REAL ESTATE

SL Green Realty acquires 102 Greene Street

BY Katherine Boccaccio

New York City SL Green Realty Corp. announced it has acquired the retail property located at 102 Greene Street for $32.25 million. The transaction marks the continued growth of the company’s prime retail property portfolio, which already includes several other assets in Manhattan’s SoHo retail district.

The 9,200-sq.-ft. asset currently features the Galeria Melissa footwear store, and also includes two residential units and 5,500 sq. ft. of development rights. The building is located on what is becoming one of the top luxury boutique blocks of SoHo between Prince Street and Spring Street, across the street from Tiffany and Co. and surrounded by such tenants as Ralph Lauren, Apple, Etro, Fendi, Dior, Chloe, and Louis Vuitton.

“SoHo has experienced a tremendous surge in upscale shopping, fueled by both tourism and evolving demographics,” said SL Green managing director Brett Herschenfeld. “We expect the current trends to continue for the long-term, based on the strong economic outlook and compelling neighborhood features. SL Green will now reposition the property, consistent with our other investments in the area.”

RKF arranged the sale, representing both the buyer and the seller.

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REAL ESTATE

United Tae Kwon Do to open at Summit Plaza

BY Katherine Boccaccio

Hackensack, N.J.Martial arts studio United Tae Kwon Do Center has leased 1,500 sq. ft. at Summit Plaza in Hackensack, becoming the latest tenant to join the retail lineup at the Bergen County shopping center. The 100,000-sq.-ft. retail property is owned and managed by Alfred Sanzari Enterprises.

“Summit Plaza is the perfect location to expand our growing New Jersey presence,” said Bruce Song, president of United Tae Kwon Do Center.

Located at 370-380 West Pleasantview Ave. at the intersection of Route 17, Summit and West Pleasantview Avenues, Summit Plaza is anchored by an expanded 62,000-sq.-ft. Super Stop & Shop and is tenanted by Harmon Cosmetics, GNC, Payless ShoeSource, RadioShack, Dress Barn, The UPS Store, GameStop and Blimpie, as well as typical neighborhood services such as a dry cleaner and a pizzeria.

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REAL ESTATE

Target to close 11 locations

BY Marianne Wilson

Minneapolis Target Corp. announced that it planned to close 11 stores as of Feb. 1, 2015, citing performance issues.

“The decision to close a Target store is only made after careful consideration of the long-term financial performance of a particular location,” Target said in a press release. “All eligible store team members are being offered the option to transfer to other Target stores. Team members who choose not to transfer will be offered a separation package.”

The stores include three locations in Michigan (Bay City, Monroe, Northland), two in Illinois (McHenry, Calumet City) and single stores in Lithonia, Ga., Clinton, Iowa, Castleton, Ind., Wichita East, Kan., Austin, Minn., and Carrolton, Texas.

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