIF. — Ontario Gateway Center, a 220,930-square-foot power center, has received $25.2 million in financing. The center is located at 4420 Ontario Mills Parkway in Ontario. The 10-building property is fully occupied. Anchors include Toys “R” Us and Babies “R” Us. Ross is scheduled to open at the center in late 2013. The loan features a 10-year term and a 3.75 percent fixed interest rate. Financing was arranged by HFF’s Paul Brindley and Steven Paskhover on behalf of an affiliate of Zelman Development Company and Grayburn Properties. The funds were provided by Deutsche Bank.

May 28, 2013

Northeast Retail

ROCCO’S TACOS AND TEQUILA BAR OPENS FIRST NYC LOCATION

by admin May 28, 2013

NEW YORK CITY — Rocco’s Tacos and Tequila Bar has signed a 15-year lease to occupy 14,500 square feet at 339 Adams St. in Brooklyn. The location is the first in New York City for the Florida-based chain, which offers Mexican food and several brands of tequila. Ross Spitalnick of Muss Development and RKF’s Ariel Schuster and Brian Segal represented the landlord, Muss Development LLC. The Shopping Center Group represented Rocco’s Tacos in the transaction.

May 28, 2013

Retail Western

ONTARIO GATEWAY CENTER RECEIVES $25.2M IN FINANCING

by admin May 28, 2013

May 28, 2013

Retail Western

HOBBY LOBBY SIGNS FIRST LEASE IN OREGON

by admin May 24, 2013

ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.

May 24, 2013

Retail Southeast

MORGAN PROPERTY BUYS LAND IN VIRGINIA FOR NEW 7-ELEVEN

by admin May 24, 2013

HARRISONBURG, VA. — Morgan Property Group (MGP) has acquired land for the development of a new freestanding 7-Eleven store in Harrisonburg. MPG acquired the 1.1 acres from Trenton Inc. for $1 million. 7-Eleven Inc. will lease the project and develop a 2,940-square-foot convenience store with six pumping stations. MPG will break ground on the new store in June. The store is expected to open this fall.

May 24, 2013

Retail Southeast

BELK REMODELS, EXPANDS ARKANSAS STORE

by admin May 24, 2013

PARAGOULD, ARK. — Belk, the mid-range department store chain, is expanding and remodeling its store at the Town West Shopping Center in Paragould, located in northeast Arkansas. The $1.8 million project will add 10,000 square feet of space for a total of 48,000 square feet. The remodeling project will also include updated decor, new paint, carpet, tile aisles and lighting. The expansion will be complete in late September, prior to the store's grand reopening in October.

May 24, 2013

Retail Western

HOBBY LOBBY SIGNS FIRST LEASE IN OREGON

by admin May 24, 2013

May 24, 2013

Retail Southeast

DEERWOOD ARRANGES $20.7M ACQUISITION LOAN

by admin May 23, 2013

MOBILE, ALA. — Deerwood Real Estate Capital has arranged a $20.7 million nonrecourse loan for the acquisition of a 381,000-square-foot power center in Mobile. The center is 80 percent leased. Rafi Frankel and Mark Silbersher of Deerwood arranged the 10-year loan, which includes two years of interest-only payments, followed by a 28-year amortization schedule.

May 23, 2013

Midwest Retail

JV BREAKS GROUND ON 216-UNIT APARTMENT TOWER

by admin May 23, 2013

CHICAGO — Ascend Real Estate Group, Team4 Development LLC and Intercontinental Real Estate Corp. have broken ground on The Madison at Racine, a nine-story, 216-unit luxury apartment midrise in downtown Chicago. The multifamily property is located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project. The building will include one- and two-bedroom units, 227 parking spaces and 10,000 square feet of ground-floor retail space. The first residential occupancies are scheduled for fall 2014. FitzGerald Associates Architects designed the building.

May 23, 2013

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