BOSTON — Seattle-based Nordstrom Inc. has opened a new Nordstrom Rack at The Newbry in Boston's Bay Back neighborhood. The 38,000-square-foot store is scheduled to open next spring in the former Filene's Basement space. Nordstrom Rack is the upscale fashion retailer's off-price chain that sells merchandise from Nordstrom stores and Nordstrom.com for 50 to 60 percent off original prices. The new location expands the company's presence to four full-line stores and four Nordstrom Racks in the Boston market. TIAA-CREF owns the Newbry, which is located at 800 Boylston St.
LEWISBURG, PA. — Marcus & Millichap has arranged the $3 million sale of Plaza 15, a 117,086-square-foot retail property at 7495 W. Branch Highway in Lewisburg. The complex is anchored by Save-A-Lot and Big Lots. Joseph French and Schuyler Boylan of Marcus & Millichap represented the seller, a financial institution that is liquidating all of its assets. French also represented the buyer, a developer specializing in value-added properties.
ENGLEWOOD, N.J. — CPEX Real Estate has arranged the $1.6 million sale of the former Mama Mexico restaurant building at 464 Sylvan Ave. in Englewood. The two-story, 13,815-square-foot building underwent a $2 million renovation in 2006. CPEX represented both parties in the transaction.
MIAMI — Marcus & Millichap has arranged the $3.25 million sale of a two-tenant, net-leased retail property, located at 12605 Biscayne Blvd. in Miami. The building is leased to T-Mobile, which signed a seven-year lease in 2011, and Smoothie King, which has a five-year lease. Drew Kristol and Kirk Olson of Marcus & Milichap represented the seller, a Miami Beach, Fla.-based limited liability company, in the transaction.
PEWAUKEE, WIS. — BJ Electric Supply has renewed its lease for 20,575 square feet of retail space in the Pewaukee Commerce Center, located at N25W23040 Paul Road in Pewaukee. Mike Fardy, Tom Shepherd and Jim Larkin of Colliers International represented both parties in the transaction.
PHILADELPHIA — ULTA Beauty has signed a 13,467-square-foot lease for a three-story flagship store on Rittenhouse Row in Philadelphia. This is ULTA's first store in Center City and only the second urban store in its portfolio. Built in 1937, 1619 Walnut St. was once occupied by Westinghouse Broadcasting and later CBS affiliate KYW-TV. Vesper Property Group acquired the property in 2007 and began a multimillion dollar renovation. Fameco Real Estate represented the tenant in the transaction.
TUCSON, ARIZ. – The Tucson Spectrum Shopping Center has sold to DDR Corp., a publicly-traded investment trust, for $125.4 million. The 709,811-square-foot center is located at Irvington Road and Interstate 19 in Tucson. The company purchased the center, along with seven developable, finished retail pads that were part of the center’s Phase II development. Tucson Spectrum Phase I and Phase II contain more than 1 million square feet of retail space situated on 122 acres. Notable tenants include Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona represented both the buyer and the sellers, Creswin Properties Inc and an affiliate of the Barclay Group, in this transaction.
MARRERO, LA. — An 11,200-square-foot Dollar Tree, located along the Westbank Expressway in Marrero, has sold for $1.77 million. The company has a 10-year triple net lease on the newly constructed property. Dan Cooper of Cooper Commercial Investment Group represented the sellers, an Alabama-based private development group, in the transaction. The buyer was a Minnesota-based institutional fund.
EXCELSIOR, MINN. — STEELE Fitness will open a 5,000-square-foot fitness center and fitness equipment store in downtown Excelsior this winter. It will be the fifth retail location for the company. The Excelsior store will be part of a new retail complex on Water Street, between Oak and George streets. Oppidan Investment Co. is developing the property, which will also include a grocery store that will replace the Mason Motors building.
AUSTIN — Saladworks is opening its first restaurant in Texas at Northcross Mall on Burnet Road and West Anderson Lane in Austin. The 2,200-square-foot location is owned and operated by Clinton Wilkinson, a native of Austin. Saladworks signed its lease with the Northcross Mall owner, Northcross Property LLC.