REAL ESTATE

  • REI to open two Columbus, Ohio, stores next year

    Seattle — Next fall, REI will open a 23,000-sq.-ft. store at Sun Center in Columbus, Ohio. That store will join a previously announced 23,400-sq.-ft. REI slated to open in the spring at Easton Gateway. The retailer opened its first Ohio store in Cincinnati in 2012.

    REI is the nation’s largest consumer cooperative with 5.1 million active members and 132 stores.

  • Cleveland-area center sells for $17.79 million

    North Olmsted, Ohio — Marcus & Millichap Real Estate Investment Services has arranged the sale of North Olmsted Towne Center, a 95,446-sq.-ft. shopping center in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland. The selling price was $17.79 million, $186 per square foot.

    Towne Center tenants include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

  • Stirling and JCH acquire land for New Orleans center

    Covington, La. — Stirling Properties and JCH Development have closed on land acquisition and development financing for Magnolia Marketplace, a 106,000-sq.-ft. shopping center in New Orleans at the intersection of South Claiborne Avenue and Toledano Street. First NBC Bank of New Orleans provided financing for the project.

  • Edens closes $1.5 billion equity transaction

    Columbia, S.C. — Edens Investment Trust has closed a $1.47 billion equity transaction composed of the $718 million sale of a 29% equity stake in the company and a $750 million equity commitment from the company’s institutional investors.

    In the sales transaction, a Blackstone-sponsored real estate investment vehicle acquired a $718 million stake in Edens from the State of Michigan Retirement System.

  • Glimcher acquires Arbor Hills in Ann Arbor, Mich.

    Columbus, Ohio — Glimcher Realty Trust has acquired Arbor Hills, an upscale, open-air center located in Ann Arbor, Mich., in the main corridor that connects downtown Ann Arbor and the University of Michigan’s main campus. The new center, which opened in August, features 85,000 sq. ft. of leasable space and is approximately 87% leased. Tenants include Anthropologie, Arhaus, lululemon athletica, Madewell and The North Face. The property is expected to average above $500 per square foot in sales.

  • Sidecar to open in Tucson’s Broadway Village

    Tucson, Ariz. — Sidecar, a craft beer and cocktail bar, plans to open a 963-sq.-ft. upscale lounge at Broadway Village in Tucson. Slated to open in March of 2014, the bar will seat 40 people inside and 12 to 15 people on a patio.

    Commercial Retail Advisors represented the landlord, CRI Broadway Village Partners in the transaction. Sidecar handled the lease negotiations itself.

  • DDR signs anchors for Seabrook Commons in N.H.

    Beachwood, Ohio — DDR Corp. has announced he lease-up and construction of Seabrook Commons, a 380,000-sq.-ft. power center slated to open in the summer of 2014 in Seabrook, N.H.

    Anchored by Wal-Mart, Dick’s Sporting Goods, PetSmart, Michaels, Ulta, Five Below and Panera, the center will open 95% leased.

    The trade area has a population of 251,000 people and an average household income of approximately $90,000.

  • RadioShack opens Penn Station pop-up

    Fort Worth, Texas -- RadioShack has opened its newest Manhattan location as a pop-up concept store at Penn Station. The limited-time-only location is the third RadioShack pop-up store to open in Manhattan.

    In addition, RadioShack has opened a total of eight concept stores in the Manhattan area. The newest pop-up opened five days after construction began.

  • Dickey’s BBQ Pit to Plaza Escondida in Tucson

    Tucson, Ariz. — Dickey’s BBQ Pit has signed a 2,700-sq.-ft. lease at the Plaza Escondida Shopping Center in Tucson, Ariz. Keller Williams Southern Arizona represented the tenant in the transaction. CBRE (www.cbre.com) represented the landlord, Roseville Tucson LLC.

  • Image redoes its image

    Moreno Valley, Calif. — Image, a junior fashion retailer, has re-opened at the Moreno Valley Mall in Moreno Valley, Calif., with a big brand new image. The new store has expanded to 10,000 sq. ft. and is located on the lower level between Crazy 8 and Sports Treasure, according to Spinoso Real Estate Group, the mall’s property manager.

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