Retail

Eastern Consolidated Brokers Lease for Italian Restaurant in New York City

by Haisten Willis April 11, 2017

NEW YORK CITY — Chef Pino Luongo is opening an Italian restaurant in SoHo at 160 Prince St., a space which housed Milady’s neighborhood bar from the 1930s until 2014. Eastern Consolidated brokered the 15-year, 1,850-square-foot ground-floor lease at the corner of Prince and Thompson streets. James Famularo represented the landlord, while Jeff Geoghegan and Greg Goldberg represented the tenant. Luongo has owned and operated restaurants for more than 30 years. Luongo opened Il Cantinori in the East Village in 1983, followed by Coco Pazzo on the Upper East Side in 1990, Tuscan Square in Rockefeller Center in 1997, Centolire in 2001 and Morso in 2011.

April 11, 2017

California Retail Western

Forever 21 Plans to Open Over 40 F21 RED Locations in 2017

by Nellie Day April 10, 2017

LOS ANGELES — Forever 21 plans to open 40 new F21 RED locations across the U.S. in 2017. The first three F21 RED stores will open in April in including San Antonio, New York City and Chicago. New locations will continue to open throughout the year and will bring F21 RED total store count to more than 70 locations by year end. F21 RED launched in 2014 and offers an assortment of fashion staples from Forever 21 and its sub-brands, including Forever 21 Men, Forever 21 Plus and Forever 21 Girls. Forever 21 Inc., headquartered in Los Angeles, is a fashion retailer of women’s, men’s and kids’ clothing and accessories. Founded in 1984, Forever 21 operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom.

April 10, 2017

Northeast Pennsylvania Retail

Legoland Discovery Center Opens at Plymouth Meeting Mall in Metro Philadelphia

by Haisten Willis April 10, 2017

PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.

April 10, 2017

New Hampshire Northeast Retail

The Wilder Cos. to Lease, Manage Shopping Center in Keene, N.H.

by Haisten Willis April 10, 2017

KEENE, N.H. — The Wilder Cos. has taken on the leasing and management of Fairbanks Plaza in Keene. Effective April 1, the contract was awarded by the center’s owner, Unison Realty Partners of Boston. Fairbanks Plaza is a 143,000-square-foot open-air center with tenants including Kohl’s, Aldi and Walgreens. The property is the fourth Unison Realty Partners center managed by Wilder.

April 10, 2017

Michigan Midwest Retail

Mid-America Brokers Sale of 76,390 SF Shopping Center in Utica, Michigan

by Kristin Harlow April 10, 2017

UTICA, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shelby Corners in Utica, a suburb of Detroit. The sales price was not disclosed. The 76,390-square-foot shopping center is located at the northwest corner of Hall and Schoenherr roads. Tenants include Christmas Tree Shops and BuyBuy Baby, both subsidiaries of Bed Bath & Beyond. Michigan-based Grand Management & Development purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction.

April 10, 2017

New Jersey New York Northeast Retail Top Stories

Urban Edge to Acquire $325M Retail Portfolio in New York, Philadelphia, St. Louis

by Taylor Williams April 10, 2017

NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …

April 10, 2017

Retail Texas

CBL, Horizon Group Open 358,000 SF Outlet Shoppes at Laredo

by Taylor Williams April 7, 2017

LAREDO, TEXAS — CBL & Associates Properties Inc. and Horizon Group Properties have completed the development of The Outlet Shoppes at Laredo, a 358,000-square-foot retail center located at 1600 Water St. in Laredo. More than 50 retailers, including Nike, Puma, Michael Kors, Brooks Brothers and Sunglass Hut, have secured leases at the center. The grand opening was held on April 5.

April 7, 2017

Retail Texas

Baker Katz Arranges 4,243 SF Lease for Newk’s Eatery in Metro Houston

by Taylor Williams April 7, 2017

HOUSTON — Baker Katz has arranged a 4,243-square-foot lease on behalf of Newk’s Eatery, a Mississippi-based fast casual restaurant chain, in Sugar Land, a southwestern suburb of Houston. The new restaurant, which is scheduled to open in early May, will be situated within Market at Town Center, a retail center located at the intersection of Lexington Boulevard and State Highway 6. Ben Brown of Baker Katz and Jennifer Watson of Newmark Grubb Knight Frank represented Newk’s Eatery in the lease transaction.

April 7, 2017

Michigan Midwest Retail

Signature Associates Arranges Sale of 35,856 SF Retail Building in Big Rapids, Michigan

by Kristin Harlow April 7, 2017

BIG RAPIDS, MICH. — Signature Associates has arranged the sale of a 35,856-square-foot retail building in Big Rapids in central Michigan. The sales price was not disclosed. The building is located at 706 Perry Ave. Joe Rizqallah of Signature Associates represented the seller, Blackmer-Cosgrove LLC, and the purchaser, Cocca Development. The space will be leased to Dunham Sports.

April 7, 2017

Michigan Midwest Retail

KJ Commercial Brokers Sale of 31,000 SF Retail Center in Rochester Hills, Michigan

by Kristin Harlow April 7, 2017

ROCHESTER HILLS, MICH. — KJ Commercial has brokered the sale of Auburn Plaza in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 31,000-square-foot retail center is located at 240 E. Auburn Road. Kevin Jappaya of KJ Commercial represented the undisclosed buyer in the transaction. The buyer purchased the property in a 1031 exchange.

April 7, 2017

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