REAL ESTATE

Goldenberg Group, Ironwood Property sell Exeter Commons

BY CSA STAFF

Blue Bell, Pa. Developer partners The Goldenberg Group and Ironwood Property Group said Friday that they have sold Exeter Commons — a 500,000-sq.-ft. shopping center in Exeter Township, Pa. — to a joint venture of Cedar Shopping Centers of Port Washington, N.Y., and RioCan Real Estate Investment Trust of Toronto for $53 million, with the potential for additional proceeds upon lease-up of the remaining vacancy.

Exeter Commons is anchored by Target, Giants Foods/Gas and Lowe’s. Construction on the $75 million project commenced in April 2008 and was completed in July 2009.

The center is currently 97% leased and several tenants are negotiating for the remaining space.

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REAL ESTATE

Modell’s to open on Upper West Side

BY CSA STAFF

New York City Manhattan-based Robert K. Futterman & Associates said Thursday it has arranged for a long-term, 7,316-sq.-ft. lease for Modell’s Sporting Goods at 350 Amsterdam Ave., between 76th and 77th Streets in Manhattan.

The new store is located at the base of The Harrison, an 18-story, 125-unit luxury residential condominium designed by Robert A.M. Stern. It will be Modell’s first store with its new smaller concept.

Modell’s currently operates 144 stores throughout New York; New Jersey; Pennsylvania; Connecticut; Rhode Island; Massachusetts; New Hampshire; Delaware; Maryland; Virginia; and Washington, DC.

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NAI Las Vegas merges with The Sauter Cos.

BY CSA STAFF

Las Vegas NAI Las Vegas said Thursday it has entered a partnership with Summerlin, Nev.-based The Sauter Cos. to merge staff and services and operate as NAI Las Vegas.

The Sauter Cos. expands NAI Las Vegas’ service offerings in multi-family brokerage.

Under the terms of the merger, The Sauter Cos. will operate as the Summerlin branch of NAI Las Vegas.

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