REAL ESTATE

Urstadt Biddle acquires two New Jersey shopping centers

BY Michael Fickes

Greenwich, Conn. — Urstadt Biddle Properties Inc. has acquired two shopping centers in New Jersey: Boonton A&P Center in Boonton and Bloomfield A&P Center in Bloomfield.

The company paid $18.4 million, subject to an existing $7.8 million mortgage, for the 63,000-sq.-ft. Boonton A&P Center. Constructed in 1999, the center features a 49,463-sq.-ft. A&P plus Dunkin’ donuts, Chase Bank, Subway, Supercuts and Sprint. More than 90% of the tenants are national or regional names.

Urstadt Biddle bought the 56,000-sq.-ft. Bloomfield A&P Center for $11 million, subject to an existing mortgage in the amount of $7.7 million. Built in 1977 and renovated in 1999, the Bloomfield center is anchored by a 30,750-sq.-ft. A&P, and an 8,950-sq.-ft. Walgreen’s. Other tenants include Dunkin’ Donuts, Supercuts, a pizzeria, liquor store and stationery store.

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REAL ESTATE

Nordstrom Rack to open in Dayton, Ohio

BY Michael Fickes

Seattle — Nordstrom plans to open a 35,000-sq.-ft. Nordstrom Rack at The Greene Town Center in Dayton, Ohio, in the fall of 2014. Olshan Properties, formerly known as MPI, Mall Properties, Inc., manages The Greene Town Center.

Nordstrom Rack has four other locations in Ohio, two of which opened this past fall in Columbus and Westlake. Another Rack location is set to open at Sun Center in Columbus this spring. Nordstrom operates three full-line stores in Ohio.

The Greene Town Center is a 1.1 million-sq.-ft. mixed-use community center featuring open-air gather spaces, parks for children, more than 200 residential units, pedestrian-friendly streets and 120,000 sq. ft. of second floor office space. The new Nordstrom Rack will join retailers and restaurants such as Banana Republic, Sephora, Forever 21, The Cheesecake Factory and McCormick & Schmicks among others.

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News

CBL’s digital mall marketing system

BY Michael Fickes

In partnership with PlaceWise Media, CBL & Associates Properties has launched websites with technology that connects retailers and customers at 27 of its malls.

The technology collects deals offered by retailers and puts them in front of shoppers via smartphones and tablets. It provides every retailer and restaurant in a mall with an online presence that enables each to engage local customers.

The websites integrate online, mobile and social media into a single platform and deliver a mix of retailer deals, promotions, fashion and lifestyle editorial content and featured products to shoppers — who can access that information on mobile devices to plan their shopping trips.

Malls, retailers, restaurants and local managers use PlaceWise tools to feature store brands and drive traffic to stores. Retail and restaurant brands use interactive features to provide content and messaging to shoppers and diners. Local store and restaurant managers can also interact directly with local customers.


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