REAL ESTATE

Mayfair in Commack, N.Y., signs two new tenants

BY Michael Fickes

North Plainfield, N.J. — Choice Pet Supply and H&R Block have signed long-term leases at the Mayfair Shopping Center in Commack, N.Y., according to Levin Management, Mayfair Shopping Center’s leasing representative.

Julius M. Feinblum Real Estate Inc. represented Choice Pet Supply, and Reinhardt, Becker, ford & Associates LLC represented H&R Block.

Anchored by a 60,000-sq.-ft. Waldbaum’s supermarket, Mayfair’s tenant lineup includes Gap/Gap Kids, Ann Taylor Loft, New York & Company, Justice, Jos. A. Bank, Stride Rite, Red Mango, Chico’s, Claire’s, GameStop, Verizon wireless, Rite Aid, Sherwin Williams, Cactus Beauty Salon, Capital One Bank and Outback Steakhouse. Current leasing opportunities include a 12,000-sq.-ft. space that can be sub-divided.

Mayfair serves a growing residential population of more than 204,500 people within a five-mile radius. The average annual household income exceeds $117,900, and the daily traffic count exceeds 27,000 vehicles.

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NRF keynote: Traditional mall is dead

BY Katherine Boccaccio

New York — In a hugely attended address kicking off the National Retail Federation’s 2014 “Big Show” at Javits Center in New York City, shopping center developer Rick Caruso challenged attendees – most of them retailers from the technology side of their companies – to remember the “human” side of retail.

“We are all a part of the rebirth of brick-and-mortar retail,” said Caruso, founder and CEO of the privately held Caruso Affiliated, which owns and operates two shopping centers in the top 15 in the world in sales per square foot (The Grove in Los Angeles and The Americana at Brand in Glendale, Calif.). “We need to focus on what is, and always has been, most essential to retail success: creating a magical and memorable experience.”

Caruso, in the Big Show opening keynote, “Reimagining Main Street — How Brick and Mortar Retail Will Thrive in the 21st Century,” predicted the demise of the typical 1970s shopping mall, saying that it has “outlived its usefulness.” He said he foresees a continuing return to street-front retail, to mixed-use projects that incorporate residential components, and to centers and stores that create an emotional and personal connection.

Caruso was quick to point out that today’s digital explosion does not mean death for brick-and-mortar. Face-to-face interactions with brands, the social aspect of shopping and the physical presence of retail goods, he said, will continue to fill basic human needs and drive people to brick-and-mortar establishments.

Caruso’s address was followed by a panel discussion around how brick-and-mortar retail will thrive in the 21st century. Moderated by CNBC Power Lunch co-host Sue Herrera, the panel featured Nordstrom president Blake Nordstrom, founder of Sprinkles Cupcakes Candace Nelson, fashion designer Rebecca Minkoff, along with Caruso.

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O’Connor Capital acquires Palm Beach center

BY Michael Fickes

New York — O’Connor Capital Partners has acquired 150 and 151 Worth Avenue, a 142,000-sq.-ft. luxury shopping center in Palm Beach, Fla. O’Connor made the acquisition on behalf of an institutional client.

The Goodman Company developed the center from 1978 to 2001. Saks Fifth Avenue and Neiman Marcus anchor the center, which is also home to Gucci, Louis Vuitton, Tory Burch and Pucci as well as several other national and local tenants.

O’Connor will manage 150 and 151 Worth Avenue with Goodman’s continuing involvement.

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