The new year may bring new life for several urban retail properties around the nation. In transactions worth $260 million, New York-based developer Thor Equities has purchased six downtown sites with plans to renovate and reposition the nearly 2 million sq. ft. of retail/office space.
"Urban ethnic neighborhoods continue to be under-served by national retailers. This is largely due to the fact that many of these districts lack quality venues in which these retailers can establish a presence," said Joseph Sitt, chairman and CEO of Thor Equities, in a statement.
Properties purchased by Thor include the Gallery at Fulton Street in Brooklyn, N.Y., from Albee Square LLC; Gentilly Woods Shopping Center in New Orleans, from Gentilly Woods Shopping Center Associates; 26-34 South State Street in Chicago, from South State Street Ventures LLC; 560 Broadway in Bayonne, N.J., from 560 Broadway, Bayonne LLC; 20 Marietta Street in Atlanta, from Urban Brands Inc.; and 208-220 W. 125th Street in New York, the seller of which was undisclosed.
Among the renovations planned are a reconfiguration of the 475,000 sq. ft. Gallery at Fulton Street to include space for a second anchor retailer, in addition to the Toys ‘R’ Us currently located at the site. The 175,000 sq. ft. Gentilly Woods Shopping Center will receive a new $1 million façade and also will be remodeled to allow for an additional anchor tenant.