NRDC signs three tenants at Pohatcong Plaza
Purchase, N.Y. — Hobby Lobby, Marshall’s and Home Goods have leased more than 98,000 sq. ft. of space at 562,000-sq.-ft. Pohatcong Plaza power center in Phillipsburg, N.J., according to National Realty & Development Corp.
The retailers will occupy a redeveloped building where Wal-Mart operated before expanding to a Supercenter early last year — in NRDC’s adjoining Pohatcong Plaza II.
MC Sports signs into East Peoria center
Peoria, Ill. — MC Sports will open a 22,555-sq.-ft. location at Town Centre II in East Peoria this fall, according to Cullinan Properties, the firm that arranged the lease.
Town Centre II is owned by M&L Joseph Properties, a real estate investment partnership that owns retail and office properties throughout central Illinois. M&L Joseph and Cullinan are partners in an effort to enhance the retail mix at Town Centre II.
Phillips Edison’s REIT acquires grocery anchored center
Cincinnati — Phillips Edison—ARC Shopping Center REIT Inc. has announced the acquisition of Yorktown Centre, a 196,728-sq.-ft. shopping center in Erie, Pa. Anchored by a Giant Eagle grocery store, Yorktown Centre is 100 percent occupied.
The acquisition brings the REIT’s portfolio to 53 properties with 21 leading grocers in 19 states, with an aggregate portfolio purchase price of approximately $767.7 million. Phillips Edison-ARC Shopping Center REIT is a public, non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the U.S.