Deals

Regency Centers announced it has closed on land that will house the central shopping center in Tustin Legacy, a master-planned community taking shape in Orange County, California. Development costs are expected to hit $40 million.   The 112,000-sq.-ft. Village at Tustin Legacy will be anchored by a Stater Bros. Market, and Regency reports that 80% of the remaining retail space is leased or committed. It will be the 11th property for Regency in Orange County, following on the recently completed Village at La Floresta in Brea.

Two outlet mall projects in southern Michigan have been abandoned and another will miss its scheduled opening date, according to a report in the Detroit Free Press.  

Aeropostale is negotiating a potential sale to private equity firm Versa Capital Management LLC, Reuters reported. Versa specializes in distressed investments.      In court papers filed at the end of last week,the retailer said it has been in discussions with Versa regarding a possible stalking horse bid at the chain’s bankruptcy auction later this month. The bid by Versa could include a cash payment for Aéropostale’s inventory, and the assumption of more than 500  

A company relatively unknown outside its home base has entered the U.S. retail market in a deal to acquire Mattress Firm Holding Corp., the largest mattress retailer in the United States.   

The first phase of NewMark Merrill’s redevelopment of the Village at the Peaks in Longmont, Colorado — a 500,000-sq.-ft. lifestyle center — has been completed.   The company purchased the 50% vacant Twin Peaks Mall in 2012 for $8.5 million and has since pumped $90 million into construction of the new project in a private partnership with the city of Longmont that included a $32 million public bond.  

August is a busy month for Petco, as the pet specialty retailer will celebrate the grand opening and re-opening of four stores, including one new location, one remodeled store and two store relocations.  

With the addition of Jembro Stores and Cricket Wireless, Saddle Brook Square – in Saddle Brook, New Jersey – has reached full occupancy, according to brokerage firm Ripco Real Estate, which has led the leasing efforts.   The 221,892-sq.-ft. shopping center is anchored by Walmart, TJ Maxx, Modell’s, and 24 Hour Fitness. Jembro Stores, a regional discount retailer, will occupy 5,280 sq. ft. adjacent to TJ Maxx. Cricket Wireless occupies 2,100 sq. ft.  

As part of its ongoing commitment to development in the state, Stirling Properties has acquired nearly 12 acres of land in St. John the Baptist Parish for development of a new medical facility and additional commercial development.    The site is located at the northwest corner of W. Airline Highway and N. Sugar Ridge Road in LaPlace, Louisiana.  

Target Corp. continues to expand its presence in New York City.

Clicks-to-bricks phenomenon Bonobos’ retail journey will soon extend to Manhattan’s Madison Avenue. The company has signed a 10-year lease for 1,725 sq. ft. on the ground floor of 488 Madison Avenue near St. Patrick’s Cathedral.   Neighbors of Bonobos at its new location include Saks Fifth Avenue, Tourneau, Burberry, and Nordstrom’s Trunk Club. The Feil Organization recently completed major renovations on the building, including a two-story glass curtain wall in the office lobby.