East Hampton, N.Y. — Cushman & Wakefield has brokered the $22 million sale of a two-story, 5,000-square-foot retail property in the Long Island community of East Hampton. Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the sellers, two private investors, in the transaction. Luxury retailer Louis Vuitton Moët Hennessy acquired the property, which is currently leased to jewelry and accessories retailer Cartier.
New York City — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, announced during the company’s 2023 Investor Day call. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The company currently operates 2,700 locations, which will be reduced to approximately 2,400 by 2026, a number which also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to …
White Plains, N.Y. — CBRE has brokered the $112 million sale of The Source, a mixed-use development located in White Plains. Whole Foods Market anchors the property, which comprises 262,000 square feet and was 99 percent leased at the time of sale. Other tenants include Dick’s Sporting Goods, Raymour & Flanigan and The Cheesecake Factory. Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer of CBRE represented the seller, which the Wall Street Journal reports was UBS Realty Investors LLC, and procured the buyer in the transaction.
New York City — Salon suite company Salons by JC has signed a 25-year lease at One Boerum Place, a 250,000-square-foot mixed-use development located in the Brooklyn borough of New York City. The tenant will occupy 13,316 square feet within the property’s 21,365-square-foot retail space. Michael K. Davis of Compass represented Salons by JC in the lease negotiations. Jeremy Ezra, Peter Whiteneck and Tyler King of Newmark Knight Frank represented the landlord, Avery Hall.
New York City — A&G Real Estate Partners will auction over 250 Tuesday Morning Corp. leases as part of the first round of store closures in the retailer’s Chapter 11 reorganization. Ranging in size from 6,000 to 28,000 square feet, the spaces being auctioned are situated in freestanding sites and retail centers. Many of the leases have five or more years remaining on the term. “The early interest reflects the fact that it’s rare to see so many good quality locations become available in major markets,” says Mike Matlat, senior …
New York City — A&G Real Estate Partners will auction eight Party City leases in its capacity as real estate advisor to the retailer. These leases — which include locations in Georgia, Iowa, Illinois, Louisiana, Michigan, New York, Texas and West Virginia — come in addition to 12 Party City leases announced for auction by A&G in late February. Ranging in size from 7,500 to 28,000 square feet, 18 total leases remain open. This move is part of Party City Holdco Inc. (PCHI)’s financial restructuring, which is expected to be …
New York City — Primark has signed a lease at Queens Center, a retail property located in the New York City borough of Queens. The Irish retail brand will occupy a 54,562-square-foot, multi-level space at the center, which is owned by Macerich. Other tenants at the property include Macy’s, abercrombie kids, Apple, Adidas, Champs Sports, Pandora, Sephora, Victoria’s Secret, Chick-fil-A, Shake Shack and The Cheesecake Factory.
Wantagh, N.Y. — The French Workshop has opened a 3,750-square-foot artisanal bakery and café at Willow Wood Shopping Center in the Long Island community of Wantagh. Robert Delavale of the Breslin Realty represented the landlord in the lease negotiations on an internal basis. Cary Fabrikant, also with Breslin Realty, represented the tenant. Other tenants at the center include Starbucks Coffee, Petco and Jovia Financial Credit Union.
Poughkeepsie, N.Y. — Berkshire Bank has provided $36.1 million in financing for The Shoppes at South Hills, a 512,218-square-foot shopping center located north of New York City in Poughkeepsie. Tenants at the property include ShopRite, At Home, Ashley Furniture, Hobby Lobby and Christmas Tree Shops. The borrower, a partnership between Acadia Realty Trust and DLC Management, will use the proceeds to refinance and reposition the center. The nonrecourse loan carries a five-year term and a fixed interest rate. Mike Tepedino and Stephen Van Leer of JLL arranged the financing.
Woodbury, N.Y. — Marcus & Millichap has brokered the $11.3 million sale of a 4,875-square-foot retail property in the Long Island community of Woodbury that is net leased to Chase Bank. The newly constructed building is located at 7920 Jericho Turnpike. Alan Lipsky and Barry Wolfe of Marcus & Millichap represented the seller, an entity doing business as 7940 Woodbury Partners LLC, in the transaction. The buyer was KIT Realty Inc. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.