Rappaport to manage shopping centers
McLean, Va. Toll Brothers Realty Trust, an affiliate of home-builder Toll Brothers, said it has selected The Rappaport Cos. to provide property-management services for two of its Northern Virginia shopping centers, South Riding Market Square and Dominion Valley Market Square.
Both shopping centers were built by Toll Brothers Realty Trust as part of the company’s planned residential communities in Loudoun and Prince William counties, respectively.
South Riding Market Square is a 335,000-sq.-ft. center anchored by Home Depot and Giant Food, located in Chantilly, Va.
Dominion Valley is also anchored by Giant Food, and feature 175,000 sq. ft. of retail space at the entrance to the Dominion Valley Country Club community in Haymarket, Va.
s.kuhlman to open in Manhattan
New York City European-inspired menswear retailer s.kuhlman has subleased 2,300 sq. ft. of retail space at 989 Third Avenue on the corner of East 59th Street in New York City, according to the retailer’s exclusive real estate advisor, The Lansco Corp., a member of the X Team Retail Services Network.
s.kuhlman will sublease the space until February 2010 and will have the opportunity to do a direct deal with the building landlord, the Allan Riley Co., at the end of the term. The asking rent for the three-level retail space is $25,000 per month, but Lansco, who also represented the sublessor, said it was able to negotiate a substantially lower base rent with a percentage based on sales.
“This unique arrangement provides s.kuhlman with the opportunity to test drive the market with a temporary store before committing to a longer term lease, and is something we were able to creatively negotiate because of our relationship with both the subtenant and sublessor,” explained Lansco executive VP Robin Abrams, who represented the tenant with director Peter Weissman.
Weissman added that the retail space was in good turnkey condition, which is ideal for a retailer looking to open a short-term store.
Founded by Scott and Susan Kuhlman in 2002 and run as a public company until 2007, s.kuhlman has rebranded and re-entered the marketplace with private-equity partners Louis Silverman and Jason Behfarin. The retailer offers signature, classic European-inspired pieces, and is described as a hybrid of men’s sportswear and dress wear.
In addition to opening a temporary store in Minneapolis, Lansco will act as the exclusive broker as s.kuhlman strategically rolls out stores across the country, including Boston and Los Angeles.
Fitness 19 to open at Oak Park Commons
South Plainfield, N.J. Gym chain Fitness 19 will open a third New Jersey location at Oak Park Commons in South Plainfield, N.J., according to the center’s leasing and managing agent Levin Management Corp.
The 6,500-sq.-ft. facility will open in late fall.
The 137,000-sq.-ft. Oak Park Commons is anchored by Super A&P and a 24-hour CVS, with additional tenants including a newly rebuilt McDonald’s, Wachovia Bank, RadioShack, 1-800-Flowers, Subway, H & R Block and Goodyear Tire and Auto.