Federal Realty acquires two retail centers in New Jersey
Rockville, Md. — Federal Realty Investment Trust has acquired controlling interests in two shopping centers in Affluent Monmouth County, N.J., for $161 million. Both the Grove at Shrewsbury and Brook 35 are located on Route 35 and serve the emerging bedroom and second home communities of Shrewsbury, Red Bank, Rumson, Fair Haven, Little Silver, and Middletown. The acquisition was made with a combination of downREIT units, cash and the assumption of $68 million of fixed rate debt secured by the properties.
The Grove at Shrewsbury is the trade area’s dominant shopping destination with a trade area population of 138,000 and average annual household incomes of $111,586. The Grove has more than 40 national and regional tenants including Lululemon, Brooks Brothers, Anthropologie, Pottery Barn, J.Crew, Banana Republic and Williams-Sonoma. Constructed in 1988, the property spans just over 25 acres in Shrewsbury, N.J.
About 15 miles south in Sea Girt, N.J., Brook 35 serves a wealthy coastal trade area with a population of 123,000 and an average annual household income of $101,487. Tenants include Ann Taylor, Banana Republic, Coach, and Williams-Sonoma.
Uniqlo USA announces five new stores for spring/summer
New York — Uniqlo will continue its expansion in the United States by opening five stores this spring/summer, including its first-ever location in the greater Philadelphia metropolitan area.
The five new Uniqlo stores scheduled to open in spring/summer are:
- King of Prussia Mall in King of Prussia, Pa.;
- Stamford Town Center in Stamford, Conn.;
- Serramonte Center in Daly City, Calif.;
- Sunvalley Shopping Center in Concord, Calif., and
- Great Mall of the Bay Area in Milpitas, Calif.
“We are thrilled to announce our newest store openings and are eager to bring the Uniqlo experience to even more communities throughout the United States,” said Larry Meyer, CEO of Uniqlo USA and Fast Retailing Group senior VP.
Currently there are 17 Uniqlo stores in the United States: three in New York City, five in New York State, three in New Jersey, one in Connecticut, and five in the San Francisco-Northern California area.
In the fall of 2014, Uniqlo plans to debut in new markets including downtown Philadelphia, Boston, and Los Angeles-Southern California.
In addition, Uniqlo announced that it will close the second floor of its 5th Avenue store in New York City for renovations and will reopen the section in March. Customers will be able to shop the other floors during construction.
Tile Shop enters Connecticut with two stores
Minneapolis — The Tile Shop, a specialty retailer of high quality, premium manufactured and natural stone tiles, has opened its first retail locations in Connecticut, 15,120-sq.-ft. location in Brookfield, and a 20,740-sq.-ft. location in Norwalk.
The Tile Shop stores in Danbury and Norwalk both feature fully decorated, room-size displays – kitchens, baths, and other spaces within a home – completed with actual appliances as well as lighting and plumbing fixtures. These in-store displays give homeowners the opportunity to envision what their Tile Shop tile and stone may look like, installed, in their home.