REAL ESTATE

Global Foods Market to open at Ashburn Farm Village Center

BY CSA STAFF

Ashburn, Va. Jacksonville, Fla.-based Regency Centers announced that international grocery store Global Foods Market will open a 57,030-sq.-ft. location at Ashburn Farm Village Center, in Ashburn, Va., on Dec. 18.

The 88,897-sq.-ft. shopping center features Hair Cuttery, Pizza Hut, Buffalo Wings Factory and Goodyear.

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REAL ESTATE

WHO.A.U. to open flagship location on 34th Street

BY CSA STAFF

New York City WHO.A.U. California Dream, an international youth-oriented casual fashion chain from Seoul, Korea, will open its flagship New York City store at 22 West 34th Street.

The transaction was handled and announced by the leasing team of Faith Hope Consolo, chairman, and Joseph Aquino, executive VP of the Prudential Douglas Elliman Retail Group.

WHO.A.U. has leased a two-level, 12,000-sq.-ft. site close to other street newcomers such as Aeropostale, Geox, Esprit and Desigual, creating a new focus for the legendary retail corridor.

The store represents WHO.A.U.’s first foray outside suburban malls in the United States.

“This is such a significant new entry for the retail mix along 34th Street,’” said Consolo, who with Aquino is spearheading the chain’s U.S. expansion on an exclusive basis. “The move positions WHO.A.U. in the heart of the hottest shopping district in the country for youth market shoppers and brings its presence to the forefront.”

WHO.A.U. made its U.S. launch in 2007. Its New York City debut will be in a site adjacent to the Empire State Building, and facing such other retail giants as Banana Republic, Forever 21, H&M, Victoria’s Secret and Old Navy.

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REAL ESTATE

Joffco Square seeks Chapter 11 reorganization

BY CSA STAFF

Chicago Northbrook, Ill.-based River West Plaza-Chicago has filed a Chapter 11 petition for bankruptcy protection from creditors and a reorganization plan in U.S. Bankruptcy Court on behalf of its principal asset, the 95,000-sq.-ft. Joffco Square retail center at 555 West Roosevelt Road in Chicago.

“This could be one of the quickest Chapter 11 reorganizations in this district,” said Forrest B. Lammiman, a partner who heads the restructuring and bankruptcy practice of Meltzer, Purtill & Stelle LLC, the law firm representing the petitioner.

According to Lammiman, the reorganization plan provides for its approximately 30 trade creditors to be paid in full with interest and that the terms of the company’s $26,158,002 acquisition and construction loan, which matured on Nov. 1, be renegotiated with Bank of America, N.A.

The West Roosevelt Road property was acquired in 2003 by River West and has since been developed into a five-story, 95,000-sq.-ft. retail center that opened March 2008 with 72,482 sq. ft. leased to Best Buy and Bed Bath and Beyond.

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