S2 Capital has expansion plans for Richmond-area center
McLean, Virginia-based S2 Capital Partners has purchased an 8-acre center on the outskirts of Richmond with plans to build it out to its full potential.
The company paid $12 million for the 52,000-sq.-ft. Stonebridge Marketplace, and principal Rob Seidel told Richmond Biz Sense that it plans to add 7,200-sq.-ft. and 8,400-sq.-ft. buildings to fill out the strip that fronts a 123,000-sq.-ft. Kroger Marketplace.
Current tenants include Firestone, Panda Express, Mattress Firm, Qdoba, and AT&T.
Stonebridge Marketplace occupies the site of the Cloverleaf Mall, one of the first enclosed shopping centers in the region. Stonebridge replaced it in 2007.
Cole buys Baltimore Sam’s Club property
Cole Real Estate Income Strategyhas purchased a 10.5-acre Sam’s Club property in Timonium, Maryland—just north of Baltimore — for $18.3 million in cash.
“The seller was able to secure an early lease extension prior to the sale, which created a well-positioned, long-term passive investment for the new ownership,” said Jon Busse, Senior VP at Colliers International, which handled the deal on behalf of the seller, Diamond Timonium LLC.
Ten years remain on the lease for Sam’s Club, which opened there in 2000.
Unusual demographic flocking to J.C. Penney
J.C. Penney is often associated with an older shopper demographic. But its comeback is being fueled, at least partially, by a surprising group.
Millennial moms now account for 45% of Penney's revenue, CNBC reported, and the group is also driving much of the growth in the company's sales and customer count.
Penney is working on multiple fronts to meet the specific needs of this group, according to the report and, to that end, it even brought a dedicated holiday toy section back to its kids' department.
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