REAL ESTATE

ABS Partners announces Foot Locker relocation in Manhattan’s SoHo district

BY Michael Fickes

New York — Following a two-year search, Foot Locker has moved one of its Manhattan locations from 541 Broadway to 440 Broadway in SoHo one block north of Canal Street, according to ABS Partners Real Estate.

ABS Partners negotiated a 10-year net lease on behalf of Foot Locker for a 9,000-sq.-ft. two-story building plus a lower level.

“During the prime hours of noon to 6 p.m. each day, more than 40,000 people walk past 440 Broadway,” said Joseph J. Sitt, CEO of Thor Equities, which owns the building.

The new Foot Locker location is in a rapidly developing section of Broadway, said Mark Tergesen, managing director with ABS Partners. “The rising rents and high demand for retail space on Broadway north of Broome has resulted in increased activity further south on Broadway towards Canal Street,” he continued.

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REAL ESTATE

SoHo mixed-use building sold for $48.5 million

BY Katherine Boccaccio

New York RKF said it has arranged the sale of an 18,850-sq.-ft. mixed-use building located at 138 Spring St. in Manhattan’s SoHo district.

The building encompasses 2,000 sq. ft. on the ground floor and 2,600 sq. ft. on the lower level, all occupied by high-end eyewear retailer ILORI. The balance consists of 14,250 sq. ft. of full-floor commercial loft space.

“The sale of 138 Spring Street … demonstrates that investor demand for buildings on this popular street, as well as SoHo at large, remains extremely high,” said Jeff Fishman of RKF.

The sale represents the latest in a series of SoHo property deals that RKF has arranged within the past two years as retail rents have climbed to historic levels.

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REAL ESTATE

Joint real estate equity fund acquires Wisconsin power center: Plaza 173

BY Michael Fickes

Brookfield, Wis. — A joint real estate fund formed by Innovative Capital Advisors and HSA Commercial Real Estate recently purchased the 92,000-sq.-ft. Plaza 173 power center in Brookfield, Wis., in a competitive auction.

Tenants include Dunham’s Sports, Men’s Wearhouse, Famous Footwear and Kessler Jewelers.

Plaza 173 occupies the northwest corner of Bluemound Road and Calhoun Road. Bluemound Road, the primary retail thoroughfare in Brookfield, carries about 42,900 vehicles past the center each day. Nearby national retailers include Roundy’s Metro Market, Bed Bath and Beyond, Buy Buy Baby, Babies “R” Us and Sports Authority. The 1.1 million-sq.-ft. Brookfield Square Mall is just a mile away.

Plaza 173 has been under-utilized for years, said Tim Blum, executive VP with HSA Commercial. He went on to say that HSA Commercial and Innovative Capital Advisors are creating a redevelopment and leasing strategy designed to capitalize on the center’s location and market co-tenancies.

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