REAL ESTATE

Fairlawn Town Centre sold to new ownership

BY Katherine Boccaccio

Bryn Mawr, Pa. — WP Realty and Angelo, Gordon & Co. announced Tuesday the sale of Fairlawn Town Centre located in Fairlawn, Ohio.

Fairlawn is located just west of Akron; Fairlawn Town Centre is a 447,037-sq.-ft. community shopping center anchored by Giant Eagle, Target (separately owned), Home Goods, Pet Supplies Plus, Ashley Furniture and Marc’s. In-line retail tenants include U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and RadioShack.

WP Realty purchased Fairlawn in May 2010. The acquisition of the center included a vacant 39,840-sq.-ft. junior anchor box formerly occupied by Circuit City. Fairlawn Town Centre provided an opportunity to acquire a well-located, stable grocery-anchored shopping center with considerable immediate upside through the lease-up of the vacant anchor and inline space.

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REAL ESTATE

Oro Gold Cosmetics to open at East 57th Street and Park Avenue

BY Katherine Boccaccio

New York — Douglas Elliman’s Retail Group said Tuesday it has arranged the lease for Oro Gold Cosmetics’ first New York flagship at 118 East 57th Street, between Park and Lexington Avenues.

The retailer currently operates 50 dedicated boutiques and spas in affluent markets worldwide, including London, Barcelona, Moscow, Dubai and Singapore, as well as in such U.S. cities as Chicago, Dallas, Las Vegas, Boston, Miami and throughout California, from San Diego to Sacramento.

Douglas Elliman’s Retail Group is representing Oro Gold for its expansion.

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REAL ESTATE

NRDC announces new tenant at Shrewsbury Plaza

BY Katherine Boccaccio

Shrewsbury, N.J. — National Realty & Development Corp. said Tuesday that Colonial American Bank has joined the line-up of tenants at Shrewsbury Plaza, located in Shrewsbury, N.J.

Colonial American Bank’s location in the 225,000-sq.-ft. shopping center is the bank’s second location in New Jersey and is slated to open spring 2013.

Anchor tenants at the center include Marshalls, Acme and AC Moore.

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