Lake Grove, N.Y. — Wegmans will open a 95,000-square-foot store as DSW Plaza in Lake Grove, marking the first Long Island location for the grocer. Scheduled to open early next year, the store will employ more than 500 people, according to the company, which currently operates 110 stores in eight states.
Austin, Texas — Whole Foods Market has announced plans to introduce new small-format, quick-shop stores. Called Whole Foods Market Daily Shop, the format is designed to offer a quicker customer experience, featuring produce, meat, seafood, prepared foods, bread, alcohol, supplements, local specialties and products from the 365 by Whole Foods Market brand. Stores will range from 7,000 to 14,000 square feet, between a quarter and half of the size of the average 40,000-square-foot Whole Foods store. Launching first in Manhattan later this year, the format is also scheduled to open in …
New York City — Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. …
Rome, N.Y. — BWE has secured an $8 million loan for the acquisition of Freedom Plaza, a shopping center located in Rome in central New York. Tenants at the property, which totals 197,397 square feet, include Grand Union, Dollar Tree, Domino’s and Marshalls. Hobby Lobby is also scheduled to open at the property this year. Alan Tapie of BWE arranged the five-year, fixed-rate financing on behalf of the borrower, Octave Investment.
New York City — Retailer Five Below has opened a new, 9,500-square-foot store in the Bronx borough of New York City. Located on Metropolitan Avenue, the space is situated within the Parkchester mixed-use development. A 170,000-square-foot Macy’s anchors the retail portion of the development, which also features office and residential units. Olshan Properties is the landlord.
New York City — JLL Capital Markets has arranged $395 million in refinancing for 70 Pine Street, a mixed-use property located in the Financial District of New York City. Originally built in 1932 and renovated in 2016, the 66-story property features 39,075 square feet of retail space, in addition to 612 rental residences and a 165-room hotel. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL secured the financing through Goldman Sachs on behalf of the borrowers, DTH Capital and Rose Associates. Retailers at the building include restaurants SAGA and Crown …
Hicksville, N.Y. — JLL has arranged the sale of Broadway Commons, a 730,000-square-foot retail center in the Long Island community of Hicksville. The center was 97 percent leased at the time of sale to tenants including Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy, Blink Fitness, Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza. Jose Cruz, Kevin O’Hearn, J.B. Bruno and David Monahan of JLL represented the undisclosed seller in the transaction and procured the buyer, a partnership between KABR Group, BTF …
New York City — Rooftop Hospitality Group has signed a 15,000-square-foot lease at 520 Eighth Ave., a 26-story office tower in the Garment District of New York City. The tenant, which owns and operates 230 Fifth Ave. Rooftop Bar, plans to open a rooftop restaurant and lounge at the location. Planned construction at the site includes the addition of a floating deck system, new kitchen space and restrooms, as well as modifications to one of the building’s elevators. David Kaye and Matthew Mandell represented the landlord, GFP Real Estate, on an …
New York City — JPMorgan Chase & Co. (NYSE: JPM) announced plans today to expand its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years. The New York City-based institution also plans to renovate 1,700 existing bank locations across the United States. New branches will expand JPMorgan Chase’s footprint in existing markets like Boston; Washington, D.C.; Charlotte, North Carolina; Philadelphia; and Minneapolis. The company will also enter several new markets, including low- to moderate-income rural communities that previously had little access to traditional banking service. The multi-billion-dollar …
Westbury, N.Y. — Two restaurant concepts have signed leases totaling 3,161 square feet at Samanea New York, a 750,000-square-foot retail development located in Westbury on Long Island. Artisan bakery Tous les Jours and Taiwanese tea concept YiFang Taiwan Fruit Tea will occupy 2,611 and 550 square feet, respectively. Construction is currently underway on both spaces. Dominic Coluccio represented the landlord, Lesso Mall Development, on an internal basis, in association with Colliers International, the exclusive broker for the property. Don Cafeor of JLL represented Tous les Jours, and JLL also represented YiFang …