Deals

Playa Vista, Calif. — Marcus & Millichap has arranged the sale of The Shops at Concert Park, a portfolio of two 100% triple-net leased retail condominium shopping centers in Playa Vista, California, a master planned community in the Westside region of Los Angeles.

The buyer paid $16.9 million for the properties. That equates to $743 per sq. ft. The Marcus & Millichap Capital Corp. arranged $10,815 000 in CMBS financing to facilitate the sale.

Washington, D.C. — The Fairfax, Virginia, City Council has approved a rezoning application for Combined Properties’ Fairfax Circle Plaza. The project aims to redevelop the current strip retail center and replace it with a mixed-use development with up to 400 new apartments and 88,000 sq. ft. of retail including a grocery store.

The project is located at the intersection of two major routes just over a half mile from the Vienna, Virginia, Metro station.

Fort Worth, Texas – Trademark Property Co. has named Steven W. Toppel to the post of executive VP. Toppel will begin his new role June 3.
 
With more than 28 years of experience in commercial real estate, Toppel will oversee leasing for Trademark’s portfolio of lifestyle centers, malls, and mixed-use developments.

Express plans to close approximately 50 stores during the next 36 months, primarily at the end of their leases, following a weaker-than-expected first quarter.

The company’s profit dropped to $5.08 million, from $32.4 million a year earlier. Sales decreased to $460.7 million, from $509.4 million, while Same-store sales fell 11%.

Columbus, Ohio -- Express Inc. said on Thursday that its fiscal first-quarter profit fell to $5.08 million, from $32.4 million a year earlier. The company also announced it will close approximately 50 stores during the next 36 months, primarily at the end of their leases, even as it ramps up expansion of its of its new outlet-store concept. Express debuted its outlet format this past April.

New York — & Other Stories, a sibling brand to H&M, has leased a 10,915-sq.-ft. space at 575 Broadway in the SoHo district of Manhattan, according to RKF, which represented the landlord, 575 Broadway Associates LP, in the transaction. Cole Schotz provided legal counsel. CBRE represented & Other Stories.

New York — Skincare specialist Infinite Beauty has leased its first New York City location at 1031 Third Avenue and 61st Street, according to Faith Hope Consolo, chairman, and Joseph Aquino, executive VP of Douglas Elliman’s Retail Group, which represented both the landlord and tenant in the transaction.

The retailer has stores in affluent areas along the east and west coasts, from Boca Raton, Fla., to Annapolis, Md., and White Plains, N.Y., to Roseville, N.Y., and Palo Alto, Calif.

New York — Restaurateurs Carlos Suarez and Mark Barak, known for their two popular eateries, Bobo and Rosemary’s, have taken space for a new Provencal restaurant to be called Claudette in New York City.

Located at 24 Fifth Avenue close to Washington Square Park, Union Square and New York University, the 2,409-sq.-ft. restaurant, which includes 2,044 sq. ft. in the basement, features menus from Chef Wade Moises and Chef de Cuisine Koren Grieveson that focus on local produce, seafood and North African aromatics.

Glenview, Ill. — The Tabani Group has acquired The Glen town Center in Glenview, Illinois, in the Chicago metro area.

The 267,732-sq.-ft. center is located just 20 minutes from downtown Chicago in the affluent North Shore suburb of Glenview. Dick’s Sporting Goods and separately owned Von Maur, anchor the center. Tenants include Jos A. Bank, Yard House, Bravo! Cucina Italiana and the Regal Glen 10 Movie Theatres, which are also separately owned.

Dallas -- Fast-casual restaurant chain Corner Bakery Café announced two multi-unit development agreements with California-based businessman Anil Yadav, CEO of JIB Management, who plans to open 16 cafes in Seattle, and seven in Las Vegas, over the next seven years.