Stirling Properties and JCH Development to develop Magnolia Marketplace
New Orleans — Stirling Properties and JCH Development have announced a joint venture to develop the first 6,000-sq. ft. building of Magnolia Marketplace Shopping Center in New Orleans at the intersection of South Claiborne Avenue and Fourth Street. A second phase of the development will commence this fall at South Claiborne and Toledano.
Stirling and JCH have secured leases for 108,000 sq. ft. with national retail tenants. Stirling is currently negotiating with prospective tenants for the remaining space. When complete, the center will span 138,000 sq. ft.
ABS Partners announces Foot Locker relocation in Manhattan’s SoHo district
New York — Following a two-year search, Foot Locker has moved one of its Manhattan locations from 541 Broadway to 440 Broadway in SoHo one block north of Canal Street, according to ABS Partners Real Estate.
ABS Partners negotiated a 10-year net lease on behalf of Foot Locker for a 9,000-sq.-ft. two-story building plus a lower level.
“During the prime hours of noon to 6 p.m. each day, more than 40,000 people walk past 440 Broadway,” said Joseph J. Sitt, CEO of Thor Equities, which owns the building.
The new Foot Locker location is in a rapidly developing section of Broadway, said Mark Tergesen, managing director with ABS Partners. “The rising rents and high demand for retail space on Broadway north of Broome has resulted in increased activity further south on Broadway towards Canal Street,” he continued.
SoHo mixed-use building sold for $48.5 million
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.