REAL ESTATE

The Forum in Wilmington, N.C., sells for $24.7 million

BY Michael Fickes

Wilmington, N.C. — Marcus & Millichap Real Estate Investment Services has arranged the sale of The Forum, a 105,000-sq.-ft boutique retail center in Wilmington, N.C. The $24,680,000 sales price equates to $233 per square foot.

Marcus & Millichap’s Fort Lauderdale office represented the seller, the developer of the property, Swain & Associates, as well as the buyer, L&B Realty Advisors LLP, a pension fund. Swain & Associates will maintain its offices at The Forum and continue to handle leasing responsibilities.

The property serves an affluent neighborhood with an average annual household income of $115,000.

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REAL ESTATE

Divaris signs three leases in Central Va.

BY Michael Fickes

Richmond, Va. — Divaris Real Estate has announced the renewal of three retail leases totaling approximately 9.000 sq. ft. in the Richmond metropolitan area.

Legacy School of Dance signed a lease for 3,813 sq. ft. of retail space in Colony Plaza in Midlothian, Va. This is the second Richmond area location for the dance studio. Divaris represented the landlord, Colony Crossing. Legacy joins Dolce Vita Restaurant, Best Cleaners, Colony Coffee, Native Sun Tanning, Padows Deli, Fortune Bowl Restaurant and Nail Envy.

Zoe’s Kitchen leased 2,825 sq. ft. at Willow Lawn Shopping Center in Richmond. Divaris represented the tenant. Other tenants at the center include Ross Dress for Less, Gold’s Gym, Staples, Old Navy, Dress Barn and Kroger.

Dunkin’ Donuts took 2,000 sq. ft. at The Shoppes at Winding Brook II in Ashland, Va. Divaris represented the tenant.

Divaris is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets in the U.S. Divaris is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe.

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REAL ESTATE

Cafaro signs Five Below, Hot Head Burrito, Carter’s

BY Michael Fickes

New York — Five Below will debut in two Cafaro malls next summer. The three-million-sq.-ft. Eastwood Mall Complex in Niles, Ohio, will welcome a 9,300-sq.-ft. Five Below. The two-million-sq.-ft. Millcreek Mall Complex in Erie, Pa. will get an 8,700-sq.-ft. store in the Millcreek Pavilion.

Hot Head Burrito will also open a 2,000-sq.-ft. location, now under construction, at Eastwood Mall. A young chain, Hot Head Burrito operates more than 50 restaurants in six states.

Carter’s is scheduled to open a 7,800-sq.-ft. store in first quarter 2014 at the Millcreek complex. Carter’s is a brand of children’s clothing, gifts and accessories

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