Deals

To sophisticated landlords and property managers, co-tenancy provisions contained in commercial leases are routine and (relatively) unexciting. Unfortunately — and perhaps as a result — such clauses are often overlooked. But a co-tenancy default can have a significant impact on a landlord’s bottom line, so landlords and their agents who manage their properties should understand how these provisions operate and the remedies to which a tenant is entitled in the event of a default.

Philadelphia -- PREIT announced it has completed the sale of four additional non-core malls. This is a milestone achievement for the company that signifies the near-completion of non-core mall disposition effort with one remaining mall being marketed for sale.

Mall disposition transactions include:
• Lycoming Mall in Pennsdale, Pennsylvania, anchored by J.C. Penney, Sears, Bon-Ton and Macy's sold for $26.35 million.

Philadelphia -- CBRE Group announced that Steven H. Gartner has been appointed to managing director of retail for the Greater Pennsylvania Region. Gartner will lead CBRE’s retail brokerage platform throughout the region, driving growth and creating a cohesive and collaborative service offering for retail clients, as well as continue to actively maintain strategic client relationships both in Philadelphia and across the country.

Las Vegas -- CityCenter Holding -- a venture between MGM Resorts International and Infinity World Development Corp. -- announced that it has entered into an agreement with a venture led by Invesco Real Estate and Simon Property Group to acquire The Shops at Crystals in Las Vegas, for a purchase price of approximately $1.1 billion.

Mall owner Westfield Corp. has acquired two buildings owned by Macy’s at Westfield Mission Valley mall in San Diego for approximately $16.5 million.

Included in the sale were a full-line Macy’s department store and a nearby — and much smaller — building that houses a restaurant.

The purchase comes as the retailer remains under pressure from an activist investor to sell off full or partial stakes in some of its real estate.

Brunswick, Ga. -- Winick Realty Group’s Investment Sales Department announced the sale of the 75,595 sq. ft., grocery-anchored center Brunswick West Shopping Center in Brunswick, Georgia. The center sits on 9.11 acres, off exit 36B of Interstate 95.

Brunswick Shopping Center is currently 82% occupied and anchored by Winn Dixie and Family Dollar.

Publix has hired a broker and is actively looking for sites in the Washington, D.C., area, according to a new report. 

The Washington Business Journal reported that the Florida-based grocery chain had a booth at the International Council of Shopping Centers’ Mid-Atlantic Dealmaking and Conference last week in Southern Maryland.  Publix spokeswoman Kim Reynolds told the publication that indeed, the chain is looking to open stores throughout Virginia, including in Northern Virginia. 

Publix has hired a broker and is actively looking for sites in the Washington, D.C., area, according to a new report. The Washington Business Journal reported that the Florida-based grocery chainhad a booth at the International Council of Shopping Centers’ Mid-Atlantic Dealmaking and Conference last week in Southern Maryland. Publix spokeswoman Kim Reynolds told the publication that indeed, the chain is looking to open stores throughout Virginia, including in Northern Virginia.