Primestor acquires 4G Plaza
Las Vegas — In the latest acquisition for its Primestor-Platinum Urban Opportunity Fund I, LP, Primestor Development has acquired 4G Plaza, a neighborhood shopping center in Las Vegas, for $8.8 million.
Purchased from 4G Properties LLC, the 78,849-sq.-ft. center is anchored by El Super and shadow-anchored by The Home Depot. It is 93% leased. Other tenants include Wells Fargo, Taco Bell, Big 5 Sporting Goods and Sprint.
"4G Plaza is right up our investment alley," said Alan Araki, managing director for investments of Los Angeles-based Primestor. "It is well-leased to terrific credit tenants, and is located in a densely populated Latino market."
4G Plaza is Primestor’s second project in Nevada; it also owns and manages Paradise Plaza in Sparks, Nev. The company also has developed numerous projects in Southern California and Chicago.
Simon to expand King of Prussia Mall
Philadelphia — Simon Property Group announced Tuesday plans to unify the two main shopping venues of King of Prussia Mall, in King of Prussia, Pa., expanding one of America’s most productive and iconic retail destinations.
The project will entail an enclosed multi-level expansion connecting the five-anchor, 1.7 million-sq.-ft. Plaza, and the two-anchor, 902,000-sq.-ft. Court. The 140,000-sq.-ft. expansion will include approximately 40 new retailers, several restaurants, an upscale dining pavilion and customer lounge. The timing of the project coincides with the upcoming 50th anniversary of the center.
"This expansion will not only enhance the shopping experience, providing an enclosed retail and amenity-filled link between the two properties, but also creates much needed additional space to accommodate the demand that exists for this property," said David Contis, president of Simon Malls.
Already underway is a major redevelopment of the center which will convert the former Strawbridge’s building into a home for 10 new retailers in a two-story, 100,000-sq.-ft. space. This redevelopment is set to debut in time for next year’s holiday season.
Steadfast Capital names chief marketing officer
Irvine, Calif. — Steadfast Cos. said that Richard Gann has been hired as chief marketing officer for Steadfast Capital Markets Group, the company’s securities and financial services division.
In the newly created role, Gann will oversee strategic marketing functions to assist in the overall positioning and growth of the Steadfast Income REIT, the company’s $1.65 billion public, non-traded real estate investment trust, as well as future alternative investment programs.