Cafaro seeks to expand portfolio through acquisition
Youngstown, Ohio — Cafaro Co. has announced it is actively seeking to expand its portfolio of enclosed malls.
According to the company, each potential acquisition property must demonstrate historic, stabilized net operating income and minimum sales of $300 per sq. ft. Cafaro said is interested in malls with a minimum gross leasable area of 600,000 sq. ft. in trade areas of 200,000 – 450,000 residents.
Cafaro currently owns and oversees more than 30 million sq. ft. of commercial real estate in 11 states.
SRS announces exec promotions
Dallas — SRS Real Estate Partners announced the promotions of two team members. Tom Power and Todd Wallace both have been promoted to executive VP.
Power has more than 13 years at SRS and is a managing partner for SRS Real Estate Partners – Northwest, LLC. He also serves as market leader for SRS’ Northern California markets: San Francisco, San Jose and East Bay.
Wallace has been with SRS for more than seven years and serves as market leader for both the Austin office and the newly opened San Antonio office, along with his recent appointment of co-market leader for the Houston office.
Tucker Development receives site plan approval for Hudson Lights
Fort Lee, N.J. — Tucker Development Corp. announced that its mixed-use project planned for downtown Fort Lee, N.J. — Hudson Lights — has received site plan approval from the Fort Lee Borough Planning Board.
The project will encompass eight acres in the heart of downtown.
“We’ve worked to create a vibrant shop, dine and live quality environment,” said Richard H. Tucker, president and CEO of Tucker Development.
Hudson Lights — the western portion of a 16-acre site adjacent to the George Washington Bridge that will be comprehensively redeveloped — will feature 165,000 sq. ft. of ground-level retail space marketed by Robert K. Futterman & Associates, up to 477 residential units and options for a 175-room hotel, an office building and approximately 1,200 parking spaces. Two new roadways will be constructed as part of the redevelopment.