O’Neill Property Group and Prudential Real Estate Investors appointed Jones Lang LaSalle to secure a developer for an $800 million fully entitled fortress mall in Sayreville, N.J.
The development site is located in close proximity to the intersection of the Garden State Parkway, the New Jersey Turnpike and Route 287. O’Neill Properties and Prudential purchased the brownfield site from NL Industries Inc. in 2008 and embarked on a multimillion dollar environmental remediation project.
When completed, the site is expected to draw more than 40 million shoppers a year, with $10 billion of local spending capacity.
Jones Lang LaSalle’s capital markets president Jay Koster, managing director Dave Wojciechowski, executive managing director Tom Melody and managing director Peter Nicoletti will lead this assignment.
“The significant shortage of prime retail property investment opportunities, combined with a deep and growing pool of global capital seeking those opportunities, will make this development extremely appealing as we enter a noteworthy new era in fashion and retail investments,” said Koster in a statement. “Sovereign wealth funds in particular target fewer than five markets in the world, of which the New York metro market is the premier. Going into 2011, we expect to experience a major uptick in transaction volume for this sector and this joint venture is primed to take advantage of this activity.”
Lord & Taylor to Open First Store in 10 Years at Yonkers’ Ridge Hill
Lord & Taylor has signed up to be the anchor for Forest City Enterprises’ Ridge Hill project in Yonkers, N.Y. The 80,000-square-foot store will be the first new, full-line Lord & Taylor to open since 2001.
“We’re thrilled to open our first full-line store in a decade, which will epitomize our signature shopping experience at this new location,” said Brendan Hoffman, president and CEO of Lord & Taylor, in a statement. “Westchester’s Ridge Hill is the perfect location for Lord & Taylor to further service our Southern Westchester customers and I am encouraged by the business potential for this store.”
Ridge Hill is currently under construction. When completed, it will be a 1.3-million-square-foot mixed-use center. Forest City has already secured Whole Foods, L.L. Bean, Cinema De Lux, REI, Sephora and Dick’s Sporting Goods as tenants for the property.
Colliers Acquires Interests in Two New Firms
Colliers International acquired a controlling interest in the Winbury Group, a Kansas City, Mo.-based commercial real estate services firm. The firm has more than 100 employees and real estate advisors. It has been in business for 21 years.
“With today’s news, we are continuing our systematic strategy to seize additional market share in the U.S.,” said Dylan Taylor, U.S. CEO of Colliers International, in a statement. “Our U.S. continued expansion further solidifies our ability to provide the best service to our clients and the best career opportunities for our professionals. The Winbury Group is the clear market leader in greater Kansas City and we see very high alignment between the two firm’s cultures.”
Colliers International also acquired a controlling stake in EVS Realty Advisors, a St. Louis-based real estate firm. EVS Realty Advisors was founded in 2003 and specializes in real estate advisory, asset management services, sales and leasing.
In a separate announcement, Colliers International said it hired Anjee Solanki as executive vice president of retail services for the West Coast region. In her new position, Solanki will focus on strategic asset managing assignments for retail properties, as well as repositioning and re-launching of existing retail assets. Previously, Solanki served as senior vice president of client services with Madison Marquette.
Colliers also hired Vince Tuminelli as executive managing director in its New York office. In his new position, Tuminelli will help grow the tenant representation and corporate services divisions. Previously, he served as senior vice president in the New York office of CB Richard Ellis.
Callison to Handle International Expansion on Behalf of A&F, Urban Outfitters
Abercrombie & Fitch and Urban Outfitters have teamed up with architecture firm Callison to expand their respective Hollister Co./Gilly Hicks and Urban Outfitters/Anthropologie brands in the international arena.
Callison will serve as the architect of record for Hollister stores in the U.K. and Germany. Hollister currently operates five stores in those markets, and plans to open up to 10 additional locations. Callison is also working on the first U.K.-based Gilly Hicks store. That store will be completed by year-end 2010.
Callison will also serve as the architect of record for Urban Outfitters’ expansion in the U.K. and Germany. The firm is already working on stores in Brighton and Berlin.
DJM to Handle Lack’s Stores Disposition
Lack Properties Inc. and Lack’s Stores Inc. , a retail home furnishings chain, appointed DJM Realty, a Gordon Brothers Group Co. to exclusively manage the disposition of all leased and owned retail and warehouse facilities throughout Texas. As part of the assignment, DJM will market 35 retail locations ranging from 16,000 square feet to 70,000 square feet.
Lack’s Stores Inc. recently filed for Chapter 11. The retention of DJM is therefore subject to the approval of the United States Bankruptcy Court.
Sierra Group to Handle Tavern Restaurant Group’s National Roll-Out
Tavern Restaurant Group appointed the Sierra Group’s Chicago office to represent it in a national expansion. Tavern opened its new concept, The Pub, at International Plaza in Tampa, Fla. The 8,035-square-foot, two-level restaurant offers a British pub experience and can accommodate up to 340 patrons for lunch and dinner on a daily basis.
Mathew Focht, principal with The Sierra Group, advised Tavern Restaurant Group in the Tampa transaction. The landlord, Taubman Centers Inc., used in-house representation.
RKF to Seek New York Locations for Elevation Burger
A Manhattan-based Elevation Burger franchisee has appointed Robert K. Futterman & Associates (RKF) as exclusive retail leasing agent for an expansion in the New York market. Elevation Burger plans to open 20 franchise locations nationally by the end of 2011. RKF has already secured the chain’s flagship location in New York on West 14th Street. The store is scheduled to open in December.
Centro Provides Update on Leasing Activity
Centro Properties Group closed multiple leases at its properties throughout U.S.:
- Marshalls signed a 26,000-square-foot lease at Springdale Mall in Mobile, Ala. Emris H. Graham Jr., of EGS Commercial Real Estate, represented the tenant in the transaction. Jason Reisman served as in-house representative for Centro.
- Burke’s signed a 20,574-square-foot lease at London Marketplace in London, Ky. David Baker, of Baker Storey McDonald Properties, represented the tenant in the transaction. Robin Stanley served as an in-house representative for Centro.
- DSW signed a 20,000-square-foot lease at Slater Street Shopping Center in Manchester, Conn. Brian Katz, of Katz & Associates, represented the tenant in the transaction. Charles David served as an in-house representative for Centro.
- Golf Galaxy signed a 15,200-square-foot lease at Burlington Square in Burlington, Mass. Mark Doherty, of Mercury Properties, represented the tenant in the transaction. Mark Potter served as an in-house representative for Centro.
- Jo-Ann Fabrics & Crafts signed a 15,000-square-foot lease at Austin Town Center in Austin, Minn. George Bestrom, of George T Bestrom and Associates, represented the tenant in the transaction. Pat Borgman served as an in-house representative for Centro.
- It’s Fashion Metro signed a 12,500-square-foot lease at Iberia Plaza in New Iberia, La.
- Hibachi Grill & Supreme Buffet signed a 10,400-square-foot lease at Colonial Commons in Harrisburg, Pa. Drew Huggins, of GVA Lat Purser & Associates Inc., represented the tenant in the transaction. Suzanne Cadden-Christman served as in-house representative for Centro.
- Superior Bedrooms signed a 10,000-square-foot lease at Pensacola Square in Pensacola, Fla. Cathy Mancari served as in-house representative for Centro in the transaction.
In addition, Centro announced 16 leases of less than 10,000 square feet at various properties with It’s Fashion Metro, Bessini Furniture, Pennsylvania Liquor Control Board, Wine & Spirits, Rue21, ColorTyme, Alliance Jiu-Jitsu, Keller Williams Realty, Massage Heights, Hollywood Tans, Hobby Town USA, Corner Pocket, GameStop, Computer Zone, Need to Read and Acceptance Insurance.
Inland Western Signs Pro’s Ranch Markets at Yarborough Plaza
Pro’s Ranch Markets has signed a 75,522-square-foot lease with Inland Western Retail Real Estate Trust Inc. for space at Yarborough Plaza Shopping Center in El Paso, Texas.
The retailer’s neighbors at the center will include Ross Dress for Less, PetSmart and Pep Boys.
Raymond Floyd represented Pro’s Ranch Markets in the transaction. Leo M. Scott represented Inland Western.
Other Notable News
Hodgdon-Miank Construction Inc. completed the first phase of renovation for Pierside Pavilion, a mixed-use complex in Huntington Beach, Calif. The $2 million project included the conversion of a former Mann 6 Theatre into a class-A office building and restaurant space and extensive interior and exterior modifications. Phase two will consist of extensive tenant improvements.
The Children’s Place appointed RHYS Commercial to handle its expansion in Connecticut. The Children’s Place plans to open new stores in infill markets. The retailer already operates 14 locations in Connecticut.
SRS Real Estate Partners appointed Stan Heller as executive vice president of its lease administration service line. In his new position, Heller will concentrate on helping lower clients’ occupancy costs and pursuing new business opportunities. Heller has been with SRS for seven years.
Voit Real Estate Services hired Michael R. Dorsey as senior vice president in its Irvine, Calif. office. Prior to joining Voit, Dorsey served as senior vice president with Grubb & Ellis’ Newport Beach, Calif. office. He specializes in tenant representation and investment sales within the private capital markets.
Divaris appointed Lawrence R. Agnew and Zachary W. Means as vice presidents in its Central Virginia office. In addition, Robert Podewils was appointed as general broker and Molly H. Burton as a sales and leasing agent in Divaris’ Charlotte, N.C. office.
Trademark Property Co. hired Jeff Higgins to join its leasing team. Higgins will be assisting with several Trademark properties, including Market Street—The Woodlands in Woodlands, Texas, Watters Creek in Allen, Texas and Westland Shopping Center in Westland, Mich. Previously, Higgins worked as a leasing executive and a restaurant specialist with Taubman Centers.
Crosland closed new leasing transactions at two of its centers in North Carolina:
- Gigi’s Cupcakes signed a 1,579-square-foot lease at The Shoppes at Oberlin Court in Raleigh, N.C. The shop plans to open in December of 2010.
- Edible Arrangements signed a 1,300-square-foot lease at The Shoppes at Oberlin Court. Edible Arrangements plans to open in December.
- Oberline Nails & Spa signed a 1,198-square-foot lease at The Shoppes at Oberlin Court. It has already opened.
- ABC Store purchased an outparcel at McCrimmon Corners shopping center in Morrisville, N.C. The retailer plans to open a 5,058-square-foot store in late spring of 2011. Kyle Greer, of NAI, represented ABC in the transaction. David McConnell represented Crosland.
Horizon Realty Services completed five lease transactions totaling 74,609 square feet:
- Planet Fitness signed a 25,200-square-foot lease at Melrose Crossing shopping center in Melrose Park, Ill. Jason Lenhoff, of Horizon Realty, negotiated this transaction.
- CSL Plasma signed a 13,160-square-foot lease at Melrose Crossing shopping center. Jason Lenhoff negotiated the transaction.
- A private banquet facility signed a 24,180-square-foot lease at the Landings at Lombard in Lombard, Ill. Stuart Lenhoff, Barry Millman and Jason Lenhoff negotiated this transaction
- A local fast food restaurant signed a 3,619-square-foot lease at the Landings at Lombard. Stuart Lenhoff, Barry Millman and Jason Lenhoff negotiated this transaction
- Fresenius Medical Centers signed an 8,450-square-foot lease at a shopping center in Mundelein, Ill. Jason Lenhoff negotiated this transaction.
Jones Lang LaSalle brought Broadway Classics Productions, a local playhouse theater company, to occupy a former anchor store location at Harrisburg Mall in Atlanta. The theatre is expected to bring in approximately 200 to 300 people per show, three or four times a week. In addition, Harrisburg Mall will also receive a percentage of each ticket sold.
RealtyLink LLC will convert a 5,234-square-foot former Ruby Tuesday location at North Hills Commons in Anderson, S.C. into a freestanding Verizon Wireless store. Verizon plans to open in the second quarter of 2011.
Corcon and J.A. Stowell Construction Inc. completed construction on UGG Australia’s New York City flagship store. The 4,613-square-foot store is located on Madison Avenue.