New York

Northeast Heights

Massapequa, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed …

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Nanuet, N.Y. — IDB Bank has provided a $19 million loan for the refinancing of a 220,000-square-foot retail property located north of New York City. The property, which formerly housed a Macy’s but is now anchored by home improvement retailer At Home, sits adjacent to Shops at Nanuet, an outdoor lifestyle center owned by Simon Property Group. Chris Kramer, Dustin Stolly and Jordan Roeschlaub of Newmark placed the loan with IDB Bank on behalf of the borrower, a partnership between Metropolitan Realty Associates and Angelo Gordon that acquired the property …

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Cortlandt Manor, N.Y. — Invesco Real Estate Income Trust Inc. has acquired Cortlandt Crossing, a 122,225-square-foot shopping center located in Cortlandt Manor, about 50 miles from New York City. Anchored by ShopRite and HomeSense, the newly constructed center was 95 percent leased at the time of sale. Invesco acquired the property in conjunction with the purchase of a 95 percent stake in an industrial property near Columbus, Ohio, for a combined price of $94 million. The seller was not disclosed.

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New York City — Hobby Lobby will open a 42,768-square-foot store within a former Babies ‘R’ Us store at The Crossing, a strip center that is part of Staten Island Mall. The store, which is scheduled to open in the first quarter of 2023, will be the retailer’s first in New York City. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Corp., represented Hobby Lobby in its site selection and lease negotiations. Alex Varon represented the landlord, Brookfield Properties, on an internal …

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Chappaqua Crossing

Chappaqua, N.Y. — CBRE has negotiated the $79.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. The property is located roughly 35 miles north of New York City in Chappaqua. Tenants at the newly built center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks Coffee and Chase Bank. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the seller, …

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Huntington Shopping Center

Huntington Station, NY. — Federal Realty has announced plans for the $75 million redevelopment of Huntington Shopping Center, a 21-acre community shopping center in the Long Island community of Huntington Station. Enhancements to the center will include updated facades; reconstructed parking lots; new landscaping and walkways; the development of two pad sites; and the addition of outdoor seating areas. Whole Foods Market is also set to open as part of the redevelopment. The center is home to tenants including PetSmart, Ulta Beauty, Tilly’s and Michaels. All current tenants will remain …

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Aaron Wu

Elmsford, N.Y. — DLC Management Corp has named Aaron Wu vice president and head of acquisitions. In his new role, Wu will lead the company’s acquisitions platform by exploring ways to create growth for the portfolio and collaborating with others to establish strategic investments. Prior to joining DLC, Wu most recently served as managing director and head of acquisitions for AmCap Incorporated.

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Fountain-Square-800x462

New York City — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily …

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New York City — Ghost kitchen operator Kitchen United has opened a 6,400-square-foot space at 307 W. 38th St. in Midtown Manhattan where it will offer takeout and delivery of brands such as Wingstop, Jersey Mike’s Subs and Chili’s. The location is the third in New York City for Kitchen United, which also recently acquired software and ghost kitchen developer Zuul. The acquisition saw Zuul’s existing locations in the Soho and Hudson Yards neighborhoods rebranded as a Kitchen United MIX centers last month.

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Starbucks

New York City — Starbucks Coffee and Amazon have opened a new store concept on 59th Street between Park & Lexington Avenues in New York City. The new concept combines Starbucks’ Pickup feature with Amazon Go, allowing customers to use the Starbucks app to order ahead as well as Amazon’s ‘Just Walk Out’ technology for an easier checkout experience. The store also features a modern lounge with individual workspaces and bigger tables with power outlets and USB ports. Additionally, the Starbucks Pickup with Amazon Go store offers the full Starbucks …

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