Barnett Capital sells The Shoppes at Prime Village
Chicago — Barnett Capital has sold The Shoppes at Prime Village in Schaumburg, Ill., to Integris Ventures for approximately $7.25 million, according to CBRE, which represented Barnett in the transaction.
The acquisition is the first for Integris Ventures in the Chicago area.
Built in 2008, the 38,313-sq.-ft. center is anchored by Aldi. Other tenants include Chicago Prime Steakhouse and Culvers.
Barnett Capital originally purchased the loan on the property from TCF Bank and brought the property out of foreclosure. CBRE came on board to lease and manage the center for Barnett after the loan purchase. At the time of the sale, the center was 100% occupied.
Prada renews early at SL Green’s 724 Fifth Avenue
New York — Prada has renewed the lease for its New York City flagship store at 724 Fifth Avenue, according to SL Green Realty Corp. and Jeff Sutton, a partnership that owns the building.
The early lease renewal — the existing lease will not expire until 2017 — will keep one of the world’s iconic fashion and accessory houses at the prime Manhattan location through 2028. Prada occupies 15,540 sq. ft. on four levels, plus another 5,200 sq. ft. of office space on the fifth floor of the building.
The SL Green/Sutton venture acquired the building in early 2012, as part of a strategy to invest in the city’s important retail locations. SL Green and Sutton also control interests in the retail condominium of 717 Fifth Avenue, 720 Fifth Avenue, 609 Fifth Avenue and the entire retail portion of 650 Fifth Avenue.
Corner Bakery Café signs agreements for 23 new locations
Dallas — Corner Bakery Cafe announced the company has signed two new multi-unit franchise agreements to open new restaurants in Arizona and introduce its first restaurants in Wisconsin beginning in 2014.
The fast-casual brand’s new franchise partners include Blue Mountain Cafes, which plans to open 13 restaurants in Phoenix over the next seven years and Neo Fourno Inc., which plans to open ten new restaurants in Madison and Milwaukee over the next five years
Overall, the new franchise agreements add 23 cafes, raising the total to more than 300 committed cafes, as Corner Bakery Cafe moves forward on its goal to more than double its U.S. footprint in the next three to four years.
Corner Bakery Café currently has more than 150 company-owned and franchised locations in 16 states and Washington, D.C.