A partnership including New England Development, Eastern Real Estate and Lubert-Adler acquired an 80-acre commercial real estate site on Palm Beach Lakes Boulevard at Interstate 95 in West Palm Beach, Fla. The partnership plans to develop Palm Beach Fashion Outlets, an open-air center, and an adjacent shopping center, on the property. Palm Beach Fashion Outlets will be the only outlet center in Palm Beach County, which is visited by 4.3 million tourists on an annual basis.
“We will create a unique shopping experience that will serve the needs of the growing local and regional communities and will also attract shoppers from over 100 miles away,” said New England Development Chairman Stephen Karp in a statement.
The project is scheduled for opening in 2013.
Wells Fargo Bank provided financing for the acquisition.
Veteran Retail Brokers Launch New Firm
Kenneth Breslin and Jayson Siano launched Sabre Real Estate LLC, a new brokerage firm based in Garden City, N.Y. The new firm will offer tenant and landlord representation and assistance with growing franchise operations. The founders envision it as combining the resources and professionalism of a national corporate brokerage with the personal service and agility of a boutique business.
Previously, Breslin served as president of Breslin Realty, the brokerage arm of Breslin Realty Development Corp. Siano was co-director of the retail services group at CB Richard Ellis Inc. in Woodbury, N.Y.
DDR Finds Replacements for Six Borders Stores
DDR Corp. signed deals with six national tenants to occupy former Borders locations at its properties.
- PetSmart will move into a vacant Borders store at Plaza Escorial in Puerto Rico;
- buybuyBABY will take over a Borders store at Nassau Park Pavilion in Princeton, N.J.;
- Books-A-Million will assume a Borders lease at Wrangleboro Consumer Square in Mays Landing, N.J.;
- Stein Mart will take over a Borders at Johns Creek Town Center in Atlanta, Ga.;
- Ulta will open in a former Borders at Uptown Solon in Cleveland, Ohio.
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Brixmor Brings Multiple National Tenants to its Properties
Brixmor Property Group signed leases with tenants including buybuy Baby, Dick’s Sporting Goods, Dollar Tree, DSW Shoe Warehouse, Five Below, hhgregg, Jo-Ann Fabric & Crafts, Kohl’s, Marshalls, Michaels, Office Max, Party City, Rainbow, Ross Dress for Less, ShopRite, Toys R Us/Babies R Us, Ulta and Walmart throughout its centers. The leases range from 8,960 square feet to 118,195 square feet.
Dick’s Sporting Goods Expands in New York Region
Dick’s Sporting Goods signed a 49,286-square-foot lease with affiliates of Forest City Enterprises at Ridge Hill in Yonkers, N.Y. and a 35,685-square-foot lease for a freestanding location on Richmond Avenue in Staten Island, N.Y. Patrick A. Smith and Alex D’Alessandro, of SRS Real Estate Partners, along with Tim McDougall, of Greenwood Realty, represented the tenant in the transaction.
In a separate deal negotiated by SRS Real Estate, Dollar Tree/Deal$ signs four new leases throughout New York. The deals include a 12,000-square-foot lease with Ayres Associates in Maspeth, N.Y.; a 12,000-square-foot lease with Nevai Bais Inc. in Brooklyn, N.Y.; a 10,250-square-foot lease with Rhodes Building Management in Sunnyside, N.Y.; and a 9,341-square-foot lease with Jackson Development Group in New York City. Erin Grace, of SRS, negotiated these transactions.
Other Notable News
Levin Management will soon complete the renovation of Hamilton Plaza, a 184,272-square-foot shopping center in Hamilton Township, N.J. The project includes the renovation and expansion of an existing ShopRite store from 53,000 square feet to 83,000 square feet, the renovation of an A.C. Moore store; upgrades to common areas and the addition of two pad sites and a 10,000-square-foot end cap.
Cassidy Turley Real Estate secured three new tenants for The Shops at Worthington Place in Columbus, Ohio. The new tenants include Learning Express, Bill’s Buckeye Store and Simply Baby & Me.
New York Cake and Baking Distributors signed a 10-year extension lease with Fifty Six Realty Corp. for a 10,000-square-foot store at 56 W. 22nd Street in New York City. Perry Mesmer, of Colliers International, represented both parties in the transaction.
The Noerr Programs Corp. hired Carl B. Chudnofsky as president. In his new position, Chudnofksy will help lead and manage the company’s strategic growth plan. Prior to joining Noerr, he served as executive vice president and chief operating officer of Prime Retail malls based in Baltimore, Md. He has also served as a senior executive and board member with Filene’s Basement.
The Rochlin Organization established a retail division and hired Jim Sansivero as managing director in charge. Sansivero has more than 20 years of experience in retail real estate. Previously, he worked as a senior associate with CB Richard Ellis.
Carlton Fields hired Robert Barnes, Lee Lyman and Marci Schmerler as attorneys in its real estate and finance practice. Previously, Barnes served as managing director with Cantor Fitzgerald. Lyman was counsel at Thompson Hine LLP, along with Schmerler, who was partner and head of Thompson Hine’s Atlanta real estate practice.