REAL ESTATE

Report: Miami retail buildings sell for $342 million

BY Dan Berthiaume

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.

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REAL ESTATE

New retailers come to Westchester Ridge Hill

BY Dan Berthiaume

Yonkers, N.Y. — Forest City Ratner Companies (FCRC), the developer and owner of the Westchester’s Ridge Hill shopping center, has announced some new tenants that will open at the regional center. They include 5 Napkin, a family-friendly bar and grill; Wine Zetta, a regional wine store; and Hand and Stone, a spa franchise.

In addition, restaurant operator Poll Brothers has leased a Town Square location. In the past few months, national retail additions include The Children’s Place, Lord & Taylor, and Banana Republic, which plans to open a new store at Ridge Hill in September.

“We constantly strive to cultivate the best possible combination of retail, dining and entertainment to meet the needs and desires of our customers,” said Kathryn Welch, executive VP, retail development, FCRC. “This requires bringing together sought-after nationally recognized brands with unique local and regional merchants to ensure that our guests will have a successful and fun experience when they come to Ridge Hill.”

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Simon breaks ground on Gloucester Premium Outlets

BY Katherine Boccaccio

Indianapolis — Simon, in concert with joint-venture partner PREIT-Rubin, has broken ground on Gloucester Premium Outlets in Gloucester Township, New Jersey, a multi-million dollar upscale outlet destination that will bring more than 80 retailers to the southern New Jersey market.

Opening summer 2015, Gloucester Premium Outlets is located in close proximity to the Atlantic City Expressway and the Black Horse Pike. It will feature a Food Pavilion with multiple dining options, an outdoor lounge area, lush landscaping, and significant green space to host community events such as musical performances, charity events and children’s activities.

"We are excited to officially begin development on Gloucester Premium Outlets and would like to thank Gloucester Township and its residents for their tremendous support of this project," said Mark Silvestri, COO, Simon Premium Outlets. "We expect that Gloucester Premium Outlets will be a catalyst for economic growth and vitality for Gloucester Township and the surrounding area, with the creation of 300 to 500 construction jobs and more than 800 full-time and part-time retail jobs upon opening."

Gloucester Premium Outlets is a joint venture between Simon and PREIT-Rubin, Inc. and will be developed and managed by Simon.

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