Development/Redevelopment

New Century Commons, a shopping center in Delray Beach, Florida, has been purchased by Menin Development for $33 million, according to a report in the Sun Sentinel.

Seller of the 84,551-sq.-ft. center was Linton 510 LLC, which faced uncertainty over the future of one of its anchors, Sports Authority, which filed for bankruptcy in March. Questions about cash flow going forward complicated the closing of the sale, though a Menin spokesman told the South Florida newspaper that several retailers have inquired about the Sports Authority space.

Eight new tenants have opened their doors at Silicon Valley’s Santana Row, a 1.7 million sq.-ft. multi-use property that includes a hotel and office and residential space.    Suitsupply, a European import, assumes the highest profile of the newcomers with a 4,425 sq.-ft. space. Jewelry retailer Kendra Scott and body and hair care specialist Aesop will inhabit spaces of just over 1,000 sq. ft.  

Macerich’s new outdoor shopping complement to Green Acres Mall in Valley Stream, N.Y., just got three steps closer to a full house for its planned grand opening this fall. 24-Hour Fitness, Sonic Drive-In, and Ulta Beauty have all committed to space at Green Acres Commons, a 335,000-sq.-ft. retail center.  

Newk’s Eatery is on the move.   The fast-casual restaurant chain is expanding into Central Florida, with plans to open 10-12 corporate-owned locations in the Orlando area over the next five years. The expansion is part of the company’s long-term goal to open more than 200 locations by 2018.     Construction is underway on the first Orlando-area restaurant in the Waterford Oaks shopping center, owned by BluRock Development. It is slated to open in mid-August.     

Photo: Jeff Rubin, Founder, CEO, It’Sugar (Credit: Patrick Gray, Kabik Photo Group)   Jeff Rubin, founder and CEO of It’Sugar, has always had a sweet tooth — and a passion for retail. His father owned a chain of toy stores in the Midwest. After leaving the toy business, he went on to open a chain of bulk candy stores.  

Toms Shoes is expanding its fledgling store portfolio, and will open a location at Mall of America, Bloomington, Minnesota, in time for holiday shoppers.   Founded in 2006, Toms matches every shoe purchase with a donation to a child in need, and gives glasses, medical treatment and/or sight-saving surgery with each purchase of eyewear.  

Retail store expansion could get a boost from lower rents in the next 12 months as real estate investment trusts react to volatility in global financial markets, according to Pacific Investment Management Co.   In a report titled, “U.S. Real Estate: A Storm Is Brewing,” PIMCO portfolio managers John Murray and Anthony Clarke forecasted a drop of as much as 5% in commercial real estate prices due to a confluence of factors including public market volatility, tightened regulations, and uncertain foreign capital flows.

If you want to ferret out the hottest new concepts in retailing, head to the coolest streets in the city, not the suburban mall. So states a new report from Cushman and Wakefield, which rated the 100 hippest and edgiest neighborhoods in America based on assessments from its brokers, appraisers, and property managers nationwide.