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MallsNew JerseyNewsRetailers

Toys ‘R’ Us Opens 6,500-Square-Foot Store in Suburban New York City

by Katie Sloan

Paramus, N.J. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access …

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FinanceIllinoisMallsNewsRetailers

Uber Capital Group Arranges $12.5 Million Acquisition Loan for Chicago Mall

by Alex Tostado

Chicago — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.

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DevelopmentMallsMichiganNewsRetailers

PREIT Opens Woodland Mall Expansion in Grand Rapids, Michigan

by Alex Tostado

Grand Rapids, Mich. — PREIT has opened the Woodland Mall expansion wing. In 2017, the company purchased the store formerly occupied by Sears at the mall. It was demolished in order to make way for new uses. Von Maur now occupies 90,000 square feet at the new wing and is the department store’s first in the region. Other new retailers slated to open at the property include Urban Outfitters, Sephora, White House Black Market, Tricho Salon, Paddle North, Mobile Station and REI, which opened in May. New dining options include …

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CaliforniaFinanceMallsNewsRetailers

Uber Capital Group Arranges $28.7 Million in Acquisition Financing for Sierra Vista Mall Near Fresno

by Alex Tostado

Clovis, Calif. — Great Neck, New York-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants …

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DevelopmentMallsMassachusettsMixed-useNewsRetailers

PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250 Million

by Alex Tostado

Hanover, Mass. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also …

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CaliforniaInvestment salesMallsNews

Mason Asset Management, Namdar Group Buy 500,000-Square-Foot Sierra Vista Mall in San Joaquin Valley

by Alex Tostado

Clovis, Calif. — Mason Asset Management and Namdar Group have purchased Sierra Vista Mall and Lifestyle Center, a regional mall located at 1050 Shaw Ave. in Clovis, eight miles northeast of Fresno. An undisclosed seller sold the asset for $41 million. The seller had a 100 percent leasehold interest in the 500,000-square-foot mall. Originally built in 1988 and renovated in 2005, the mall features an outparcel and open-air configuration, as well as interior space. Current tenants include Kohls, Target, Sierra Vista Cinema, AT&T, Baja Fresh, Chipotle, Jamba Juice, Panera Bread, …

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Company newsMallsNewsPennsylvaniaRetailers

GNC to Close Up to 900 Stores by End of 2020; Retail Analyst Offers Insight

by Alex Tostado

Pittsburgh — The vitamin and health supplement niche of the brick-and-mortar retail market continues to experience intense competitive pressure, observes veteran retail consultant Jeff Green. So it came as no surprise to Green when GNC Holdings Inc. (NYSE: GNC) officials revealed in a second-quarter earnings call earlier this week that it will shutter up to 900 stores in North America by the end of 2020. “It used to be that specialty health supplements were only found in specialty stores such as GNC, Vitamin Shoppe and other regional chains,” says Green, …

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DevelopmentMallsNew YorkNewsRetailers

Century 21 to Open Store at Roosevelt Field on Long Island

by Alex Tostado

Garden City, N.Y. — Century 21 Stores will open a new department store at Roosevelt Field in Garden City. The 68,000-square-foot store is expected to open in spring 2021. Century 21 will be housed in the space currently occupied by Bloomingdale’s Furniture, which will be consolidating into the newly renovated Bloomingdale’s store. Century 21 will offer men’s, women’s and children’s apparel, footwear, outerwear, lingerie and accessories, beauty and home goods. Roosevelt Field is owned and operated by Indianapolis-based Simon. The mall has more than 250 retailers including anchors Neiman Marcus, …

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FinanceInvestment salesLouisianaMallsNewsRetailers

Uber Capital Provides $33 Million Acquisition Loan for Mall in Louisiana

by Alex Tostado

Lafayette, La. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The loan comes with a 15-year term, a 5.4 percent fixed-rate, 70 percent loan-to-value and is partial recourse. Acadiana Mall spans 1.6 million square feet, and is located six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JCPenney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired …

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Investment salesMallsNewsOregonRetailers

Overbay Development Co. Sells Wagner Mall, Pinebrook Plaza in Bend, Oregon

by Alex Tostado

Bend, Ore. — Overbay Development Co. has completed the disposition of Wagner Mall and Pinebrook Plaza, two shopping centers located in Bend. Western Pacific Holdings acquired the both assets for an undisclosed price. Located at 1800 NE Third St., Wagner Mall features 108,818 square feet of retail space, including Albertsons, Rite Aid and Aaron’s as tenants. The Wagner Mall sale include the mall, large box spaces and the surrounding pad sites, totaling 9.35 acres. Located at 61155 Highway 97, the 59,509-square-foot Pinebrook Plaza is currently home to Albertsons and other …

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