Retail

SAN FRANCISCO — Simon Property Group has opened the 185,000-square-foot expansion of San Francisco Premium Outlets, an upscale outlet mall in San Francisco featuring retailers such as Burberry, Coach, Kate Spade New York, MaxMara, Michael Kors and Prada. With the expansion, San Francisco Premium Outlets is now the largest outlet center in California. The expansion adds 30 new stores to the development, including CH Carolina Herrera, Catimini, ECCO, Rag & Bone New York, Scotch & Soda, Ted Baker London, Tory Burch, UGG Australia and Vince. An additional 20 stores will open in the next few weeks, according to Simon. Simon’s redevelopment and expansion projects, including the addition of new anchors, were underway at 28 properties in the U.S. as of June 30. Simon’s share of the costs of all development and redevelopment projects under construction at quarter-end was approximately $2.3 billion.

FacebookTwitterLinkedinEmail

DANVILLE, CALIF. —Eight stores are set to open at a mixed-use redevelopment of the historic Danville Hotel in downtown Danville, a project by joint developers Castle Cos. and Nearon Enterprises. Retail tenants will receive space in late August through September. New openings will include a 1,200-square-foot Papyrus; a 2,000-square-foot Heavenly Couture; a 1,100-square-foot Sole Desire Shoes; a 1,000-square-foot Look + See Luxury Optical; a 400-square-foot BoBen Designs jeweler; a 3,700-square-foot Danville Brewing Co.; a 2,800-square-foot Pizza Antica; and a 1,600-square-foot Basque Boulangerie Café. Adria Giacomelli and Gary Riele of Newmark Cornish & Carey led the leasing efforts.

FacebookTwitterLinkedinEmail
Eustis Shopping Center

EUSTIS, FLA. — Colliers International has brokered the $5.9 million sale of Eustis Shopping Center, a 191,000-square-foot shopping center located in Eustis, roughly 36 miles outside of Orlando. The property’s tenant roster includes Tractor Supply Co., Beall’s Outlet, Aaron’s, Family Dollar and Save-A-Lot. The buyer, Spigal Properties, plans to upgrade the shopping center. Joe Montgomery and Tony D’Ambrosio of Colliers’ Atlanta office and Cynthia Shelton and Kane Morris-Webster of the firm’s Orlando office represented the seller, EquiTrust Life Insurance Co., in the transaction. EquiTrust foreclosed on the property in September 2014 and hired Colliers International to provide property management, leasing and investment sales services.

FacebookTwitterLinkedinEmail
Wayland-Center-Wayland-MA

WAYLAND, MASS. — Zurich Asset Management has acquired Wayland Town Center, a mixed-use retail center in Wayland, from a joint venture between KGI Properties and J.P. Morgan Asset Management for $68 million. Anchored by Stop & Shop Supermarket, the 182,000-square-foot center also includes 17,000 square feet of medical office space occupied by Beth Israel DMC, Joint Ventures and a dental practice, and 12 apartment units, totaling 14,250 square feet. Additional retail tenants at the property include Boston Sports Club, Ace Hardware, Panera Bread and The Local. Bill Moylan, formerly of CBRE, negotiated the transaction.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Meridian Capital Group has arranged an $18.5 million refinance loan for two contiguous mixed-use properties located in East Harlem for principals Shawn Vahdat and Saba Vahdat on behalf of K&V Realty Corp. and 2109 First Avenue Realty Corp. The five-year loan, provided by Suffolk County National Bank, features a 3.1 percent fixed rate and a five-year extension option. Located at 2105 and 2109 First Ave., the two properties feature a total of 66 apartment units and 7,500 square feet of retail space. Isaac Filler of Meridian’s New York City headquarters negotiated the financing.

FacebookTwitterLinkedinEmail

WINDSOR LOCKS, CONN. — Simon Property Group has submitted an application for rezoning with the Town of Windsor Locks Planning and Zoning Commission for the development of Hartford Premium Outlets. Located near the intersection of Route 20 and I-91 on Old Country Road, the first phase of the outlet center will consist of 350,000 square feet of retail space, a Market Hall of dining options and two notable restaurants on outlots. The architectural style of the center will be inspired by Classic Colonial and Connecticut rural architecture with a village-like setting reminiscent of a Windsor Locks community. Additionally, the shopping center will feature fountains, art, a children’s play area and an outdoor fireplace. Construction is slated to begin this fall, with a grand opening scheduled for 13 months after the start of construction.

FacebookTwitterLinkedinEmail
6901-Fifth-Ave-NYC

NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.

FacebookTwitterLinkedinEmail
Starbucks-Islandia-NY

ISLANDIA, N.Y. — Starbucks Coffee has opened a new location at the northwest corner of Long Island Expressway North Service Road and Old Nichols Road in Islandia. The 1,860-square-foot location occupies the drive-thru end cap of a 7,773-square-foot building. Wilbur Breslin and Robert Delavale of Breslin Realty arranged and negotiated the transaction with the landlord. The Breslin team also negotiated the drive-thru approvals with the Village of Islandia.

FacebookTwitterLinkedinEmail
1101-Ocean-Asbury-Park-NJ

ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.

FacebookTwitterLinkedinEmail