DDR opens center in New Hampshire Aug. 12
Beachwood, Ohio – DDR Corp. will hold the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, on Aug. 12. This 380,000-sq.-ft. prime power center is 96% leased, anchored by Wal-Mart, Dick’s Sporting Goods, PetSmart, Michaels, Ulta, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company.
Seabrook Commons features a trade area population of 251,000 people, an average household income of $90,000, and is located at the first exit north of the Massachusetts-New Hampshire border on Interstate 95. The center will provide more than 500 local jobs.
"We are very pleased to officially open our first ground-up development project for 2014,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Consistent with our strategic initiative, Seabrook Commons enables us to assist the external growth aspirations of our retail partners, monetize another portion of our development land bank and achieve an 8% unlevered return on incremental invested capital."
Empire State Realty Trust acquires two N.Y. leases for $734 million
New York – Empire State Realty Trust, Inc. (ESRT), a New York-based real estate investment trust, has completed the acquisition of the ground and operating leases at 112 West 34th Street and the ground lease at 1400 Broadway for a total of approximately $734 million in cash, common stock and operating partnership units. 112 West 34th Street is a 26-story, 650,769-rentable-sq.-ft.office tower, with 92,455-sq.-ft. of retail space located in the 34th Street/Penn Station submarket.
An 89,529-sq.-ft. block of retail space located directly across from Macy’s flagship location is currently being marketed for occupancy in mid-2016. The property’s office and retail space is 77.5% occupied and 83.2% leased, as of June 30, 2014.
1400 Broadway is a 37-story 880,131-rentable-sq.-ft. office tower with 19,815-sq.-ft. of retail space, located in the Times Square South submarket, and the property’s office and retail space is 92.6% occupied and 92.7% leased, as of June 30, 2014. Both properties are convenient to Penn Station, Grand Central Terminal, Port Authority Bus Terminal, PATH and 13 subway lines. In addition, both properties have recently received significant capital investment.
Hampshire signs global sourcing agreement with Dockers
Hampshire Group signed a master supply agreement with Levi Strauss & Company in which Hampshire will supply knit shirts, woven shirts and sweaters to Dockers’ global business.
The new agreement extends the company’s relationship with Dockers beyond North America, making Hampshire the exclusive supplier of all tops for the Dockers brand worldwide. Under the agreement, which goes into effect beginning with the fall 2015 product line, Hampshire will provide technical design and sourcing services in support of Dockers’ global strategy. Previously these functions were handled by Dockers internally.
“We are extremely excited and proud to be able to deepen our relationship with the Dockers brand on a global basis,” stated Paul Buxbaum, Hampshire’s CEO. “Sharing the same vision and blending our complementary skill sets have made for a successful partnership that we now look to extend around the globe. The additional volume associated with this new international agreement will leverage Hampshire’s existing production and sourcing platform.”
Hampshire, along with its wholly owned subsidiaries, Hampshire Brands and Rio Garment S.A., is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points. The company specializes in designing and marketing men’s sportswear to department stores, chain stores and mass market retailers under licensed brands, our own proprietary brands and the private labels of our customers. The company also operates a Honduras-based apparel manufacturer, designing, sourcing and manufacturing knit tops for men, women and children.