REAL ESTATE

Levin to lease Stafford Park in Manahawkin, N.J.

BY Michael Fickes

North Plainfield, Manahawkin, N.J. — The Stafford Park shopping center in Manahawkin, N.J. has named Levin Management as its exclusive leasing agent. The 350-acre mixed-use redevelopment project includes 400,000 sq. ft. of retail space, including anchor tenants Costco and Target. The site has received approval to add another 195,000 sq. ft. The new retail space includes several pad sites.

The Stafford Park appointment follows several new retail assignments awarded to Levin in recent months. In Edison, the firm was named managing agent for Festival Plaza, a 151,000-sq.-ft. Asian-themed grocery-anchored property. In Eatontown, Levin was selected as leasing agent for the 30,000-sq.-ft. Eatontown Plaza.

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REAL ESTATE

Mayfaire Community Center in Wilmington, N.C., signs two anchors

BY Michael Fickes

Wilmington, N.C. — Dick’s Sporting Goods and Marshalls will anchor Phase II of the 203,000-sq.-ft. Mayfaire Community Center in the master-planned 400-acre mixed-use community of Mayfaire in Wilmington, N.C. Harris Teeter anchors Phase I of the center.

According to BrodyCo. Inc. and Zimmer Development Co., Mayfaire’s developers, Dick’s Sporting Goods will occupy a 50,000-sq.-ft. space and Marshalls will take 24,000 sq. ft. The developers also said they would soon announce a third Phase II anchor. In addition, another 12,000 sq. ft. of space for small shops is being pre-leased now. Phase II is slated to open in November of 2014.

“We welcome the addition of both Dick’s Sporting Goods and Marshalls to our property from their previous locations in the Wilmington market,” said BrodyCo.’s H.J. Brody.

The Mayfaire development includes another retail center, the 700,000-sq.-ft. Mayfaire Town Center, as well as two hotels, an office park and more than 1.3 million sq. ft. of luxury residential homes, condominiums and apartments. The development is being called Wilmington’s new downtown.

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Westfield renews its 100% stake in WTC retail

BY Michael Fickes

The Westfield Group has agreed to purchase the Port Authority of New York and New Jersey’s remaining 50% interest in the World Trade Center’s retail square footage. The purchase price is US$800 million. Following the transaction, expected to close early next year, Westfield will own 100% of the retail space, which totals 365,000 sq. ft.

“We look forward to 2015 and celebrating the distinctive character and vibrancy of this great city, while introducing Westfield World Trade Center — an iconic, spectacular and world class shopping, dining, cultural entertainment destination — to New Yorkers and global visitors alike,” said Peter Lowy, Westfield Group co-CEO.

The acquisition enables Westfield to begin carrying out a plan it made years ago. The company originally acquired a 99-year lease interest in the World Trade Center retail space in July of 2001, just six weeks before it was destroyed in the terrorist attacks of September 11, 2001.

The Port Authority bought the lease back Westfield in 2003.

But Westfield wanted to be part of the new World Trade Center. In 2011, the company paid US$612.5 million for a half interest in a joint venture with the Port Authority to own and operate the retail space. Under that agreement, Westfield would handle the management and leasing of World Trade Center retail.

Acquiring the remaining 50% interest from the Port Authority brings Westfield’s total investment in the World Trade Center to $1.4 billion, the largest private sector investment in the site. The agreement includes a provision that will subject Westfield to an additional one-time contingent payment to the Port Authority within five years of the opening date if Westfield exceeds certain agreed upon return thresholds.

The site’s retail space spans multiple levels in the Santiago Calatrava designed Oculus. It includes substantial square footage at street level along Church Street, Cortland Way and Dey Street plus three stores above grade in Towers 3 and 4.

The initial phase of the retail build-out is slated to open in 2015.

When Tower 2 is developed in the future, it will include an additional 90,000 sq. ft. of retail space.

Westfield and the World Trade Center have returned.


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