Tenant Update

New York -- American Realty Capital Properties has acquired Cole Real Estate Investments for $11.2 billion, creating the world’s largest net lease real estate investment trust, with an enterprise value of $21.5 billion.

ARCP has secured $2.75 billion in fully committed financing from Barclays. The loan is expected to close in the first half of next year.

Updated ARCP pro forma 2014 guidance indicates that adjusted funds from operations will move from $1.13 to $1.19 per share, compared with 2013 guidance of $0.91 to $0.95 per share.

Columbus, Ohio – Lane Bryant opened four new stores on Nov. 1. The stores are located at University Mall in Carbondale, Ill., and Bey Lea Plaza in Toms River, N.J.

The retailer also opens two refreshed stores on Nov. 1, at Pavilion Center in Dallas and Las Palmas Marketplace Shopping Center location in El Paso, Texas.

Tucson, Ariz. — Mama’s Hawaiian Bar-B-Cue has signed a lease for a 2,000-sq.-ft. restaurant in Cortaro Plaza in Tucson, Ariz. The new location, the third for the young chain, is expected to open in mid-January 2014. The first two locations are near the University of Arizona and in Sahuarita, Ariz., a Tucson suburb.

Commercial Retail Advisors represented both the landlord, Cortaro Investments and the tenant, Mama’s Family Restaurants in the lease transaction.

Washington, D.C. —Marshall’s has opened its second Washington, D.C. store. According to the Washington, D.C., Economic Partnership, the 28,925-sq.-ft. store is located at the National Press Building at 14th and F Streets downtown. Marshall’s is planning a third location for the Shops at Dakota Crossing in the city’s northeastern quadrant.

Dallas — Texas Family Fitness has leased space for a 21,367-sq.-ft. fitness center in The Colony, a Cypress Equities development that currently houses Aaron’s and Big Lots!. The fitness center plans to open in first quarter 2014.

The new center will mark the seventh Dallas-Fort Worth location for Texas Family Fitness. Retail Realty represented both the fitness center and the landlord in the transaction.

Dallas — SRS Real Estate Partners welcomes T. Michael McNamara as first VP in the Tampa, Fla., office. A seasoned commercial real estate veteran with 23 years of experience, he will focus on tenant representation, landlord representation and land brokerage services across Tampa Bay and Central Florida.

McNamara comes to SRS from Sperry Van Ness where he was a senior advisor specializing in the sale and leasing of retail, office and industrial properties in the Sarasota, Orlando and Tampa Ba markets.

Miami — The Cheese Course, a European-style cheese shop and bistro, has leased 1,500 sq. ft. in the plaza of Miami’s Southeast Financial Center, Florida’s tallest and largest office tower and plaza, totaling 1.225 million sq. ft.

The newest tenant joins other South Florida dining favorites including Spris, and The Newsstand Café by Books & Books.

Chicago — Hand & Stone Massage and Facial Spa has leased 3,200 sq. ft. at Heritage Plaza in Carol Stream, Ill. This is the fourth Hand & Stone location in the Chicagoland area as the company continues to expand in the region.

Heritage Plaza is a 128,871-sq.-ft. shopping center anchored by Jewel Osco. CBRE www.cbre.com represented the management company, Inland American Retail Management LLC. Baum Realty Group represented Hand & Stone.

Chicago — Athletic shoe and apparel retailer ASICS has signed a 5,254-sq.-ft. lease in Chicago’s Bucktown area. According to RKF, who represented the landlord, 1630 Damen LLC c/o Jenel Management Corporation in negotiations for the long-term lease, this will be Asics’ first store in the Midwest and third in the United States when it opens early next year.  

Blatteis & Schnur represented Windsor Financial Group, an independent licensee of AsicsAmerica in negotiations.

Joseph Coradino stepped up to the post of CEO at Pennsylvania Real Estate Investment Trust in June of 2012. At the time, he had been with PREIT and a predecessor company for three decades. Since 2004, he had served as president of PREIT Services and PREIT-RUBIN. He had been a Trustee since 2006.