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Hayden Spiess

Neiman-Marcus-Tampa
Company newsInvestment salesNew YorkNewsTexas

Saks Fifth Avenue Parent Company Agrees to Acquire Neiman Marcus for $2.6 Billion

by Hayden Spiess

New York City and Dallas — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue …

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Bobs-Stores-Manchester-CT
Company newsConnecticutNews

Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business

by Hayden Spiess

Meriden, Conn. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New …

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Belgate-Shopping-Center_Charlotte-N.C
Investment salesNewsNorth Carolina

Octave Acquires 269,253-Square-Foot Retail Center in Charlotte, North Carolina

by Hayden Spiess

Charlotte, N.C. — Octave Holdings and Investments has acquired Belgate Shopping Center, a 269,253-square-foot retail center located in Charlotte. Tenants at the property, which was fully leased at the time of sale, include Hobby Lobby, T.J. Maxx, Burlington, Marshalls, PetSmart, Old Navy, Shoe Carnival and Ulta Beauty. Octave completed the transaction through its Octave Realty Fund IX. Pinnacle Leasing and Management, Octave’s in-house property management company, will manage the center. 

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Big-Flats-Commons_Elmira-N.Y
Investment salesNew YorkNews

Time Equities Purchases Big Flats Commons in New York for $6.5 Million

by Hayden Spiess

Elmira, N.Y. — Time Equities Inc. (TEI) has purchased Big Flats Commons, a 44,635-square-foot retail center located in Elmira. Target anchors the property, which was built in 2007. Other tenants at the center include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe and Papa John’s. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI on an in-house basis. Kenneth Brownwell of Vanguard-Fine represented the seller, NNN Reit. 

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Cumberland-Crossing-Outparcel_Valparaiso-Ind
IndianaInvestment salesNews

Marcus & Millichap Brokers $1.7 Million Sale of Retail Outparcel in Valparaiso, Indiana

by Hayden Spiess

Valparaiso, Ind. — Marcus & Millichap has brokered the $1.7 million sale of a three-tenant retail outparcel located in Valparaiso. Situated within Cumberland Crossing Retail Center, the property was developed in 2008. Salon Lofts, Venus Nails and Indiana Farm Bureau Insurance Agency occupy the outparcel, which totals 7,541 square feet. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller. Josh Caruana assisted in closing the transaction as the firm’s Indiana broker of record. 

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DevelopmentMixed-useNew YorkNews

Ingka Investments Acquires Stake in Fifth Avenue Mixed-Use Tower Development in Manhattan, Now to Feature IKEA Store

by Hayden Spiess

New York City — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a store across two base levels at the building, 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the …

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Town-Central-Shopping-Center_Milledgeville-Ga
GeorgiaInvestment salesNews

Marcus & Millichap Brokers $8.3 Million Sale of Retail Properties in Milledgeville, Georgia

by Hayden Spiess

Milledgeville, Ga. — Marcus & Millichap has brokered the $8.3 million sale of two retail properties located in Milledgeville. An undisclosed buyer acquired Town Central Shopping Center, a 140,097-square-foot retail center, and an adjacent single-tenant property totaling 54,765 square feet. Food Depot occupies the single-tenant property. Tenants at Town Central Shopping Center, which was fully leased at the time of sale, include Tractor Supply Co. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller of the shopping center, and Robby Pfeiffer of Marcus & Millichap represented the seller …

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Sedgefield-Crossing_Greensboro-N.C
Investment salesNewsNorth Carolina

Legacy Arranges $6 Million Sale of Sedgefield Crossing in Greensboro, North Carolina

by Hayden Spiess

Greensboro, N.C. — Legacy Realty Group Advisors has arranged the $6 million sale of Sedgefield Crossing, a 112,330-square-foot shopping center located in Greensboro. Family Dollar and USPS anchor the property. Jacob Baruch, Jonah Warshaw and Ari Warshaw of Legacy represented both the seller and buyer in the transaction. 

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Grocery-anchoredInvestment salesNewsUtah

Capstone Purchases 38,397-Square-Foot Retail Center in Metro Salt Lake City

by Hayden Spiess

South Jordan, Utah — Capstone Advisors has purchased Trail Crossing Shopping Center, a 38,397-square-foot retail center located in South Jordan, roughly 20 miles south of Salt Lake City. Smith’s Food and Drug, a subsidiary of The Kroger Co., anchors the property, which was built in 2017. Wright Development Group sold the center for an undisclosed price. 

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230-Fifth-Ave_New-York-City
LeasingNew YorkNews

Rooftop Hospitality Group Signs 12-Year Lease Extension in New York City

by Hayden Spiess

New York City — Rooftop Hospitality Group has signed a 12-year lease extension at 230 Fifth Ave. in New York City, where it occupies the roof of the New York Market Center building with its 230 Fifth Avenue Rooftop Bar concept. Comprising 32,050 square feet of indoor and outdoor space, the bar originally opened in 2006. GFP Real Estate, which has owned the property since 1958, is the landlord. Jane Gural-Senders, David Kaye and Harvey Richer represented the landlord in the lease negotiations on an in-house basis.

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