Cypress Equities acquires Bessemer, Ala., center
Dallas — A fund managed by Cypress Equities has acquired Promenade Tannehill in Bessemer, Ala., a suburb of Birmingham.
Tannehill is a 347,151-sq.-ft. regional power center that opened in 2008 and presently houses more than 30 retailers, including Target, Publix, J.C. Penney, Michaels, PetSmart, Premiere Cinemas, Charming Charlie, Anna’s Linens and Ross Dress For Less.
Rivercrest Realty acquires Norton Commons
Norton, Va. — Rivercrest Realty Associates has acquired the 81,297-sq.-ft. Norton Commons shopping center in Norton, Va., for $6,910,000.
Divaris Real Estate represented the seller, General Electric Credit Equities, in the transaction. At the time of the sale, the center, anchored by Burke’s Outlet, was 98% occupied.
Forest City acquires Macy’s Home Store at Ballston Common
Arlington, Va. — Forest City has acquired Macy’s Furniture Store building at the Ballston Common Mall from Macy’s. Forest City, the owner, developer and manager of the mall, plans to redevelop the property and add mixed uses including residential and office. The Home Store, which is connected to the mall on three levels, is the first step in the redevelopment.
The proposed multi-phase development plans, which must be approved by the Arlington County Board, would include demolition of the former furniture store structure, the redevelopment of new retail space on three levels with a residential building constructed above.
Overall, Forest City plans to update the existing mall, to be known upon completion as Ballston Center, into a transit-oriented, urban mixed-use center featuring an enhanced blend of restaurants, entertainment and other contemporary upscale retail options to better serve the changed and exceptional demographics within the primary market.
Plans also call for the renovation existing office space above Macy’s, which would be marketed to office tenants.