Deals

Richmond, Va. — Divaris Real Estate has announced the renewal of a 26,537-sq.-ft. Big Lots lease in the Midlothian Crossing Shopping Center in Richmond, Va.

DRE manages and leases the center for landlord Midlothian Associates. Other tenants include Goodwill, Family Dollar and Red Wing Shoes.

New York – Saks Inc. has settled lawsuits from investors related to its proposed buyout by Hudson’s Bay Company (HBC). According to Bloomberg, Saks has reached an agreement that reduces the termination fee it would pay HBC in the event the purchase does not happen and reduces the time Saks has to seek alternative offers

Dallas — Cypress Equities has acquired Eden Prairie Center in Eden Prairie, Minn., an upscale suburb of Minneapolis. The transaction was carried out by a fund managed by Cypress’ real estate investment management group. Eden Prairie Center is a 1.1-million-sq.-ft., two-level, enclosed shopping center. The mall features more than 100 shops and restaurants. Annual shopper visits exceed 12 million.

Dubuque, Iowa — Mid-America Real Estate Corp.’s Investment Sales team recently brokered the sale of a large portion of the 136,398-sq.-ft. Asbury Plaza in Dubuque, Iowa. The Cafaro organization made the acquisition for $12 million.

The community shopping center is about two miles from Cafaro’s 700,000-sq.-ft. Kennedy Mall.

The community shopping center features national anchor retailers including Michaels, Bed Bath & Beyond and Petco. Shadow anchors include Hy-Vee Grocery Store, Kohl’s and AMC Theater.

Dallas — SRS Real Estate Partners welcomes Jon Cowen as senior VP in the Phoenix office. Cowen bring 24 years of experience in commercial real estate to SRS, where he will focus on representing local and national retailers, shopping center leasing and development and investment sales.

Previously, Cowen worked with the Retail Advisory Group at Cushman & Wakefield after Cushman acquired his own real estate firm, Cowen Commercial.

New York – The Jones Group is reportedly approaching deals to sell its business to Sycamore Group and GIII Apparel Group.

Sycamore Group is an Indianapolis-based real estate firm and GIII is a New York-based apparel licensor and manufacturer. Women’s Wear Daily reports sources indicate Jones Group is close to reaching agreements with both companies.

New York — Representing the landlord, RKF has arranged an 18,817-sq.-ft. lease with family-owned grocer Westside Market at 84 Third Avenue in Manhattan’s East Village. When the new grocery opens next summer, it will become the fifth Westside Market location in Manhattan.

The new Westside Market will span 10,500 sq. ft. on the ground level, with the remaining space in the lower level. Newmark Grubb Knight Frank Retail represented the Westside Market in the transaction.

Indianapolis — Mid-America Real Estate Corp.’s Net Lease Investment Group recently brokered the sale of an 8,320-sq.-ft. Family Dollar in Indianapolis. An investment fund in Texas purchased the property from a private developer for $1.142 million, which is a 7.5% cap rate. The building is leased to Family dollar for 10 years.

The newly constructed Family Dollar is in the Lawrence Commons shopping center anchored by LA Fitness.