REAL ESTATE

Ashley Furniture signs into Seacourt Pavilion

BY Michael Fickes

Toms River, N.J. — Ashley Furniture has leased 34,097 sq. ft. at Seacourt Pavilion in Toms River, N.J. The new store is slated to open in April 2014. Metro Commercial Real Estate represented the owner, SP Acquisition Associations.

Ashley Furniture is the top selling furniture store brand in the world and the top retailer of furniture and bedding in the U.S. The company’s stores operate throughout the U.S., Canada, Mexico, Central America and Japan.

With this transaction, Metro Commercial has brought three anchors to Seacourt, which is now 96% occupied.

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REAL ESTATE

Premium Outlets Montreal break ground

BY Michael Fickes

Montreal — Simon Property Group, SmartCentres and Calloway REIT hosted a groundbreaking ceremony on Oct. 2 to begin construction of Premium Outlets Montreal, the second Premium Outlet Center in Canada.

Phase I of the project will open in the fall of 2014, featuring more than 80 upscale stores within the planned 366,000-sq.-ft. center. Some of the brands include Polo Ralph Lauren, Michael Kors, Max Mara, Aldo, DKNY, Sarah Pachini, Rudsak, Nike, Reebok, Rockport, Fossil, Watch Station, Presse Café, Sunglass Hut, Tommy Hilfiger, Calvin Klein, Crabtree & Evelyn, Lindt Chocolate and many more.

Simon’s Premium Outlets portfolio contains 81 outlet centers. The company has partnered with Calloway REIT, one of Canada’s largest real estate investment trusts, and SmartCentres, Canada’s largest developer and operator of unenclosed shopping centers.

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REAL ESTATE

Divaris Sells Jiffy Lube Property for $1 million

BY Michael Fickes

Rockville, Md. — Divaris Real Estate has announced the sale of a net-leased Jiffy Lube on East Joppa Road in Parkville, Md. The 1,936-sq.-ft. building was purchased for $1,065,000 with a cap rate of 10%. Divaris handled the sale on behalf of but the buyer, Jiffy Joppa, and the seller, DLS Exchange Corp.

Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe.

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