StreetMac to manage recapitalized Stratford Square Mall
Northbrook, Ill. — StreetMac Asset Managers and Five Mile Capital Partners LLC have joined forces to recapitalize Stratford Square Mall in Bloomingdale, Ill.
The 1.3 million-sq.-ft. mall features more than 100 stores and restaurants, a 14-screen cinema complex and national retail anchors including Macy’s, Sears, Carson Pirie Scott, J.C. Penney, Kohl’s and Burlington Coat Factory.
The recapitalization came about when an affiliate of Five Mile Capital Partners gained control of Stratford Square in November 2011 by purchasing the mall’s distressed debt. Following the recapitalization, StreetMac Joined the transaction as the operating partner, taking an equity stake in the property alongside Five Mile and assuming management and leasing responsibilities.
This is StreetMac’s third retail mall investment in affiliation with Five Mile Capital Partners.
DryClean NYC takes upper Manhattan location
New York — DryClean NYC has signed a lease for a fourth location in Upper Manhattan, according to Faith Hope Consolo, chairman, Joseph A. Aquino, executive VP and Arthur Maglio of Douglas Elliman’s Retail Group, who arranged the lease. The new store will open at 708 St. Nicholas Avenue, between 145 and 146th Streets.
This is the fifth lease the Retail Group has arranged in the building. The other four stores include Sugar Hill Medical Plaza, Unity Wines & Spirits, W Dental and Metro PCS.
RKF launches Toronto office
New York — RKF has opened an office in Toronto and named Steven Alikakos president, Canada. RKF’s Canadian expansion comes just weeks after the firm formalized an affiliation with the U.K.-based retail consulting firm CWM Retail Property Advisors.
A growing number of American retailers have launched stores north of the border in recent years, a trend expected to continue. Likewise, the U.S. has seen a wave of expansions from Canadian retailers. RKF hopes to play a role in sustaining and accelerating cross-border retail migration.
Steven Alikakos brings more than 22 years of retail leasing expertise to his new post. He most recently served as senior VP and senior manager at DTZ Canada (formerly J.J. Barnicke).