Deals

Newport Beach, Calif. – Investment real estate services firm Lucescu Realty has sold three retail shopping centers in Utah for $225.6 million. The properties included The Family Center at Fort Union in Midvale, Utah; The Family Center at Taylorsville in Taylorsville, Utah; and The Family Center at Orem in Orem, Utah.  

By Matthew K. Harding, president, Levine Management

Moving into the final months of 2014, the outlook for retail in the Northeast remains quite positive. We are seeing demand from national, local and franchise companies across a broad range of categories.
 

Alpharetta, Ga. - McAlister's Deli has signed an agreement with new franchise group MidSouth Hospitality Inc. to open 10 locations in Middle Tennessee. Led by McAlister's veteran Charles Corley, MidSouth Hospitality will be opening its first McAlister's in early 2015.

The newly formed company plans to open a total of 10 new restaurants during the next seven years.

New York - MG Properties, the real estate investment and development arm of McCourt Global, is entering an equity and development partnership with Hines, the international real estate firm, on the development of its mixed-use project at 360 Tenth Ave. in New York City. MG Properties and Hines have selected SHoP Architects to design the project.

In 2013, 360 Tenth Avenue was purchased from Sherwood Equities for approximately $167.5 million. The property is zoned for up to 733,406-sq.-ft. of Total Zoning Floor Area (ZFA).

Dublin, Calif. – DD’s Discounts, a division of Ross Stores Inc., will open a new store in Houston, on Sept. 27. The store is located in the Mission Bend Shopping Center in the Mission Bend neighborhood.

Including this new location, DD’s Discounts will operate more than 150 locations in 15 states and is on schedule to complete its expansion plan to open approximately 20 locations in 2014.

Toronto -- Sears Canada Inc. announced that Douglas C. Campbell, president and CEO, intends to resign and return to the United States by yearend for “personal family” issues. Campbell, formerly COO of Sears Canada, was appointed to the top spot in September 2013, after former head Calvin McDonald quit.  

Campbell was charged with turning around a struggling chain, which has seen eight years of falling sales.

Dublin, Calif. - Ross Dress for Less will open two new stores in the California Central Valley on Oct. 11. The stores are located in Bakersfield Plaza in Bakersfield and the Delano Marketplace in Delano.  

These new openings are part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year. 

Virginia Beach, Va. – The Investment Sales Group of Divaris Real Estate Inc. has brokered the sale of Shippensburg Marketplace in Shippensburg, Pennsylvania for $12 million. Divaris represented the seller, ACL Realty Corp., in the transaction; American Realty Capital Properties, Inc. was the purchaser.

Shippensburg Marketplace is a 56,875-sq.-ft., Giant-anchored shopping center. The property was developed in 2002 and was 94% occupied at the time of the sale.