New York City — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center located in Queens in New York City, from Acadia Realty Trust. Stop & Shop anchors the property, which was fully leased at the time of the acquisition. The purchase price was $48 million.
New York City — Michael Carroll and John Hayes have joined New York City-based RD Management LLC, a property owner and operator with a portfolio comprising more than 170 properties throughout the continental U.S. and Puerto Rico. RD has appointed Carroll and Hayes to the roles of co-chief executive officer and chief financial officer, respectively. Richard Birdoff, who has been with RD for more than 30 years, will serve as co-CEO and executive chairman moving forward. Carroll’s previous experience includes founding ShopOne Centers REIT in 2017 and serving as CEO of …
East Setauket, N.Y. — Brixmor Property Group has acquired West Center, a 41,920-square-foot shopping center located in East Setauket on Long Island. Wild by Nature, a grocer, anchors the property. Other tenants at the center include Walgreens, Pure Barre, Starbucks Coffee and AT&T.
New York City — Brooklyn Fare Kitchen & Market has opened a 25,500-square-foot store within One Manhattan Square, an 800-foot-high residential tower located in Manhattan in New York City. This marks the largest New York City store to date for the grocer, which offers prepared foods, fresh bread, sushi, a deli, produce, frozen foods and organic products. The store also features a coffee bar. Other Brooklyn Fare locations in the city include Brooklyn, The West Village and Lincoln Square.
Albany, N.Y. — An affiliate of Heidenberg Properties has acquired Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants at the center include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured the buyer.
Atlanta and New York City — Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Florida, in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. …
Woodbury, N.Y. — Simon is underway on an expansion project at Woodbury Common Premium Outlets in Woodbury. A VIP suite with private dressing rooms, a lounge and a private kitchen is scheduled to open later this year. The multimillion-dollar suite will host private events and offer personalized service and customer experiences. Plans at the property, which features 250 tenants, also include 155,000 square feet of new retail and restaurant space, as well as a 200-room hotel, second parking facility and upgraded amenities. Amenities will include a new children’s play area, improved …
New York City — New York City-based footwear retailer Foot Locker has introduced a new store format, debuting the design at its location within Willowbrook Mall in Wayne, New Jersey. Features of the new format include a more streamlined store layout, dedicated sections for new product releases, enhanced presentation, a communal try-on are, omnichannel technology and a “sneaker hub” with lacing customization and expanded ordering options. Foot Locker plans to open additional stores with this design throughout 2024, including at the retailer’s flagship location in New York City. Additionally, the brand …
Colonie, N.Y. — Three new tenants have signed leases at Northway Mall, a 480,000-square-foot retail center located in Colonie. Mattress Firm, Mission BBQ and Club Pilates have opened at the property, occupying 4,745; 4,329; and 1,846 square feet, respectively, in a space formerly occupied by Petco. Target and Lowes anchor Northway Mall, which is owned and managed by Olshan Properties.
White Plains, N.Y. — Apple Cinemas has signed an 80,000-square-foot lease at City Center in White Plains. The theater will offer stadium recliner seats, digital projection and sound and food-and-beverage options including burger concept BurgerFi. Don Mace of KeyPoint Partners represented the tenant in the lease negotiations.