Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/704472
T H E C O M M O N A R E A 8 S C T / a u g u s t 2 0 1 6 DE a L s & t R a N sa C t ION s $3.6 million Simonian Family 2008 Trust bought a 9,500-square- foot property in Valencia, Calif., leased to Red Lobster from Marquis Valley View LLC $8.4 million ValueRock Realty Partners, of Irvine, Calif., bought a single-tenant, 57,800-square-foot building in Las Vegas fully leased to Sprouts Farmers Market from Haggen Property Holdings, LLC $17.2 million Wharton Realty Group bought Glenolden (Pa.) Plaza, a 110,000-square- foot, ShopRite- anchored center, from an entity controlled by MCB Real Estate $75.6 million Blackstone Real Estate Group bought Exeter (Pa.) Commons, a 361,000-square- foot center, from Cedar Shopping Centers, of Port Washington, N.Y., and RioCan Real Estate Investment Trust, of Toronto $123 million San Diego REIT Retail Opportunity Investments Corp. bought North Ranch Shopping Center, a 146,600-square- foot center in Westlake Village, Calif., from North Ranch Gateway Two $229 million Stockbridge Capital Group LLC bought Mira Mesa Marketplace, a 487,800-square- foot regional center in San Diego, from DSB Properties. Anchors are Barnes & Noble, CVS, Edwards Theatre and Home Depot $550 million JPMorgan Asset Management bought a stake in the 14-acre River Oaks mixed- use complex, in Houston, from OliverMcMillan and Baupost Group DEAL OF THE MONTH Deal Barometer W H O I S P A Y I N G H O W M U C H F O R W H A T Foot Locker deal lights up Times Square The Real Estate Board of New York named Foot Locker's 36,000-square-foot, four-level flagship store at the newly rede- veloped 8 Times Square the "Most Sig- nificant Retail Deal of the Year" for 2015. The organization also recognized Eric Gelber, executive vice president of CBRE, for helping make the deal happen. "Eric and Jason Vacker, along with the Foot Locker team, worked collab- oratively and tirelessly to bring the deal to fruition, and in the process redrew the boundaries of Times Square," said Stephen Meringoff, who along with partner Leslie Himmel owns the build- ing's landlord, The Swig Co., of San Francisco. "The flagship Foot Locker superstore, scheduled to open this holiday season, signified an important milestone, marking the first time a ma- jor Times Square retailer crossed over 42nd street to Times Square South. The move redrew the boundaries of the submarket and helped forge the connection between Herald Square and Times Square," Meringoff said. Previously known as 1460 Broadway, the 17-level building underwent a $25 million rehab to attract new tenants. "We had closely studied this stretch of Broadway and knew that as we reimag- ined, redeveloped and rebranded this property, it could be a game-changer for the market and for the right re- tailer," said Jason Vacker, who repre- sented landlord Swig. The asking rent for the Foot Locker floor space plus 4,500 square feet of state-of-the art LED exterior signage was $12 million per year, but the par- ties would not disclose the final terms of the lease. Starbucks, salad chain Chop't and Godiva Chocolate are currently on the ground floor. Their leases, however, are all set to expire on Dec. 31. S C T Eric Gelber and Jason Vacker