Tenant Update

New York City -- Spain’s The Inditex Group of Spain will pay $400 million for a flagship Zara retail store at 666 Fifth Avenue in Manhattan.

According to a report by the Wall Street Journal, who cited people familiar with the matter, the transaction is one of the largest retail condominium deals ever. Zara bought out a 32,000-sq.-ft. lease from former occupant NBA store, which had less than three years remaining, according to the report.

It’s hard to keep up with Manhattan’s fast-changing retail scene. But no one does it better than Faith Hope Consolo, chairman, retail leasing and sales division, Prudential Douglas Elliman Real Estate. Here are new and upcoming stores that Consolo, often referred to as the “Queen of Retail,” expects to be “fashionably” fabulous this year (with all comments by the Queen of Retail herself):

Moorestown, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) said Friday that Sakura House has opened a 980-sq.-ft. Japanese eatery at Moorestown Mall, located in Moorestown, N.J.

The new location, in the Food Court, joins the recently opened Bubby’s Brisket and Elevation Burger.

Pembroke Pines, Fla. -- Indianapolis-based Kite Realty Group said Thursday that five new tenants will open at Cobblestone Plaza, located in Pembroke Pines, Fla.

The center is anchored by Whole Foods, All Pets Emporium and Party City.

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) announced that cosmetics retailer Lush will open a new store at Cherry Hill Mall, in Cherry Hill, N.J.
 
The new 860-sq.-ft. store is located in the Macy’s wing of the mall.

Skokie, Ill. -- Westfield Old Orchard, an outdoor destination located in Skokie (Chicago), Ill., announced that The Body Shop will rejoin the center in spring 2011 with a 765-sq.-ft. store near Lord & Taylor. Galt Toys will open a 3,400-sq.-ft. store, also slated for a spring 2011 opening, as is Vera Bradley -- with a 1,650-sq.-ft. boutique.

Walmat’s efforts to penetrate to New York have been the focus of considerable media attention the past few years so it is somewhat strange to find no mention of the company in a report out this week on commercial real estate trends.

Laura Pomerantz, a principal with the New York-based commercial real estate firm of PBS Real Estate noted that “2011 will see big changes on the streets of Manhattan. New and unexpected retailers are transforming shopping dynamics from Madison and Fifth Avenue to Times Square and the Upper West Side.”

Columbia, S.C. -- Edens & Avant has announced the promotion of Carol Hall to VP portfolio management. In her new position, she will be responsible for creating value through the delivery of technology-enabled process and analytical tools to the investment management, property management and leasing teams.