REAL ESTATE

CBRE completes sale Frisco, Texas shopping center

BY Michael Fickes

Dallas — Shayan Holdings has purchased the 29,200-sq.-ft. Lebanon Ohio Center, an unanchored strip retail complex, in Frisco, Texas. The seller was LandPlan Development Corporation. The price was not disclosed.

The center is currently 90% occupied. Tenants include CrossFit Remedy and Arts and Technology Institute. CBRE’s Dallas office represented the seller in the transaction and conducted the financial analysis.

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REAL ESTATE

Vornado to spin off shopping centers

BY Michael Fickes

New YorkVornado Realty Trust plans to spin off nearly 16.1 million sq. ft. of shopping center assets into a new publicly traded REIT by the end of 2014, leaving the company with a largely office-centric portfolio, according to SNL Real Estate.

The move will simplify Vornado’s investment strategy and enable the company to focus on the ownership of office assets in the Washington, D.C., and New York City regions, including the high-value Manhattan office over retail assets.

The plan calls for Vornado to spin off 81 shopping centers and four regional malls totaling approximately 16.1 million sq. ft. About 69% of the retail sq. ft. being spun off is in New York and New Jersey. Another 12.6% is in Pennsylvania. Two of the regional malls are in Puerto Rico.

According to Vornado, the sq. ft. in the spin off portfolio is 95.5% occupied. The average base rent is $18.75 per square foot.

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REAL ESTATE

Brunelli promotes Nick Deluca to sales associate

BY Michael Fickes

Old Bridge, N.J. — Retail leasing specialists R.J. Brunelli & Co. has announced the promotion of Nick DeLuca to sales associate.

In his new position, DeLuca will serve as tenant account representative for an operator of Taco Bell restaurants in Northern New Jersey. He will source and negotiate leases and land purchases. He will also continue to serve as a member of the firm’s tenant representation teams for Dollar Tree throughout New Jersey and for Burger King in central New Jersey.

DeLuca joined Brunelli in 2013 as a market research analyst and assisted sales agents on client service projects in support of shopping center leasing and tenant representation programs.

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