Regency sells Virginia center for $32 million
Heidenberg Properties announced it has completed the purchase of a 307,000 sq. ft. shopping center in Culpeper, Va., from Regency Centers.
Culpeper Collonade is anchored by a 70,000-sq.-ft. Martin’s Food Market, as well as Dick’s Sporting Goods and PetSmart. It is shadow-anchored by a 127,000-sq.-ft. Target store.
The center is 100% occupied and draws steady traffic for its array of fast-casual dining options, including Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle, and IHOP.
Culpeper is at the nexus of four main interstates–I-66 to the north, I-95 to the east, I-64 to the south, and I-81 to the west—and is the dominant retail location within a 15-mile radius.
“This acquisition is in many ways a culmination of the investment strategy that we have been executing over the past few years,” said CEO Robert Heidenberg. “It affords us the opportunity to add another dominant, grocery-anchored center, as well as grow our portfolio in the Mid-Atlantic.”
Heidenberg Properties focuses on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the eastern United States.
Amazon expands newest brick-and-mortar format
Amazon has opened its third Amazon 4-star location.
The store is located on Fourth Street in Berkeley, Calif., according to Berkleyside.
The format only sells items with a rating above four stars on Amazon, as well as new trending items and best-sellers. That said, the 4,000-sq.-ft. store features “thousands of items” ranging from kitchen cookware, home décor objects and books, to Amazon branded electronics such Amazon Fire tablets, TVs, Amazon Echo speakers, as well as other smart-home devices. It also features a table with products that are trending in Berkeley, as well as popular kids’ toys and stuff from people’s wish lists on Amazon.
The online giant introduced the concept in September, in Manhattan’s SoHo neighborhood. A second location opened in Lone Tree, Col., in early November.
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Thor goes loco in Mexico
Within the span of little more than a month, Thor Equities will have opened retail centers with more than 5 million buildable sq. ft. in Mexico.
In concert with its Mexican subsidiary Thor Urbana, the developer opened The Harbor Merida, a 1.6 million-sq.-ft. lifestyle and entertainment center on Oct. 19. It houses more than 120 retailers including Sephora, Forever 21, Steve Madden, Under Armour, Innovasport and Miniso.
On Nov. 9, Thor Urbana will open Town Square Metepec, a lifestyle retail center with more than1.7 million buildable sq. ft. One of the fastest-growing regions in the State of Mexico, Metepec has drawn Old Navy, Flexzone, Pandora, Swarovski, MAC Cosmetics, Lacoste, and Under Armour to the center.
The Landmark Guadalajara, a mixed-use development comprised of more than 2 million sq. ft. of retail, office space, and luxury residences, is set to open on Nov. 22. It is located in the Puerta de Hierro district, a prestigious community in the state of Jalisco.
“We continue to believe strongly in the performance of commercial, hotel and mixed-use properties in major cities and tourist destinations in Mexico and elsewhere in Latin America, particularly emerging areas where we see an opportunity for significant long-term growth,” said Thor chairman Joseph Sitt.