REAL ESTATE

Walmart ground lease sells for $37.5 million

BY Al Urbanski

Good retail space still commands a premium price, especially if that space holds a tenant named Walmart and is eight miles from Manhattan.

A private investors from Dallas paid $37.5 million for a rare single-tenant Walmart ground lease at the Teterboro Landing shopping center in Teterboro, N.J. The seller, Catellus Devlopment Corp. of Oakland, Calif., was represented in the transaction by Hanley Investment Group.

Built in 2015, the 159,542-sq.-ft. building is located on 14 acres at Teterboro Landing, which is 100% occupied. Tenants include Costco, Chipotle, Chick-fil-A, CityMD Urgent Care, European Wax Center, KicksUSA, and Petco.

“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” said Hanley Investment president Ed Hanley.

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REAL ESTATE

Skincare retailer signs six-store deal with Simon

BY Jennifer Setteducato

A skincare brand named one of Fast Company’s “Beauty Startups to Watch” has joined the Simon portfolio with the addition of six stores.

Skin Laundry, known for its 15-minute laser facials, will open three stores this fall in Southern California, at Brea Mall, The Shops at Mission Viejo, and Del Amo Fashion Center, followed by three locations in early 2019, in Miami, at Dadeland Mall, The Falls, and Town Center at Boca Raton.

“Simon has been a strategic partner in helping us break into new markets. They’ve allowed us to more easily further our mission of making laser facial treatments more accessible, affordable, and available to people across the U.S.,” said Skin Laundry founder, Yen Reis.

The company plans to continue its rapid growth with more store locations in 2019, and beyond.

Skin Laundry opened its flagship location in Santa Monica in 2013. With the addition of the six stores, it will operate 25 Laser Facial Clinics globally, including California, Arizona, Florida, New York, Illinois, Hong Kong and the U.K.

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CBRE signs six to new North Texas center

BY Jennifer Setteducato

The Crossroads at Terrell, a 270,000-sq.-ft. mixed-used development in Terrell, Texas, a southeastern suburb of Dallas, just added six new retailers to its lineup.

Petco, Spec’s Wine, Spirits & Finer Foods, GoWireless, Upscale Nails & Spa, Chiangmai Thai, and Sport Clips are slated to open third quarter of 2019. The new tenants will join Film Alley, Hobby Lobby, Ross, Famous Footwear, Burkes Outlet, Ulta and Marshalls, who signed on in August.

The Crossroads at Terrell is adjacent to Buc-ee’s Travel Stop, Film Alley–a 74,000-sq.-ft. movie theater and bowling alley–and the future location of Baylor Health Care center with a 50-acre campus.

CBRE’s Andrew Lehner is marketing the project on behalf of RealtyLink.

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