REAL ESTATE

Silverspot Cinema signs into University Mall

BY Michael Fickes

Chapel Hill, N.C. — Silverspot has signed a lease for a 52,500-sq.-ft. movie theater at University Mall in Orange County, N.C. Four new boutiques, a high end sporting goods store and a new fine dining option have also signed leases recently.

The new tenants are part of a redevelopment plan being carried out by owner Madison Marquette.

Silverspot at University Mall, a theater and casual dining concept, will be the fifth U.S. location for the company, a division of Cines Unidos, one of the largest theater companies in South America.

Other new tenants include William Travis Jewelers and TrySports, which are now open, and Fine Feathers and Peacock Alley, slated to open later this year. Plaza Azteca, a full-service Mexican restaurant, and Kidzu Children’s Museum will join the line-up in 2014. Silverspot will follow in early 2015.

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REAL ESTATE

Barnett Capital sells The Shoppes at Prime Village

BY Michael Fickes

Chicago — Barnett Capital has sold The Shoppes at Prime Village in Schaumburg, Ill., to Integris Ventures for approximately $7.25 million, according to CBRE, which represented Barnett in the transaction.

The acquisition is the first for Integris Ventures in the Chicago area.

Built in 2008, the 38,313-sq.-ft. center is anchored by Aldi. Other tenants include Chicago Prime Steakhouse and Culvers.

Barnett Capital originally purchased the loan on the property from TCF Bank and brought the property out of foreclosure. CBRE came on board to lease and manage the center for Barnett after the loan purchase. At the time of the sale, the center was 100% occupied.

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REAL ESTATE

Prada renews early at SL Green’s 724 Fifth Avenue

BY Michael Fickes

New York — Prada has renewed the lease for its New York City flagship store at 724 Fifth Avenue, according to SL Green Realty Corp. and Jeff Sutton, a partnership that owns the building.

The early lease renewal — the existing lease will not expire until 2017 — will keep one of the world’s iconic fashion and accessory houses at the prime Manhattan location through 2028. Prada occupies 15,540 sq. ft. on four levels, plus another 5,200 sq. ft. of office space on the fifth floor of the building.

The SL Green/Sutton venture acquired the building in early 2012, as part of a strategy to invest in the city’s important retail locations. SL Green and Sutton also control interests in the retail condominium of 717 Fifth Avenue, 720 Fifth Avenue, 609 Fifth Avenue and the entire retail portion of 650 Fifth Avenue.

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