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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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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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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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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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Company newsNew YorkNews

ShopOne Promotes Chris Reed to CEO

by Hayden Spiess

New York City — ShopOne Centers REIT has promoted Chris Reed to chief executive officer. Reed joined the company in 2020 as vice president of acquisitions and most recently served as chief investment officer. Former CEO John Roche will now transition to the role of chairman with ShopOne. Additionally, chief operating officer Mike Makinen has been appointed president of the company. Makinen joined ShopOne in 2021 with more than 25 years of retail real estate experience, including roles with SITE Centers, Equity One and Olshan Properties. 

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Express
Company newsInvestment salesNew YorkNews

PHOENIX Acquires Majority of Express Retail Assets

by Hayden Spiess

New York City — PHOENIX — a new direct to consumer (DTC) platform led by WHP Global in collaboration with an affiliate of Simon Property Group, Brookfield Properties and Centennial Real Estate — has acquired the majority of apparel brand Express’ retail operating assets. PHOENIX is now the operator of the entirety of the brick-and-mortar and e-commerce portfolio of both Express and Bonobos, which features more than 450 physical stores. 

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LeasingNew YorkNews

Whole Foods to Open 43,916-Square-Foot Store at Huntington Shopping Center in New York

by Hayden Spiess

Huntington Station, N.Y. — Whole Foods Market will open a new, 43,916-square-foot store at Huntington Shopping Center in Huntington Station. Scheduled to open next month, the store will feature more than 2,000 local items from the Northeast, a bakery, specialty cheese department and full meat and seafood counters. Federal Realty is the landlord of the shopping center. 

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LeasingMixed-useNew YorkNews

Chick-fil-A, Hounds Town USA to Open at Mixed-Use Building in Brooklyn

by Hayden Spiess

New York City — Chick-fil-A and dog-daycare concept Hounds Town USA have signed leases at 809 Atlantic Ave., a 60,000-square-foot mixed-use property in Brooklyn in New York City. Chick-fil-A will occupy 5,000 square feet, with Hounds Town USA occupying 6,000 square feet within the building, which also features residential, amenity and healthcare space. David Alani and Michael Friedman of Inline Realty represented Chick-fil-A in the lease negotiations, and JLL represented the landlord, Hope Street Capital. 

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Tanger Outlets Deer Park in New York
ArizonaFloridaLeasingMarylandNew YorkNewsSouth Carolina

Sephora to Open at Five Tanger Shopping Centers This Year

by Hayden Spiess

Greensboro, N.C. — Tanger has announced an expansion of its partnership with Sephora, which will bring the beauty retailer to five additional Tanger properties this year. Averaging 5,000 square feet, the stores will be located in Charleston, South Carolina; Deer Park, New York; National Harbor, Maryland; Palm Beach, Florida; and Glendale, Arizona. Sephora is currently open at Bridge Street Town Centre in Huntsville, Alabama, which Tanger acquired in late 2023. 

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Company newsFinanceLeasingNew YorkNews

A&G to Market 27 Sam Ash Store Leases in 12 States 

by Hayden Spiess

Melville, N.Y. — New York-based A&G Real Estate Partners has announced plans to market 27 store leases in 12 states on behalf of music retailer Sam Ash Music Corp., which recently filed for Chapter 11 bankruptcy protection in New Jersey. Sam Ash’s total portfolio comprises 42 stores in 16 states, all of which will be closed while the company entertains buyer offers and completes its financial restructuring. Averaging 25,467 square feet, the lease sizes range from 6,000 to 44,000 square feet. 

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