Beverly Hills, Calif. — A subsidiary of Paris-based LVMH has purchased a 6,200-square-foot retail building at 456 N. Rodeo Drive in Beverly Hills for $110 million. Just one day earlier, Palm Beach, Fla.-based Sterling Organization purchased the same asset for $55 million from The Karl B. Schurz Trust.
Los Angeles — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million.
The market for single tenant net lease properties in 2017 operated in an environment of ambivalence. At issue were the political uncertainty following the election of a new U.S. president along with uncertainty regarding how proposed changes to the nation’s tax code would treat investors used to the benefits of a 1031 exchange. Rising interest rates over the past 18 months factored into net lease transactions, compressing yields on properties. All of these elements come into play at a time when retail itself is going through changes, forcing investors to …
Perris, Calif. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored center in the Inland Empire community of Perris.
South Plainfield, N.J. — ShopOne Centers REIT has acquired Oak Park Commons in South Plainfield.
Berlin, Vt. — Heidenberg Properties Group has signed a 15,000-square-foot lease with Planet Fitness at Berlin Mall, a 250,000-square-foot mall in Berlin, Vermont.
By J. Wickham Zimmerman, Chief Executive Officer, Outside the Lines Inc. A new trend is emerging in retail destinations in response to evolving customer expectations: more public spaces. In these spaces, today’s best designers, developers and owners are incorporating immersive experiences and entertainment attractions with the purpose of drawing guests in, increasing their length of stay and inspiring repeat visits. This emerging trend points to an important question for owners and tenants alike: Are public spaces on track to become retail’s new anchor tenant? Four important drivers fueling the reduction of traditional anchor …
North Palm Beach, Fla. — Real estate developer and founder of Gordon Group Holdings, Sheldon Gordon, passed away on September 28 at the age of 88.
Shrewsbury, N.J. — HFF has secured a $43.6 million refinancing for The Grove at Shrewsbury, a 148,000-square-foot lifestyle center located 25 miles south of New York City in Shrewsbury, New Jersey.
Gulf Breeze, Fla. — Publix has acquired Sea Shell Collections, an 87,125-square-foot shopping center located in Gulf Breeze, for $18.6 million.
