REAL ESTATE

Rivercrest Realty acquires Norton Commons

BY Michael Fickes

Norton, Va. — Rivercrest Realty Associates has acquired the 81,297-sq.-ft. Norton Commons shopping center in Norton, Va., for $6,910,000.

Divaris Real Estate represented the seller, General Electric Credit Equities, in the transaction. At the time of the sale, the center, anchored by Burke’s Outlet, was 98% occupied.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
REAL ESTATE

Forest City acquires Macy’s Home Store at Ballston Common

BY Michael Fickes

Arlington, Va. — Forest City has acquired Macy’s Furniture Store building at the Ballston Common Mall from Macy’s. Forest City, the owner, developer and manager of the mall, plans to redevelop the property and add mixed uses including residential and office. The Home Store, which is connected to the mall on three levels, is the first step in the redevelopment.

The proposed multi-phase development plans, which must be approved by the Arlington County Board, would include demolition of the former furniture store structure, the redevelopment of new retail space on three levels with a residential building constructed above.

Overall, Forest City plans to update the existing mall, to be known upon completion as Ballston Center, into a transit-oriented, urban mixed-use center featuring an enhanced blend of restaurants, entertainment and other contemporary upscale retail options to better serve the changed and exceptional demographics within the primary market.

Plans also call for the renovation existing office space above Macy’s, which would be marketed to office tenants.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
REAL ESTATE

PREIT completes sale of two power centers

BY Michael Fickes

PhiladelphiaPennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.

In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.

PREIT carried out the two sales in conjunction a strategic plan to dispose of non-core properties and reduce debt to strengthen its balance sheet. During 2013, non-core property sales have enabled the company to pay down $359 million in debt.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...