Nordstrom Rack to open in landmark Brooklyn site
Seattle — Nordstrom said it plans to open a Nordstrom Rack at 505 Fulton Street in Brooklyn, N.Y. The approximately 41,000-sq.-ft. store is scheduled to open in spring 2014. The developer for the project is United American Land LLC.
The store will feature a unique design that will blend the architecture of the site — the landmark Offerman building — with the contemporary style of an adjacent, newly built structure. The single-level store will occupy the second floor retail space.
"We want to be in the top locations across the country, so this spot at the heart of downtown Brooklyn is big for us," said Geevy Thomas, president of Nordstrom Rack. "We are thrilled to become a part of this exciting community at a historic location, and we intend to make the most of the opportunity to serve customers and give them a reason to shop the Rack."
In related news, Nordstrom said it will open a Nordstrom at Shops at Orchard Place in Skokie, Ill. The approximately 36,000-sq.-ft. store is scheduled to open in spring 2014. Shops at Orchard Place is owned and managed by Inland Real Estate Corp.
CBRE brokers retail center sale in Katy, Texas
KATY, Texas —CBRE’s National Retail Investment Group has closed on the sale of Highland Knolls Shopping Center in Katy, Texas, to Revesco Properties. The 87,469-sq.-ft. grocery-anchored shopping center is 94.6% occupied.
A 62,389-sq.-ft. Randall’s has anchored the center since it opened in 1999 and has 11 years remaining on its lease. Randall’s represents 71% of the property’s total gross leasable area for a 70:30 anchor-to-shop space ratio.
Regency buys class-A center in D.C. metro area
SILVER SPRING, Md. —Regency Centers Corp. and a co-investment partner have acquired the 31,316-sq.-ft. Shoppes of Burnt Mills in Silver Spring, Md., just north of Washington, D.C., for $13.6 million. Regency’s share of the off-market acquisition was $1.7 million.
A 9,306-sq.-ft. Trader Joe’s anchors the neighborhood center alongside Starbucks, Chico’s and AT&T. The center benefits from strong visibility and accessibility with more than 62,000 vehicles per day passing on Route 29, a major north-south thoroughfare linking the D.C. and Baltimore metro areas.
About 166,782 people live inside the three-mile ring. Average household income is $100,000. Nearly one million square feet of office, medical, flex and industrial space and support a daytime population of 145,716.