JEMB Realty Corp. entered a joint venture agreement with Aurora Capital Associates to market and dispose of leasehold interests of Daffy’s.
Aurora Retail will exclusively market the leasehold interests.
“We are delighted to be working with JEMB and its principals on this very exciting project,” said Jared Epstein, Aurora’s vice president, in a statement. “Daffy’s leaseholds represent a unique and compelling opportunity for retailers to acquire space at superior locations that rarely become available.”
The leaseholds include seven Manhattan locations, including an 18,000-sq.-ft. store at 50 Broadway; a 30,000-sq.-ft. store at 462 Broadway; a 17,000-sq.-ft. store at 3 East 18th Street; a 28,000-sq.-ft. store at West 44th Street; a 17,000-sq.-ft. store at East 44th Street; a 50,000-sq.-ft. store at 135 East 57th Street and a 23,000-sq.-ft. store at 3 Columbus Circle.
In addition, the portfolio encompasses a 19,000-sq.-ft. store at Atlantic Terminal in Brooklyn; a 19,000-sq.-ft. store at Queens Place Mall in Queens; a 28,000-sq.-ft. store at Bay Plaza in the Bronx; a 42,000-sq.-ft. store in Paramus, N.J.; a 33,000-sq.-ft. store at Jersey Gardens Mall in Elizabeth, N.J.; a 33,000-sq.-ft. store in Elizabeth; a 24,000-sq.-ft. store in Totowa, N.J. and a 25,000-sq.-ft. store in Manhasset, N.Y.
Donahue Schriber Starts Construction on California Power Center
Donahue Schriber started construction on Rocklin Crossings, a 543,500-sq.-ft. power center in Rocklin, Calif. The center is part of two sister shopping centers, including the Crossings and Rocklin Commons, which will follow in Phase II.
Walmart will anchor Rocklin Crossings. It is scheduled to open in the spring of 2014.
H&M’s New Fifth Avenue Flagship Will Be Its Largest Store in the World
Hennes & Mauritz signed a lease with Western Management for a 57,000-sq.-ft. flagship H&M store at 589 Fifth Avenue in New York City, H&M’s largest store in the world. The retailer will occupy ground through fifth floors, plus a below grade level.
Robert Gibson and Thomas Citron, of Cushman & Wakefield, represented H&M in the transaction. Jedd Nero, of CBRE, represented the landlord.
Nordstrom Inks Deals with Simon, GGP
Nordstrom signed a lease with Simon Property Group and Ben Carter Properties for a two-level 124,000-sq.-ft. store at St. Johns Town Center in Jacksonville, Fla. The store is scheduled to open in the fall of 2014.
Nordstrom also signed a lease with General Growth Properties for a two-level 138,000-sq.-ft. store at The Woodlands Mall in Woodlands, Texas. The retailer plans to open its new location in the fall of 2014.
PGA to Open A Flagship Store in Paramus
PGA Tour Superstore signed a lease with Emil Buehler Trust Fund for a 57,000-sq.-ft. store on Route 17 South in Paramus, N.J., at the former Einstein Moomjy Furniture store. The retailer plans to open its new location in late 2012.
Michael G. Walters, Ronald A. Fotiu and Jill Gordon, of NAI James E. Hanson, represented Emil Buehler Trust Fund in the transaction.
GBT to Build Academy Sports Store in Alabama
GBT Realty Corp. will develop a 72,000-sq.-ft. Academy Sports + Outdoors store on an eight-acre parcel in Huntsville, Ala. The store is schedule for opening in April of 2013. Reed Construction will serve as the site contractor on the project, while Stewart Perry Construction will be the general contractor.
Eastern Consolidated Launches Retail Group
Eastern Consolidated launched a retail sales group, which will provide sales brokerage, advisory, research, financial structuring and marketing services. Adelaide Polsinelli will lead the group as senior director. Eastern Consolidated also hired Matt Crosby, Robert Khodadadian, Patricia Garcia, Mat Avital, Ari Schwartz and Jamie Rogovin to focus on business opportunities in the retail sector.
Other Notable News
Round1, a Japanese bowling and amusement center, signed a lease for a 43,700-sq.-ft. location at Moreno Valley Mall in Moreno Valley, Calif.
Cinemark signed a deal with General Growth Properties to open a 17-screen movie theater at Christiana Mall in Newark, Delaware. General Growth also signed leases with two new retailers at Glendale Galleria in Glendale, Calif. S.Y.L.K. opened a 2,621-sq.-ft. store at the property this summer. Charlie’s Philly Steaks will open an 854-sq.-ft. store in late fall.
Forever 21 will open an expanded and renovated 15,000-sq.-ft. store at Baldwin Hills Crenshaw in Los Angeles. The renovation is part of a $35 million redevelopment of Baldwin Hills Crenshaw, which also included the addition of new movie theaters, several restaurants, a new food court, a live entertainment venue, a children’s play area, a community room and concierge services.
Jones Lang LaSalle hired Sean McConnell as senior vice president and tenant representation lead in Florida. In his new position, McConnell will provide state-wide retail brokerage services under the direction of John Lambert. He will be joined by vice presidents Dan Moriarty and Scott Sheron. Previously, McConnell served as first vice president with CBRE and Trammell Crow. Prior to joining Jones Lang LaSalle, Moriarty handled local and national tenant representation, land development and shopping center leasing for Synergy Retail Group. Sheron was previously owner of The Sheron Group Inc. In a separate announcement, Jones Lang LaSalle hired David Thomas and Bryan Cunningham as vice presidents of retail brokerage in Los Angeles and San Diego offices respectively. Prior to joining Jones Lang LaSalle, Thomas served as senior vice president at a major retail real estate firm. In the course of his career he has led leasing efforts for more than four million square feet of new projects. Cunningham has previously completed more than 150 transactions, with a combined value of approximately $100 million.
Terramar Retail Centers appointed Wendy Godoy as senior vice president and CFO, Jennifer Gordon as vice president of marketing and Sarah Johnson as acquisition associate. As CFO, Godoy will oversee all aspects of the company’s financial operations. Previously, she served as partner and CFO of Crown Pacific Properties. Gordon was previously senior vice president of special events and public relations with Caruso Affiliated. She will be responsible for developing and implementing a comprehensive marketing and branding strategy for Terramar. Johnson will handle financial and economic evaluation of existing Terramar properties and potential acquisitions. She previously served as a financial analyst with BioMed Realty Trust Inc.
Hallmark, Great Clips, Mellow Mango, High Cotton Consignments Boutique, Viva The Bean and Easy Wash Dry Cleaners signed leases with Fox Commercial Properties for stores at Traemoor Village in Fayetteville, N.C. Charlie Coyne and Spencer Borders, of CBRE|Raleigh, represented the landlord in the transactions.