Retail

BELLEVILLE, N.J. – A joint venture between Black Oak Associates and MCB Real Estate has acquired a 54,000-square-foot, grocery-anchored shopping center in Belleville for $10.5 million. The property was purchased from Mount Kellett Capital Management LP, owner of A&P grocery, and was structured as a sale-leaseback transaction. The shopping center is anchored by Pathmark, one of A&P’s grocery store banners, and is located about 10 miles west of New York City.

NEW YORK CITY – Savanna, a New York-based real estate private equity and asset management firm, has purchased the 20,676-square-foot retail condominium at 10 Madison Square W. in New York City from The Witkoff Group and Morgan Stanley Real Estate Investing. The retail space, part of a 16-story building that The Witkoff Group and Morgan Stanley Real Estate Investing are currently redeveloping into 125 luxury residential condominiums, includes approximately 12,000 square feet of ground-floor space and 4,800 square feet of basement space. Adam Spies and Douglas Harmon of Eastdil Secured represented the seller in the transaction. Laurie Grasso of Hunton & Williams served as Savanna’s counsel in the acquisition. Located on the northwest corner of West 24th Street and Broadway, 10 Madison Square W. overlooks Madison Square Park. Amy Zhen and Jeffrey Roseman of Newmark Grubb Knight Frank will represent Savanna in its leasing effort.

NEW YORK CITY — Gourmet Garage, an upscale market with five Manhattan locations, has signed a lease for approximately 10,000 square feet at Collect Pond House, a co-op building located at 366 Broadway. Gourmet Garage, which was represented by Chase Welles of The Shopping Center Group and Jonathan Clott of Vision Property Group LLC, will occupy approximately 6,435 square feet of ground-floor space, as well as 3,510 square feet in the lower level. An additional 910 square feet in the mezzanine will be used for seating. The storefront is located at the base of the building and features 20-foot ceilings, as well as 180 feet of wraparound corner frontage. Darrell Rubens, executive vice president, and Lee Block, broker at Winick Realty Group, represented the co-op board at Collect Pond House.

WYNOCOTE, PA. — Empire Beauty School has signed a lease for 9,100 square feet at Cedarbrook Plaza in Wyncote, a city located about 13 miles north of Philadelphia. Empire Beauty School will join retailers such as Walmart, Pathmark, Ross Dress for Less, K&G Fashions, Modell’s Sporting Goods and more at the 600,000-square-foot shopping center. Brian Wherty and Rob Samtmann, agents at Equity Retail Brokers, represented the tenant in the transaction. Cedarbrook Plaza LLC is the landlord. Empire Beauty School has more than 100 cosmetology schools in 22 states.

HICKSVILLE, N.Y. — Vornado Realty Trust has entered into an agreement to sell Broadway Mall in Hicksville, an unincorporated town on Long Island, for $94 million. The publicly traded REIT (NYSE: VNO) sold the 1.1-million-square foot Broadway Mall to an unidentified buyer for about 40 percent less than the $152.5 million it paid to purchase the property in December 2005. The mall includes the only Ikea store on Long Island, which is leased to the furniture retailer through 2088. Other tenants include Macy’s, Forever 21, a 12-screen movie theater and H&M and Target.

EXETER, N.H. — NAI Norwood Group has arranged a 4,000-square-foot lease of the former Gary Blake Motorcars location at 84 Portsmouth Ave. in Exeter, a coastal city located in southern New Hampshire. The freestanding building was leased to Northeast Credit Union. John Mueller of NAI Norwood Group represented the owner, Gary Blake, in the transaction. The tenant, Northeast Credit Union, is a financial services company that sought a long-term tenancy in a high-profile location.