Massapequa, N.Y. — Urban Edge Properties has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent leased, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson of JLL represented the seller in the transaction. The new ownership is planning a redevelopment plan, …
PEBB Enterprises, Sagamore Hill Partners Purchase 188,109-Square-Foot Shopping Center on Long Island
Port Washington, N.Y. — PEBB Enterprises and Sagamore Hill Partners have purchased Soundview Marketplace, a 188,109-square-foot shopping center in Port Washington, for an undisclosed price. The property spans 11 acres and was 75 percent leased at the time to tenants including Target, T.J. Maxx, Walgreens, West Marine and Ace Hardware. Soundview Marketplace is located at 10 Shore Road, 27 miles northeast of New York City. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.
Plainview, N.Y. — G.S. Wilcox, an intermediary based in Northern New Jersey, has provided an $18 million loan for the refinancing of a 118,000-square-foot shopping center in the Long Island hamlet of Plainview. The loan was structured with a 15-year term and a 30-year amortization schedule. David Fryer of G.S. Wilcox arranged the loan through one of the firm’s correspondent lenders on behalf of the undisclosed borrower.
New York City — Locally based investment firm Thor Equities Group has sold a 17,600-square-foot retail building located at 164 Fifth Ave. in Manhattan for $40 million. The six-story property, which is located between 21st and 22nd streets in the Flatiron District, was fully leased at the time of sale to tenants such as Alo Yoga and restaurant Sutra. The buyer was not disclosed.
New York City — The Home Depot has signed a long-term, 120,000-square-foot lease to remain at Williams Equities’ 28 & 40 W. 23rd St. location in Manhattan’s Flatiron District. The new lease expires in the mid-2030s. The Atlanta-based home improvement retailer has occupied the ground floor, lower level and mezzanine since 2003. Other tenants at the location include AT&T subsidiary Xandr and Estee Lauder brand Aramis. Michael Cohen, Andrew Roos and Mac Roos of Colliers International Tri-State represented the landlord in the transaction. Peter Ripka of Ripco Real Estate represented …
New York City — JLL has negotiated the $14.1 million sale of a 37,412-square-foot retail building located at 531 86th St. in the Bay Ridge neighborhood of Brooklyn. Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford and Brendan Maddigan of JLL represented the seller, Developer’s Realty Corp., in the transaction. A&H Acquisitions Corp. purchased the building, which is leased to Modell’s Sporting Goods.
Melville, N.Y. — A&G Real Estate Partners has negotiated lower costs on 9,550 retail leases in 2020, bringing the company’s success rate to 77 percent. The company reports its success rate for negotiations on behalf of retail tenants is typically 50 percent. The majority of the talks have taken place since March 1, according to the Melville-based advisory firm. Since that time, A&G has secured terminations on 950 leases. The company has achieved nearly $1.7 billion in occupancy cost reductions for 51 retailers, restaurants, educational users, office tenants and fitness and …
Athens, Ga. and New York City — Goldman Sachs Merchant Banking Division has agreed to purchase a “significant stake” in Athens-based Zaxby’s, with plans to grow the quick-service restaurant chain’s footprint into new markets. Terms of the financing were not disclosed, but the deal is expected to close by the end of 2020. Zaxby’s, known for its chicken fingers, wings and signature sauces, has more than 900 locations in 17 states, primarily in the Southeast. Zaxby’s is a privately held company that childhood friends Zach McLeroy and Tony Townley founded …
New York City — B+E has hired Alexandra Aulisi as vice president of marketing. The New York City-based firm specializes in net lease real estate. Aulisi has led numerous award-winning ad campaigns, building and managing brands across a variety of industries, including at American Family Insurance and TDS Telecom. “Alexandra brings 30 years of marketing experience to B+E, including leadership positions at multiple Fortune 500 companies,” says B+E CEO Camille Renshaw. “We are very excited to add her to our team.” Aulisi is a graduate of the Art Institute of …
New York City — The Home Depot Inc. will open a 120,000-square-foot store at 410 E. 61st St. on Manhattan’s Upper East Side, a deal that represents the largest retail lease executed in the borough in the last several years. The company signed a 20-year lease for a four-story space that is currently occupied by Bed Bath & Beyond, which will vacate the space when its lease expires in 2021. Home Depot will relocate its store at 732 Lexington Avenue to the new space some time over the next few …