REAL ESTATE

Winick leases up Gantry Park Landing in Long Island City

BY Michael Fickes

New YorkWinick Realty Group has completed leasing the 12,919 sq. ft. of retail space at Gantry Park Landing, a new, 199-unit luxury rental building in Long Island City.

Winick represented The Lightstone Group, the building’s owner, in three lease transactions.

Urban Market, also represented by Winick, has eased 7,590 sq. ft. Beans, Grapes and Leaves, a coffee, tea and wine shop from the owners of Guy & Gallard, has taken 1,059 sq. ft. Manhattan Commercial Group represented the shop. Finally, North Shore-LIJ is planning a new, 4,270-sq.-ft. urgent care concept at the building. Newmark Grubb Knight Frank represented the hospital.

All three tenants plan to open in the fall.

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Space Ninety 8, Brooklyn, New York

BY CSA STAFF
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Space Ninety 8, a new concept from Urban Outfitters, has opened in the uber-hip Williamsburg section of Brooklyn, New York. Big and spacious, the multi-level space is located in a renovated warehouse. It has an industrial look, complete with exposed ceilings and brick wall, with lots of boho-chic accents.

The basement level houses a pop-up, with Adidas originals serving as the inaugural tenant. The space is colorful, with bold, crazy prints (the work of a local artist) accenting the walls and displays.

The ground floor showcases goods from local designers, a shoe boutique and a vintage shop called Urban Renewal. It also houses two pop-ups, which currently include Salt Surf, a fun, surf themed shop.

The second floor is home to Urban Outfitter’s womenswear collections, accessories and beauty products. The third floor houses the brand’s menswear collections, along with a curated selection of books and music. There is also a seating area and an iPhone charger station.

A short staircase in the men’s area leads to a bar. One level up from that will house a New York outpost of the trendy Los Angeles restaurant/bar, The Gorbals, due to open sometime in May. There is an outdoor extension of the restaurant and bar on the roof.


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Weis Markets affirms 2014 growth plans

BY CSA STAFF

Regional grocer Weis Markets is pressing forward with a $101 million capital expenditure program this year as it looks to restore top line growth at its Northeast operations.

The operator of 166 stores, 122 of which are located in Pennsylvania, confirmed a previously disclosed capital expenditure budget of $101 million would be used to fund 16 projects. Those projects consist of two new stores under construction in Selinsgrove and Enola, Pa., 13 remodels and expansion of a 1.1 million-sq.-ft. distribution center in Milton, Pa.

“Since 2008, we have invested more than $500 million in our growth and improvement programs. During this period, we completed more than a hundred projects,” Weis Markets president and CEO Jonathan Weis told attendees at the company’s shareholders’ meeting. Speaking to the distribution center expansion and supply chain initiatives, Weis noted, “As a company that self-distributes, our supply chain is a vitally important area for us. Over the last year, we have increased our focus on maximizing efficiency by driving millions of dollars of cost out of the system, while maintaining our high standards for store service. This has helped us reduce store level inventories and improve freshness.”

Weis was elevated to the role of CEO earlier this year after serving in an interim capacity since last September when former CEO David Hepfinger left the company.

The investments follow what proved to be a challenging year for the publicly held company majority owned by the Weis family. Despite opening four new stores last year in Woodlawn and Towson, Md., Hillsborough N.J. and Huntingdon Valley, Pa., the company’s sales declined 1.1% during the fourth quarter ended December 28, 2013 to $686 million and same store sales declined 3.5%. For the year, sales were essentially flat at roughly $2.7 billion and same store sales declined 2.6%.

The company’s top line challenges were attributed to a host of factors including cuts to the food stamp program, the shortened holiday season, fuel price deflation and deli sales impacted by manufacturer recalls. The top line difficulties caused fourth quarter profits to decline 29% to $15.7 million with full year profits, negatively affected by a $6.1 million charge related to former CEO Hepfinger’s separation agreement, dropping 13.1% to $71.7 million.

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