Tenant Update

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.

In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.

Meriden, Conn. — A TJX Marshall’s store has leased a 23,137-sq.-ft. space at the Meriden Mall in Meriden, Conn. Charter Realty and Development represented the TJX Company in the transaction. Charter Realty is TJX’s exclusive broker for Connecticut, and this is the 25th lease TJX lease the company has arranged.

Anchored by Best Buy, Dick’s Sporting Goods and Macy’s, the 894,435-sq.-ft. mall, owned by The Westfield Group, has 142 stores and ranks as the seventh largest mall in Connecticut.

Tucson, Ariz. — Jerry Bob’s Restaurant plans to open its 15th restaurant in the Tucson area — in River Crossing. JB Restaurants V, the franchisee, will own the 2,400-sq.-ft restaurant that is slated to open in January 2014.

Commercial Retail Advisors www.cradvisorsllc.com represented the Landlord, La Cholla and River Road Associates, and CBRE represented JB Restaurants.

Burlington, Mass. — Kohl’s Department Store has signed a long-term renewal at The Crossings in Newington, N.H., according to KeyPoint Partners, the firm that manages and leases the center.

KeyPoint also recently signed Ulta Beauty and Trader Joe’s as new tenants.

Richmond, Va. — Divaris Real Estate has renewed two retail leases totaling more than 9,500 sq. ft. in Richmond, Va.

Aaron’s renewed its lease for 8,008 sq. ft. in Brookhill Azalea Shopping Center, which DRE leases and manages for the landlord, BSV Premier Brookhill.

In a separate transaction, Subway renewed its lease for 1,575 sq. ft. at 360 West Shopping Center, which DRE www.divaris.com leases and manages for the landlord, a partnership between HSW and RMW1.

Arlington, Va. — Forest City has acquired Macy’s Furniture Store building at the Ballston Common Mall from Macy’s. Forest City, the owner, developer and manager of the mall, plans to redevelop the property and add mixed uses including residential and office. The Home Store, which is connected to the mall on three levels, is the first step in the redevelopment.

Rockville, Md. — Kids First Swim School has leased an 8,654-sq.-ft. space at the Randolph Hills Shopping Center in Rockville, Md. Divaris represented the landlord, Randolph Properties Limited Partnership, in the transaction.

Kids First Swim School is the nation’s largest provider of year-round, warm-water swimming instruction. The school operates in 16 locations in four states and teaches more than 80,000 students every year.

Peoria, Ill. — Cullinan has announced the appointment of Victor Ambrosio and VP, director of leasing in the company’s Chicago office. In his new role, Ambrosio will direct Cullinan’s leasing, sales and marketing functions and manage third party broker relationships.