REAL ESTATE

Nordstrom Rack announces two new locations

BY Staff Writer

Seattle — Nordstrom announced today plans to open a Nordstrom Rack at The Shops at SkyView Center in Queens, N.Y., and another at Lake Brandson Plaza, Brandon, Fla. Both stores are scheduled to open in fall 2014.

Nordstrom Rack is set to open its first Brooklyn, N.Y., location on Fulton Street in spring 2014 followed by a second location at the Gateway Center in Brooklyn, in the fall. When it opens, The Shops at SkyView Center Nordstrom Rack will be the company’s first Queens location.

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REAL ESTATE

Cole buys Darien Towne Centre in Darien, Ill.

BY Michael Fickes

Chicago — Cole Real Estate has purchased Darien Towne Centre in Darien, Ill., for $22.25 million, according to Transwestern’s Chicago office, which brokered the transaction on behalf of the seller, RPAI.

Cole has the ability to expand the 177,002-sq.-ft. center, which was developed in 1994, by up to 12,000 sq. ft.

Home Depot anchors Darien Towne Center, and a Wal-Mart Supercenter shadow-anchors. National tenants include PetSmart, O’Reilly Automotive, TGI Friday’s, Great Clips, Jenny Craig and Sally Beauty Supply.

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REAL ESTATE

Federal Realty acquires two retail centers in New Jersey

BY Michael Fickes

Rockville, Md. — Federal Realty Investment Trust has acquired controlling interests in two shopping centers in Affluent Monmouth County, N.J., for $161 million. Both the Grove at Shrewsbury and Brook 35 are located on Route 35 and serve the emerging bedroom and second home communities of Shrewsbury, Red Bank, Rumson, Fair Haven, Little Silver, and Middletown. The acquisition was made with a combination of downREIT units, cash and the assumption of $68 million of fixed rate debt secured by the properties.

The Grove at Shrewsbury is the trade area’s dominant shopping destination with a trade area population of 138,000 and average annual household incomes of $111,586. The Grove has more than 40 national and regional tenants including Lululemon, Brooks Brothers, Anthropologie, Pottery Barn, J.Crew, Banana Republic and Williams-Sonoma. Constructed in 1988, the property spans just over 25 acres in Shrewsbury, N.J.

About 15 miles south in Sea Girt, N.J., Brook 35 serves a wealthy coastal trade area with a population of 123,000 and an average annual household income of $101,487. Tenants include Ann Taylor, Banana Republic, Coach, and Williams-Sonoma.

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