REAL ESTATE

A&P to close 25 locations as part of turnaround strategy

BY CSA STAFF

Montvale, N.J. The Great Atlantic & Pacific Tea Co. said Friday that it will close 25 stores in five states as part of its turnaround strategy.

The operator of the A&P store chain said the affected stores include those that are in close proximity to others, facing real estate and cost issues and underperforming stores.

A&P president and CEO Sam Martin said the closures are “absolutely necessary to strengthen A&P’s operating foundation and improve our performance going forward.”

The closures are expected to be completed in the company’s fiscal third quarter.

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REAL ESTATE

Modell’s to open on Upper West Side

BY CSA STAFF

New York City Manhattan-based Robert K. Futterman & Associates said Thursday it has arranged for a long-term, 7,316-sq.-ft. lease for Modell’s Sporting Goods at 350 Amsterdam Ave., between 76th and 77th Streets in Manhattan.

The new store is located at the base of The Harrison, an 18-story, 125-unit luxury residential condominium designed by Robert A.M. Stern. It will be Modell’s first store with its new smaller concept.

Modell’s currently operates 144 stores throughout New York; New Jersey; Pennsylvania; Connecticut; Rhode Island; Massachusetts; New Hampshire; Delaware; Maryland; Virginia; and Washington, DC.

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REAL ESTATE

NAI Las Vegas merges with The Sauter Cos.

BY CSA STAFF

Las Vegas NAI Las Vegas said Thursday it has entered a partnership with Summerlin, Nev.-based The Sauter Cos. to merge staff and services and operate as NAI Las Vegas.

The Sauter Cos. expands NAI Las Vegas’ service offerings in multi-family brokerage.

Under the terms of the merger, The Sauter Cos. will operate as the Summerlin branch of NAI Las Vegas.

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