YONKERS, N.Y. — QIC has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51 percent stake in Westchester’s Ridge Hill shopping center in Yonkers. The 1.3 million-square-foot open-air shopping center is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Center, The Cheesecake Factory, Dick’s Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores. This agreement with Forest City brings the total number of assets acquired by QIC on behalf of clients to 11.
WESTPORT, CONN. — Vidal Wettenstein has brokered the sale of a retail/restaurant building located at 1849 Post Road East in Westport. Fin-Max Realty acquired the property for $3.9 million. The 6,237-square-foot property is occupied by Shake Shack. Robert Lewis of Vidal Wettenstein was the sole broker in the deal.
LAS COLINAS, TEXAS — Skanska has signed a $94 million contract with the ARK Group of Charlotte, N.C., to build the Irving Music Factory in Las Colinas. Skanska will convert the existing 16.8-acre greenfield site into an entertainment destination. The new project will include an 8,000-seating capacity indoor/outdoor concert hall called the Pavilion operated by Live Nation. The venue includes seven buildings offering more than 250,000 square feet of entertainment, retail and restaurant space and an eight-screen Alamo Drafthouse Cinema. Additionally, there will be a four-story, 100,000-square-foot office tower sitting atop a six-level, 1,200-space parking garage. The project also features a 50,000-square-foot plaza and four outdoors stages. The venue is designed to host a variety of events, including music performances, fashion shows, farmers markets and food festivals throughout the year. Gensler is the architect for the project. Construction for the venue is expected to commence this month and is slated for completion in June 2017.
HOUSTON — Houston-based Baker Katz, an X Team International partner and full-service commercial real estate brokerage firm, has purchased 30,000 square feet of land and completed a 7,000-square-foot lease on the property on behalf of Advance Auto Parts. Advance Auto Parts will be located at the intersection of FM 1960 and Aldine Westfield Road. Construction will begin in February and opening is slated for May 2016. Traci Holman and Jason Baker of Baker Katz represented Advance Auto Parts. Founded in 1932, Advance Auto Parts has grown to operate more than 5,200 stores in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The retail store is the largest automotive aftermarket automobile parts provider in North America.
BRISTOL AND GLEN ALLEN, VA. — Publix Super Markets Inc. has signed two leases for stores in Virginia, which will be the first two stores in the state for the Lakeland, Fla.-based grocer. Publix has leased 54,000 square feet of space at the northeast corner of Lee Highway and Clear Creek Road in Bristol and 49,000 square feet at the northeast corner of Nuckols and Twin Hickory roads in Glen Allen. Grand opening dates for both locations have yet to be determined, but the Bristol store is tentatively planned to open in the fourth quarter of 2017, and the Glen Allen store will follow in 2018. David Crawford and Kevin South of CBRE|Richmond assisted Publix with market analysis, site selection and leasing for the Glen Allen location. Virginia will mark Publix’s seventh state of operation, and the company is looking ahead to aggressive growth within the state and in its current operating areas of Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.
BALTIMORE, MD. — Greysteel has brokered the sale of Federal Hill Station, an 11,450-square-foot urban retail building located at 1024-1030 Light St. in Baltimore’s historic Federal Hill neighborhood. The property is currently 100 percent leased to Blue Moon Café, Himalayan Bistro and Yoga Works on a triple-net basis. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, KL Light Street LLC, and procuring the buyer, Conflux Light Street LLC.
WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Millennium Towers, a 40,000-square-foot shopping center located in Wichita Falls. PRA represented the seller, Shining Properties Inc. A Texas-based buyer purchased the asset for an undisclosed price. Retailers in the immediate area include Lowe’s Home Improvement, Walmart Supercenter, Home Depot, Sam’s Club, Academy Sports + Outdoors, Bed Bath & Beyond, PetSmart and Kohl’s. Millennium Towers is 100 percent occupied by tenants such as Texas Blood Institute, Texas Orthodontics and Looking Good Spa.
STILLWATER, MINN. — Marcus & Millichap has brokered the $8.6 million sale of an 82,436-square-foot shopping center in Stillwater, approximately 20 miles northeast of St. Paul. Valley Ridge Mall, located at 1250 Frontage Road West, was nearly 100 percent occupied at the time of sale and is home to 29 tenants. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller, a developer, and also secured the buyer, a private investor from outside Minnesota.
NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.
NEW YORK CITY — SL Green Realty Corp. and The Moinian Group have signed a lease with Nordstrom to anchor three levels of retail space at 3 Columbus Circle in New York City. The store has signed a 23-year lease for 43,000 square feet of retail space. The new location will serve as an expansion of the Nordstrom full-line flagship store, which is debuting on West 57th Street. Derek Trulson of JLL and Stephen Stephanou of Crown Retail Services represented Nordstrom, while Jeff Winick of Winick Realty Group represented the landlord in the lease transaction.