REAL ESTATE

Mid-America represents SARAR in Chicago location

BY Katherine Boccaccio

Chicago — Turkish fashion concept, SARAR, signed a lease at 111 West Washington Street in Chicago for 3,139 sq. ft. Mid-America Vice President Michael Wexler represented SARAR in the transaction. Danielle Rudas and John Vance of Stone Real Estate represented the landlord.

This will be SARAR’s third location in Illinois. The new location is expected to open in fall 2014.

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REAL ESTATE

PREIT Enters into Agreement to Sell Non-Core Anchor Pad

BY Katherine Boccaccio

Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

The transaction is expected to close prior to the end of 2014.

"This transaction represents another step in our program of selling non-core assets and recycling the capital generated into more productive, higher-quality properties with stronger growth profiles," said Joseph F. Coradino, CEO of PREIT. "Over the past 20 months, we have sold or entered into contracts to sell 12 properties generating expected proceeds of approximately $400 million, including the joint venture interest in The Gallery."

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REAL ESTATE

Bayer Properties names senior VP development and construction

BY Katherine Boccaccio

Birmingham, Alabama — Charles McNamee has joined Bayer Properties as senior VP of development and construction. McNamee most recently served as senior VP of commercial development and construction with Colonial Properties Trust.

In his position with Bayer, McNamee will be responsible for all aspects of development and construction, including oversight of both the Development and Tenant Coordination and Construction Departments.

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