Joint venture acquires greater Cleveland center
NEW YORK — Hornig Capital Partners, a privately held New York City-based investment company, has combined in a joint venture with Hutensky Capital Partners of Hartford, Conn. to acquire the Golden Gate Shopping Center in Mayfield Heights, Ohio, in the greater Cleveland region. The joint venture purchased the property from Forest City Enterprises for $47,050,000, together with B&D Holdings, making it one of the largest single asset retail deals in the region during the past 24 months.
Anchored by Marshalls, PetSmart, Golf Galaxy, h.h. gregg, OfficeMax and Jo-Ann Fabrics, the 371,748-sq.-ft. Golden Gate is located in a high-volume retail corridor.
Built in 1958, the center was renovated in 1995.
Winick leases up East Coast Development in Long Island City
NEW YORK — Winick Realty Group has completed retail leasing for TF Cornerstone’s East Coast Development, a mixed-use project on the Long Island City Waterfront. The large project consists of six buildings with approximately 3,000 apartments and the largest retail development in Long Island City.
Eight retail leases cover retail space in five of the buildings: 4545 Center Boulevard, 4540 Center Boulevard, 4610, 4615 and 4630 Center Boulevard.
At 4545 Center Boulevard, the newly signed tenants reflect the changing demographics of the area with a focus on health and wellness and family. I Love Kickboxing leased a 2,967-sq. ft. studio. Mimi & Mo, a children’s salon and clothing store, will occupy 1,239 sq. ft. RKF represented I Love Kickboxing, while Winick represented Mimi & Mo. Winick also represented European Wax Center, which took 1,252 sq. ft. at the complex. These tenants will join New York Kids Club, which will open a 5,003-sq. ft. classroom and gym space in 2014.
At 4610 Center Boulevard, an as-yet-unnamed Italian Restaurant from TD Restaurant Group signed a lease for a 7,733-sq. ft. ground floor restaurant. Signature Partners represented the restaurant, which will also occupy a 2,200-sq. ft. outdoor terrace overlooking the East River.
Winick has acted as TF Cornerstone’s exclusive broker at the development, previously helping to bring the Latin fusion restaurant, Blend, Sweetleaf Coffee and Espresso Bar and Crank Cycling Studio to the complex.
TF Cornerstone Inc is a family-owned and operated real estate company focused on the acquisition, development, construction and management of fine residential, commercial and retail properties in New York and Washington, D.C.
Sendik’s Food Market to co-anchor The Corners of Brookfield
Milwaukee — The Marcus Corp. announced that Sendik’s Food Market will open a 32,000-sq.-ft. grocery store at The Corners of Brookfield, an open-air town center development in the Town of Brookfield, Wisconsin.
The Balistreri-owned and operated grocer will be located on the Bluemound Road side of the 19-acre site at the intersection of I-94, Barker Road and Bluemound Road at the main entrance to the shopping center.
“The Corners is an ideal location to serve the Waukesha County community,” said Ted Balistreri, one of the family co-owners of Sendik’s. “The site offers easy access for our guests from the Goerke’s Corners interchange, ample parking, and is sure to become a premier retail destination in southeastern Wisconsin.”
Demolition of existing buildings on The Corners site is underway and construction is slated to start this fall, according to Katie Falvey, director of real estate for The Marcus Corp. “The entire project including both anchors, Von Maur and Sendik’s, and the retail stores and restaurants, will open in fall 2016,” said Falvey.
The Corners, a mixed-use, 460,000-sq.-ft. development, includes Wisconsin’s first Von Maur department store and is one of the only ground-up, fashion-oriented open-air centers currently under development anywhere in the U.S. The project is expected to create 325 construction jobs for two years and over 1,000 permanent jobs once complete, including more than 100 full- and part-time Sendik’s associates.
Previously announced tenants include Arhaus Furniture, Chico’s, Hot Mama, Kilwins and White House Black Market. Restaurants opening in The Corners include The Lowlands Group (Café Hollander), Colectivo Coffee and Grimaldi’s Pizza. The Corners also features 150 modern, luxury apartments and lofts. Milwaukee-based Mandel Group is directing development of the residential component.