NYC’s first enclosed mall in 40 years officially opens
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.
99 Cents Only to reopen six California stores
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.
Report: Miami retail buildings sell for $342 million
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.