REAL ESTATE

New fashion retailers sashay into Westfield Garden State Plaza

BY Michael Fickes

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Paramus, N.J. — Westfield Garden State Plaza has announced the line-up of retailers for the center’s new premium fashion district. Set to open in March, the district will welcome Tory Burch, Vince Camuto, Maje, Sandro, Triumph Intimate Apparel, Scotch & Soda, A/X Armani Exchange, Ivivva by lululemon, Invicta, Robin’s Jean, Urban Outfitters, Kiko Make Up Milano, Lush, Havaianas and Forever Flawless.

Technology giant Microsoft and The Kase will also join the district.

New tastes and eateries include Au Bon Pain, Max Brenner Chocolate Café, and Starbucks. These new retailers continue to add to Westfield Garden State Plaza’s point of difference within the marketplace and for Bergen County’s sophisticated shoppers.

The new fashion district will be located adjacent to Neiman Marcus, Gucci, Louis Vuitton and the latest addition to compliment the retail mix, Tiffany & Co., which opened in August.

The new district will bring Westfield Garden State Plaza up to 2.1 million sq. ft. of leasable space and more than 300 stores and restaurants.

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REAL ESTATE

KeyPoint adds six management assignments

BY Michael Fickes

Burlington, Mass. — KeyPoint Partners has added six new properties to its property management portfolio, five in Massachusetts and one in Virginia. The assignments consist of retail, office and industrial space totaling more than 1.39 million sq. ft.

Four properties have retail components. They include Springfield Plaza, a 400,000-sq.-ft. retail center in Springfield, Mass.; 978-980 Worcester Road, a 23,300-sq.-ft. office and retail property in Wellesley, Mass.; 140-142 Worcester Road, a 5,900-sq.-ft. retail property in Framingham, Mass.; and the 242,000-sq.-ft. first phase of One Loudoun, a new retail/entertainment/office/residential development in Ashburn, Va.

The two remaining management assignments are industrial and warehouse properties.

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REAL ESTATE

CBRE completes sale of Kohl’s in Avondale, Ariz.

BY Michael Fickes

Phoenix — CBRE has completed the sale of a single tenant net leased Kohl’s department store at the Alameda Crossing shopping center in Avondale, Ariz. The 88,402-sq.-ft. retail property on 8.89 acres commanded a price of $10.6 million.

CBRE’s Phoenix office represented both the buy and the seller in the transaction. The seller was La Jolla, Calif.-based Collins Family Trust, Stanford Decedents Trust and Sarn Family Trust. The buyer was Investors Associated LLP of Oconomowoc, Wis.

“We had a relationship with a 1031 exchange buyer out of the Midwest, who just sold a Walgreens portfolio and was looking for another triple net acquisition,” said Joseph Compagno, VP with CBRE’s Phoenix office. “The buyer was looking for a safe and stable income stream, and they accomplished that with the acquisition of this Kohl’s. Kohl’s is one of the top rated retail tenants in the United States with a “BBB+” investment grade credit rating.”

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