Goldenberg Group, Ironwood Property sell Exeter Commons
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.
Modell’s to open on Upper West Side
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.
NAI Las Vegas merges with The Sauter Cos.
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.