REAL ESTATE

  • Simon and Tanger break ground on Charlotte Outlets

    Indianapolis — Simon Property Group and Tanger Factory Outlet Centers have announced that construction has begun on Charlotte Premium Outlets. The first phase of the planned 400,000-sq.-ft. center will open in the summer of 2014. The project is a 50/50 joint venture between Simon and Tanger.

    Charlotte Premium Outlets will feature Saks Fifth Avenue Off 5th and more than 90 other outlet stores.

    Tanger is providing site development and construction supervision to the venture. Simon is providing management services and marketing.

  • Charter arranges TJX lease at Meriden Mall

    Meriden, Conn. — A TJX Marshall’s store has leased a 23,137-sq.-ft. space at the Meriden Mall in Meriden, Conn. Charter Realty and Development represented the TJX Company in the transaction. Charter Realty is TJX’s exclusive broker for Connecticut, and this is the 25th lease TJX lease the company has arranged.

    Anchored by Best Buy, Dick’s Sporting Goods and Macy’s, the 894,435-sq.-ft. mall, owned by The Westfield Group, has 142 stores and ranks as the seventh largest mall in Connecticut.

     

  • Fiesta taps AMTdirect’s real estate management expertise

    Charlotte, N.C. — Fiesta Restaurant Group has selected the AMTdirect software platform to manage its portfolio of more than 300 company-owned and franchised locations in the U.S. and Latin America.

    AMTdirect’s integrated platform will streamline processes, consolidate real estate data across the business and provide Fiesta with a 360-degree view of its entire portfolio.

  • Divaris renews two retailers in Richmond, Va.

    Richmond, Va. — Divaris Real Estate has renewed two retail leases totaling more than 9,500 sq. ft. in Richmond, Va.

    Aaron’s renewed its lease for 8,008 sq. ft. in Brookhill Azalea Shopping Center, which DRE leases and manages for the landlord, BSV Premier Brookhill.

    In a separate transaction, Subway renewed its lease for 1,575 sq. ft. at 360 West Shopping Center, which DRE www.divaris.com leases and manages for the landlord, a partnership between HSW and RMW1.

  • PREIT completes sale of two power centers

    Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.

    In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.

  • Cypress Equities acquires Bessemer, Ala., center

    Dallas — A fund managed by Cypress Equities has acquired Promenade Tannehill in Bessemer, Ala., a suburb of Birmingham.

    Tannehill is a 347,151-sq.-ft. regional power center that opened in 2008 and presently houses more than 30 retailers, including Target, Publix, J.C. Penney, Michaels, PetSmart, Premiere Cinemas, Charming Charlie, Anna’s Linens and Ross Dress For Less.

     

  • KeyPoint brokers sale of Shrewsbury, Mass., retail property

    Burlington, Mass. — Torchlight Investors has sold the property at 476 Boston Turnpike. KeyPoint Partners represented Torchlight in the transaction.

    B-W Warrenville Operations bought the property, a former Borders Books store, prominently located in a retail-intensive section of Route 9 near Stop & Shop, Home Depot, Bed Bath & Beyond, Bob’s Stores and Staples.

    The new owner plans to redevelop the site for Buffalo Wild Wings and Tile Shop.

     

  • Rite Aid chooses AMTdirect’s real estate management solution

    Charlotte, N.C. — Rite Aid Corporation has selected AMTdirect’s real estate software solution to manage its portfolio of more than 5,800 locations. AMTdirect’s integrated platform will help Rite Aid define and implement its real estate strategy by consolidating data, streamlining key business processes and informing decision-makers at all levels.

  • Nordstrom opens newly relocated store at Americana at Brand

    Glendale, Calif. -- Nordstrom has unveiled its new, relocated store at Americana at Brand, the Caruso-owned luxury shopping center in Glendale, Calif.

    Seattle-based Nordstrom was formerly located at nearby Glendale Galleria, but closed that store to reopen in 135,000 sq. ft. at Americana at Brand, featuring a refreshed interior design over three levels, farm-to-table restaurant Bar Verde, updated beauty experience, and an expanded selection of designer fashion brands including the first TopShop and TopMan in-store boutiques in Los Angeles.

  • Camden Village in suburban Atlanta sells

    Atlanta — A private investor from the Atlanta, suburb of Johns Creek has acquired Camden Village Shopping Center from a California corporation. According to Marcus & Millichap of Atlanta, which represented the seller and buyer in the transaction, the purchase price totaled $6,150,000.

    The center includes popular local tenants like Marlow’s Tavern and Noche Restaurant among others.

     

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