REAL ESTATE

SoHo mixed-use building sold for $48.5 million

BY Katherine Boccaccio

New York RKF said it has arranged the sale of an 18,850-sq.-ft. mixed-use building located at 138 Spring St. in Manhattan’s SoHo district.

The building encompasses 2,000 sq. ft. on the ground floor and 2,600 sq. ft. on the lower level, all occupied by high-end eyewear retailer ILORI. The balance consists of 14,250 sq. ft. of full-floor commercial loft space.

“The sale of 138 Spring Street … demonstrates that investor demand for buildings on this popular street, as well as SoHo at large, remains extremely high,” said Jeff Fishman of RKF.

The sale represents the latest in a series of SoHo property deals that RKF has arranged within the past two years as retail rents have climbed to historic levels.

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REAL ESTATE

Joint real estate equity fund acquires Wisconsin power center: Plaza 173

BY Michael Fickes

Brookfield, Wis. — A joint real estate fund formed by Innovative Capital Advisors and HSA Commercial Real Estate recently purchased the 92,000-sq.-ft. Plaza 173 power center in Brookfield, Wis., in a competitive auction.

Tenants include Dunham’s Sports, Men’s Wearhouse, Famous Footwear and Kessler Jewelers.

Plaza 173 occupies the northwest corner of Bluemound Road and Calhoun Road. Bluemound Road, the primary retail thoroughfare in Brookfield, carries about 42,900 vehicles past the center each day. Nearby national retailers include Roundy’s Metro Market, Bed Bath and Beyond, Buy Buy Baby, Babies “R” Us and Sports Authority. The 1.1 million-sq.-ft. Brookfield Square Mall is just a mile away.

Plaza 173 has been under-utilized for years, said Tim Blum, executive VP with HSA Commercial. He went on to say that HSA Commercial and Innovative Capital Advisors are creating a redevelopment and leasing strategy designed to capitalize on the center’s location and market co-tenancies.

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HOT CONCEPTS

The Monocle Order, New York City

BY CSA STAFF
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Another pure online retailer has made the leap to brick-and-mortar. The Monocle Order, an online member’s club for sunglasses and optical frames, has opened a flagship in Brooklyn’s uber hip Williamsburg neighborhood.

The store has a clean, minimalist look and warm vibe. It features custom-designed, solid-oak displays styled so that the sunglasses and optical frames appear to be floating against exposed brick wall. (The store does not fill prescriptions for lenses.) The walls are decorated with antique wood frames that showcase images of past events and photo shoots so customers can visualize the brands history.

Customers can take part in an interactive photo shoot while selecting their frames from over 500 vintage and new unique designs. (The selection covers independent designers and cool vintage frames as well. Many of the featured brands have little or no representation in the U.S.) The images are sent to the customer to post on their social media page and share with their friends.

The Monocle Order was founded by Alex van Klaveren and Zoe Nightingale, who launched the site in March 2011 with a clever twist: After the first purchase of full-price frames, customer are granted membership status, giving them access to “members only” eyewear collections at a discounted rate. Members also receives invites and access to members-only parties that the company puts on in various hot spots around New York City.


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