REAL ESTATE

Vintage Real Estate acquires The Mall at Whitney Field

BY Michael Fickes

Leominster, Mass. — Vintage Real Estate has purchased The Mall at Whitney Field, a 700,000-sq.-ft. regional shopping center in Leominster, Mass., about 35 miles west of Boston. Anchors include Macy’s, Sears, J.C. Penney, Market Basket, Toys “R” Us and Old Navy.

Concurrent with the acquisition, Burlington Coat Factor signed a 10-year lease for a 66,000-sq.-ft. space formerly occupied by Circuit City.

About 70 inline retailers and restaurants make up the remainder of the tenant list. National names include Victoria’s Secret, Bath & Body Works, Justice, Payless Shoes and Panera Bread. The center’s average sales per square foot is $355, which is above the national average.

The mall changed hands in 2007 for $82 million, including the assumption of a $74.5 million loan. The lender foreclosed in November 2010 with a $72.2 million loan balance. Eastdil Secured marketed the property.

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REAL ESTATE

Regency Centers purchases Preston Oaks

BY Michael Fickes

Dallas — Regency Centers Corp. has closed on an off-market acquisition of Preston Oaks, a 103,503-sq.-ft. infill neighborhood center anchored by H-E-B Central Market. National retailers include Gap, Pier 1 Imports and White House Black Market.

Located in the Preston Hollow neighborhood of Dallas, Preston Oaks serves a market of 109,000 within a three-mile radius. Average household income is $144,000. The market’s population swells to 118,000 during the day.

“Preston Oaks fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Stuart Brackenridge, VP acquisitions and dispositions for Regency Centers.

With the Preston Oaks acquisition, Regency Centers owns 12 centers in the Dallas market.

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REAL ESTATE

Tucker Development is bringing ShopRite to Springfield Avenue Marketplace

BY Staff Writer

Newark, N.J. — Tucker Development Corp. has signed a deal with Wakefern Food Corp. retail cooperative to bring a 67,000-sq.-ft. ShopRite grocery store to Springfield Avenue Marketplace in Newark, N.J.

Wakefern is the merchandising and distribution arm for ShopRite stores.

The new ShopRite will anchor the 125,000-sq.-ft. center set to break ground this fall. When complete, the center will serve approximately 280,000 Newark residents, 180,000 employees and 60,000 college students and faculty.

The development will also feature approximately 150 residential apartments and create approximately 240 construction jobs and almost 400 full and part-time jobs.

The shopping center and residences will form part of a Newark Urban Enterprise Zone, where customers will receive a 50 % reduction of sales tax on most purchases along with the full exemption of taxes on grocery and clothing purchases in New Jersey.

“ShopRite and other retailers at Springfield Avenue Marketplace will help recapture a large portion of the $575 million in retail sales that Newark loses every year, as residents have been forced to make 38 % of their purchases outside the city,” said Richard Tuck, president and CEO of Tucker Development Corp. “It will also provide a necessary resource to neighborhood residents, create employment opportunities and help to increase the city’s tax revenue base.”

“The site where the ShopRite will be built has been vacant for over 20 years, and this store along with the other developments slated to go on that 11-acre parcel, will be a game-changer for that part of Springfield Avenue,” said Darrin Sharif, Central Ward Councilman for the City of Newark.

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