Phillips Edison acquires Bakersfield center
Phillips Edison has acquired another grocery-anchored center, this on in Bakersfield, California.
Riverlakes Village is a 92,212-sq.-ft. neighborhood center anchored by Von’s Supermarket and augmented by a classic necessity-based mix of CVS, Verizon Wireless, Bank of America, Supercuts, Steak and Grape’s, and Chipotle.
The center is 97% leased, according to broker CBRE, which did not disclose the sale price.
"The yield premium in the secondary markets such as the Central Valley is compelling for investors in today's low cap rate environment and Riverlakes Village’s excellent grocery and restaurant sales,” said CBRE Executive VP Phillip Voorhees.
Built in 1997, Riverlakes Village consists of six parcels totaling 9.5 acres at the southeast corner of Coffee Road and Hageman Road in Bakersfield.
Levin hired to pump life into Meadowlands center
The Plaza at Harmon Meadow in Secaucus, New Jersey, has a new managing agent charged with revitalizing the 192,000-sq.-ft. property.
Levin Management Corporation has taken over day-to-day operations at the center, which is located in a busy entertainment, transportation, and business corridor in the New Jersey Meadowlands. It is directly accessible off the New Jersey Turnpike and Route 3 and minutes from routes 17 and 46, I-80, the George Washington Bridge, and the Lincoln Tunnel.
“Our initial focus here will be to renovate common areas and maximize overall curb appeal. We will also be completing several large-scale capital projects already started by our client, including a parking deck refurbishment and a courtyard renovation,” said LMC executive VP Robert Carson.
Current tenants at The Plaza at Harmon Meadow — jointly owned by Carlton Strategic Ventures and New Valley Realty — include a Kerasotes ShowPlace 14 Theater complex, Pier 1 Imports, Chipotle, Starbucks, Houlihan’s, Red Lobster, and Cosi.
Home furnishings chain adds new hotel location
West Elm is expanding its hotel portfolio — even before it opens its first location.
The retailer, a division of Williams-Sonoma, announced Portland, Maine as the newest location for its West Elm Hotels collection. Expected to open in 2020, the 150 room, full-service boutique hotel will be developed on Portland’s waterfront by Portland Foreside Development Company LLC, and operated by hotel development and management company DDK, which is West Elm Hotels’ exclusive operator.
"Portland has experienced a renaissance within the past decade, creating a distinct and modern vibe, while honoring its maritime history,” said Peter Fowler, VP of West Elm Hospitality. “Our collaboration with Portland Foreside Development Company brings forth local knowledge and expertise that will deliver an original experience for guests, as well as the surrounding seaside community."
• West Elm said it will utilize its retail and marketing expertise to design a "unique hospitality experience that pays homage to the coastal city’s rich history and burgeoning waterfront community." The property will be located in Portland Foreside, a new neighborhood development in the area formerly known as the Portland Company Complex.
• The development is positioned to become the city’s premier destination for locals and tourists to appreciate Portland’s history, engage in the harbor’s many activities, celebrate special events, and enjoy retail, dining and entertainment offerings. Retail spaces will be curated in the historic core of the development and next to the hotel
West Elm is scheduled to unveil its hotel concept in Detroit, Indianapolis, Minneapolis, Oakland and Savannah, beginning in early 2019. Each West Elm Hotel, including the Portland location, will feature local design elements that celebrate the community and reflect traditional décor, handicraft, cuisine and culture from the region.
West Elm operates 101 retail stores in the United States, Australia, Canada and the U.K., ships internationally to customers around the world and operates stores in Mexico, the Middle East, Philippines and South Korea through unaffiliated franchisees.