REAL ESTATE

NYC’s first enclosed mall in 40 years officially opens

BY Katherine Boccaccio

New York — The Mall at Bay Plaza, New York City’s first enclosed fashion mall in over 40 years, officially opens on Aug. 14.

Located on Baychester Avenue in the Bronx, the 780,000-sq.-ft., three-level center will be the largest shopping mall in the city. It will include a new, ground-up Macy’s and an existing J.C. Penney as the anchor tenants. Over 100 retail shops have been constructed, many of which will operate in the Bronx for the first time such as H&M, Michael Kors, Ulta, Victoria Secret, and Kay Jewelers. Four new restaurants, a new gym and AMC Theater will be featured tenants as well.

Sam Shalem, CEO and chairman of Prestige Properties & Development Co. Inc., the mall’s developer, created more than 2,000 construction jobs and will soon open its doors to more than 1,700 permanent jobs.

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REAL ESTATE

99 Cents Only to reopen six California stores

BY Dan Berthiaume

City of Commerce, Calif. – 99 Cents Only Stores is reopening six stores in California the weekend of Aug. 15 – Aug. 16. On Aug. 15, 99 Cents Only will kick off the grand re-opening celebration of its Concord, Poway and Sanger stores.

On Aug. 16, 99 Cents Only Stores will kick off the grand re-opening celebration of its San Bernardino, Escondido and Rohnert Park stores.

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REAL ESTATE

Report: Miami retail buildings sell for $342 million

BY Dan Berthiaume

Miami Beach, Fla. — Terranova Corp. and Acadia Realty Trust have reportedly agreed to sell six retail buildings on Lincoln Road in Miami for $342 million. According to the Miami Herald, the buildings were purchased for a combined $191 million in 2011 and 2012, marking a $151 million profit in a few years.

Tenants include Starbucks, Fossil, and A/X Armani Jeans. The deal is with an unnamed institutional investor and is not yet completed. It ranks as the most expensive retail real estate transaction in Miami history.

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