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Hayden Spiess

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DevelopmentLeasingMixed-useNewsVirginia

Two Tenants Sign Leases at West Falls Mixed-Use Development in Northern Virginia

by Hayden Spiess

Falls Church, Va. — Two new tenants are set to join West Falls, a 10-acre mixed-use development currently underway by Hoffman & Associates in Falls Church. Upon completion, the development will span 1.2 million square feet. The new tenants, Dok Khao Thai Eatery and a Chase Bank branch, are scheduled to open at the project next August and next April, respectively. West Falls will feature more than 120,000 square feet of shops and restaurants, as well as The Alder apartments, The Reserve at Falls Church seniors housing community, a Home2 Suites …

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Rockefeller-Center
FinanceMixed-useNew YorkNews

Tishman Speyer Completes $3.5 Billion CMBS Refinancing of Rockefeller Center in Midtown Manhattan

by Hayden Spiess

New York City — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Rockefeller Center …

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Lacey-Mall_Lacey-Township-N.J
Grocery-anchoredInvestment salesNew JerseyNews

CBRE Arranges Sale of 376,462-Square-Foot ShopRite-Anchored Shopping Center Portfolio in New Jersey

by Hayden Spiess

Jackson Township, Lacey Township and Toms River, N.J. — CBRE has arranged the sale of a portfolio comprising three grocery-anchored shopping centers located in Ocean County, roughly 50 miles east of Philadelphia. Pasbjerg Development Co., which developed and managed the properties, was the seller. ShopRite anchors the properties, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and …

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Queen-Ka'ahumanu-Center_Maui-Hawaii
DevelopmentHawaiiMixed-useNews

PRCP Receives Rezoning Approval for Queen Ka’ahumanu Center in Maui

by Hayden Spiess

Maui, Hawaii — Pacific Retail Capital Partners (PRCP) has received approval from the Maui County Council for its rezoning application for Queen Ka’ahumanu Center, which was submitted on behalf of the property ownership. PRCP is the property manager for the shopping center, which totals 570,000 square feet of gross leasable space. PRCP submitted the rezoning application in conjunction with LNR, the CMBS special service for the ownership. The undisclosed owners plan to transform the property into a mixed-use development. 

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DevelopmentMixed-useNew YorkNews

City of New Rochelle in New York Unveils Downtown Retail Strategy 

by Hayden Spiess

New Rochelle, N.Y. — The City of New Rochelle has unveiled new plans to advance retail, marking the latest phase in the mixed-use transformation of the city’s downtown. Redevelopment efforts are currently underway and have included $2.2 billion in private investment. The project, dubbed the Downtown Retail Strategy, will include the creation of Vanguard shopping district. The new strategy also includes a tenant improvement program that will provide $2.3 million in grants, as well as plans for streetscape beautification and safety improvements, retail enhancements through pop-ups and storefront revitalizations and the …

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Weastmeadow-Plaza_Westborough-Mass
Investment salesMassachusettsNews

Marcus & Millichap Brokers $4.8 Million Sale of Retail Center in Westborough, Massachusetts

by Hayden Spiess

Westborough, Mass. — Marcus & Millichap has brokered the $4.8 million sale of Westmeadow Plaza, a retail center located in Westborough, roughly 35 miles west of Boston. Tenants at the 27,867-square-foot property, which was fully leased at the time of sale, include Papa Gino’s, H&R Block, Westborough Dentistry and Spices of India. Evan Griffith, Tony Pepdjonovic and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer in the transaction. 

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Metrocenter
ArizonaDevelopmentFinanceMixed-useNews

Concord Summit Secures $24.5 Million Construction Financing for Mall Redevelopment in Phoenix

by Hayden Spiess

Phoenix — Concord Summit Capital has secured a $24.5 million construction loan to finance the redevelopment of Metrocenter, a mall located in Phoenix. Situated on 64 acres, the property will be transformed into a mixed-use development featuring 112,000 square foot of retail space, as well as 1,218 residential townhome units. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit arranged the financing on behalf of the developers, Concord Wilshire and TLG Investment Partners. Horizontal construction on the project is scheduled to begin during the fourth quarter of 2024, with vertical …

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Collection-at-Brandon-Boulevard_Brandon-Fla
FloridaInvestment salesNews

Cushman & Wakefield Arranges Sale of 222,406-Square-Foot Shopping Center in Brandon, Florida

by Hayden Spiess

Brandon, Fla. — Cushman & Wakefield has arranged the sale of The Collection at Brandon Boulevard, a 222,406-square-foot shopping center located in Brandon. Tenants at the property, which was fully leased at the time of sale, include Home Centric, Crunch Fitness, Chuck E. Cheese and Kane’s Furniture. Substantially redeveloped in 2019, the property features three outparcels and a 30,000-square-foot anchor space that is currently unoccupied but subject to a long-term lease with Kroger. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of SITE …

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Market@77_Brooklyn-New-York-City
New YorkNewsRestaurants

BNYDC to Open 40,000-Square-Foot Food Hall in Brooklyn

by Hayden Spiess

New York City — Brooklyn Navy Yard Development Corp. (BNYDC) will open a new, 40,000-square-foot food hall in Brooklyn. Situated within the ground floor of Building 77 at the Brooklyn Navy Yard property, the venue is scheduled to open Oct. 19. Concepts at the food hall, dubbed Market @77, will include Russ & Daughters, Hungry House, Jalapa Jar, Pizza Yard, Sabor, Rustik Tavern, Transmitter Brewing and She Wolf Bakery. The BNYDC is a not-for-profit corporation that serves as the developer and manager of the property on behalf of the City of …

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Investment salesNew JerseyNews

SRS Real Estate Brokers $14.3 Million Sale of Single-Tenant Retail Building in Northern New Jersey

by Hayden Spiess

Linden, N.J. — SRS Real Estate Partners has brokered the $14.3 million sale of a single-tenant retail building in the Northern New Jersey community of Linden. LA Fitness occupies the property, which totals 41,000 square feet situated on a five-acre site within Legacy Square Shopping Center. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS represented the seller, a partnership between Cypress Equities and Stockbridge Capital Group, in the transaction. Josh Kanter and Tony D’Ambrosia of NNN Pro represented the undisclosed buyer. Chris Marks and Steve Filippo of Marcus …

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