REAL ESTATE

Off-price fashion retailer to join St. Georges Crossing

BY Melonie Messina

Woodbridge, N.J. — Levin Management announced that T.J.Maxx has joined St. Georges Crossing in Woodbridge, New Jersey. The 23,000 sq. ft. free-standing T.J.Maxx store will anchor the fully leased, 340,000 sq. ft. shopping center.

St. Georges Crossing is located at the intersection of Routes 1 & 9 and 35. The center includes a mix of retail, restaurant and service tenants: ShopRite, P.C. Richard & Son, PetSmart and Pier 1 Imports, Golf Galaxy, AutoZone, Bertucci’s and Wine Country.

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REAL ESTATE

The Taylor McMinn team of Marcus & Millichap sells $4.2 million

BY Melonie Messina

Dallas, Ga. — Marcus & Millichap announced the sale of a 17,930-sq. ft. CVS Strip Center in Dallas, Georgia, for $4.2 million. The property is 70% anchored by CVS Health with a 15-year corporate-guaranteed double-net lease.

“Well located strip centers with National Corporate Tenants are garnering growing investor interest as buyers seek increased yields from the single tenant net leased space. As a result, cap rates for similar assets are continuing to compress,” said Zach Taylor, VP of Investments for Marcus & Millichap’s.

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Multi-million dollar renovation of Burr Ridge Village Center now underway

BY Melonie Messina

Burr Ridge Ill. — Trademark Property Co. announced the start of construction on its multi-million dollar renovation of the Burr Ridge Village Center in Burr Ridge, Illinois. Enhancements will include upgraded amenities, renovation of common areas and roadway modifications.

“We are excited to evolve Burr Ridge Village Center by investing in these upgrades, which will create a more welcoming environment for guests,” said Weston Graves, VP, design and construction, Trademark.

Phase One has begun construction and is scheduled to be completed mid-November 2015 and will focus on street and intersection work at the north end of the property. The roundabout will be removed and reworked to provide better access and traffic flow for visitors and to enlarge the existing public space. A designated valet lane and program will also be added.

Phase Two is scheduled to start in spring 2016 and will focus on the center green space. Enhancements will include sidewalk areas throughout the property, adding a new fireplace and an upgraded seating area on the south end of the green, as well as building a year-round pavilion with a seating area on the north end of the green that will be used for concerts, events and other key programming.

The line-up of retailers and restaurants at Burr Ridge Village Center includes White House | Black Market, Evereve, Banana Republic, Loft, Victoria’s Secret, Gymboree, Two Bostons Pet Boutique, Kohler Waters Spa, and Cooper’s Hawk Winery & Restaurant, as well as the recently opened Stix & Stones Wood Fired Pizza.

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