Winick signs Bareburger into Columbus Square
New York — Organic burger restaurant Bareburger has signed a lease for 1,875 sq. ft. at 795 Columbus Avenue in New York City. It will be the chain’s first Upper West Side location as well as the first sit-down restaurant to lease space in the Columbus Square development project.
Winick Realty Group represented Bareburger in the transaction.
Central New Jersey retail vacancy rate rises to 9.8%
Old Bridge, N.J. — The retail vacancy rate along central New Jersey’s major shopping corridors increased to 9.8% this summer, according to R.J. Brunelli & Co.’s 24th annual study of the central New Jersey market.
The disappointing upward spike follows a major decline from a 10-year high of 10.5% to 9.1% between 2011 and 2012. R.J. Brunelli attributed the change to growing closures of smaller ships overcoming progress in re-tenanting big-box spaces larger than 20,000 sq. ft.
Overall, the report uncovered 2.95 million sq. ft. of vacancies in the 30.22 million sq. ft. of space studied along State Highways 1, 9, 18, and 35 in Mercer, Middlesex and Monmouth counties and a small section of Ocean County. Improvements on Routes 1 and 18 were countered by rising vacancies along Routes 9 and 35.
Over the last 10 years, the four corridors had their strongest performance in 2006, when the combined vacancy factor stood at just 3.4%.
Availabilities were seen in 192 of the 796 sites visited throughout the region during the year’s second quarter.
Phillips Edison-ARC Shopping Center REIT acquisitions
Cincinnati — Phillips Edison-ARC Shopping Center REIT Inc. www.phillipsedison-arc.com has announced the acquisition of two grocery-anchored shopping centers: Stockbridge Commons in Fort Mill, S.C., a suburb of Charlotte, and Dyer Crossing in Dyer Indiana, about 30 miles south of Chicago.
Anchored by a Harris Teeter grocery store, the 99,473-sq.-ft. Stockbridge Commons is currently 96% leased.
Dyer Crossing is a 95,083-sq.-ft. shopping center anchored by a Jewel-Osco grocer store, the top grocer by market share in the Chicago market. When combined with the Jewel-Osco lease, 84% of the rents from the shopping center derive from national tenants.
These are the first Phillips Edison-ARC Shopping Center REIT acquisitions to include Harris Teeter or Jewel-Osco. It is also the first acquisition of a center located in Indiana.
Together, the acquisitions bring the Company’s total portfolio to interests in 55 properties anchored by 22 leading grocers in 20 states, with an aggregate portfolio purchase price of approximately $801.5 million.