Deals

Kennesaw, Ga. — Pep Boys has signed a 10-year lease for 5,000 sq. ft. at Orchard Square center in Kennesaw, Georgia.

According to the landlord, Westwood Financial Corp. (www.westfin.com), one of the nation’s largest privately held retail shopping center owners, the space was expanded by 1,000 sq. ft. to 5,000 sq. ft. to meet Pep Boys’ current prototype.

Senior editor Katherine Boccaccio and editor-in-chief Marianne Wilson sat down with retail real estate leaders and analysts in Las Vegas at RECon 2014.  See what each industry expert had to say about the retail landscape, trends in the industry, and projects to keep an eye on.

Watch videos.

Hudson's Bay Company more than doubled sales in the first quarter driven primarily by its acquisition of Saks last year.

Retail sales were $1.9 billion, an increase of $971 million from $884 million for the prior year. Consolidated same-store sales increased by 2.8%, with increases of 2.5% at DSG, 2.6% at Saks Fifth Avenue and 15.1% at Off 5th. Digital commerce sales totaled $207 million, reflecting both the inclusion of Hudson's Bay and Lord & Taylor (which together are referred to as “Department Store Group” or DSG) and Saks.

San Diego - Retail Opportunity Investments Corp. (ROIC) has entered into a binding contract to acquire Fallbrook Shopping Center for $210 million in cash. The property is located in West Hills, California, and has approximately 1.12 million sq. ft. of gross leaseable area, of which 98% is currently leased.

ROIC expects to close the transaction during the second quarter of 2014.

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.

South Plainfield, N.J. — Advance Auto Parts has signed an 11,382-sq.-ft. lease at Oak Park Commons in South Plainfield, New Jersey, bringing the center’s occupancy rate up to 95%. Charter Realty & Development co-brokered the transaction with NJ Commercial Realty.

The auto parts retailer will be joining Dollar Tree, A&P, McDonalds, CVS, Subway, GNC, Wells Fargo, Goodyear, RadioShack, and H & R Block.

San Bernardino, California -- Plans are well underway to open two new state-of-the-art "Blue Ribbon" Stater Bros. Supermarkets in California, with one in Covina (Los Angeles County) and the other in Menifee (Riverside County).  

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.