Von Maur to enter Northeast with store in upstate New York
Davenport, Iowa — Von Maur Department Stores will open its first location in the Northeast, at Eastview Mall in Victor, N.Y., which is located just outside of Rochester. The two-level, 140,000-sq.-ft. store is scheduled to open on Oct. 26.
Located at the mall’s former Bon Ton location, the store underwent a complete reconstruction by local contractor LaChase Construction to achieve Von Maur’s signature exterior brick façade with arching entryways accented by a copper roof and cupolas.
Inside, open expansive floor plans accentuate Von Maur’s residential ambiance, complete with antiques, original artwork and music from the store’s grand piano. An interactive, life-sized tree in children’s is designed entertain Von Maur’s youngest shoppers while an antique pub, motorcycle and television will offer enjoyment in the Men’s areas.
"It is truly a tremendous milestone for us to break in to the Northeast and bring our unique style, service and selection to an entirely new customer base," said Jim von Maur, president of Von Maur. "Eastview Mall’s fantastic mix of retailers, loyal customers and regional appeal make it a great location to grow our brand. We are thrilled to be a part of Victor and the greater Rochester community and look forward to providing customers with our unmatched shopping experience."
Founded as a dry goods store in Davenport, Iowa, in the late 1800s, Von Maur has since grown to 27 stores and an e-commerce center. In the past two years, the company has opened two stores in Georgia, and plans to expand into Alabama and Oklahoma between November 2013 and November 2014. Eastview will mark the company’s 28th store, followed by opening at Riverchase Galleria Mall in Alabama one week later.
Inland acquires 12 Walgreens properties for $60 million
West Orange, N.J. — Paul V. Profeta and Associates, a real estate investment firm, has completed the sale of 12 Walgreens properties in nine states to Inland Real Estate Acquisitions. The purchase price was $60 million or more than $330 per square foot.
All of the properties are occupied under long-term 75-year triple-net leases with the Walgreens pharmacy chain. Walgreens has the right to cancel after 25 years.
“There is a very large, vibrant market for these types of assets, which are the least management-intensive commercial properties to own,” said Paul V. Profeta, principal of Paul V. Profeta and Associates. “Real estate investment trusts and large funds (such as private equity or pension funds) in particular are among the most active investors in single tenant net lease properties, which are also attractive to 1031 exchange buyers.”
CBRE’s Net Leased Property Group represented Profeta in the transaction.
Big Lots to Times Square Mall, Mount Vernon, Ill.
Mount Vernon, Ill. — Big Lots has signed a lease for 32,022 sq. ft. at Times Square Mall in Mount Vernon, Ill., about 80 miles east of St. Louis. The store is slated to open in the first quarter of 2014.