Real Estate

Chattanooga, Tenn. — CBL & Associates Properties, Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 75/25 joint venture with Horizon Group Properties. The 10-year loan bears a 4.9% fixed interest rate. Proceeds from the loan were used to repay a $53.2 million recourse construction loan. CBL www.cblproperties.com used its share of the remaining funds to reduce outstanding balances on the company’s unsecured credit facilities.

North Bergen, N.J. – Vitamin Shoppe, Inc. has opened a new 311,740-sq.-ft. distribution center in Ashland, Va. The center began receiving inbound inventory in June 2013 and outbound shipments to stores began in September 2013.

As of October 15, 2013, the center was shipping inventory to 56 Vitamin Shoppe stores located in Texas, Oklahoma, New Mexico and Louisiana. The center, which was built to the Vitamin Shoppe's specifications, features state-of-the art conveyor and picking and packing systems to move goods and orders throughout the facility.

Centreville, Va. — Sleepy’s The Mattress Professionals has opened a 6,700-sq.-ft. store in Centreville Square II on Lee Highway in Centreville, Va.

A.J. Dwoskin represented the landlord in the lease negotiations. Centreville Square II is a 200,366-sq.-ft. neighborhood center. Current tenants include Party Depot, Five Guys, Wells Fargo, Hair Cuttery and The UPS Store.

Seattle — Skanska USA Commercial Development Inc. has broken ground on 400 Fairview alongside its first major office tenant — Tommy Bahama.

Skanska is the first developer to start work in the South Lake Union area of Seattle since the City Council rezoned the one-time industrial hub for office and retail.

The 400 Fairview building will be a 13-story tower with 320,000 sq. ft. of office space and 17,000 sq. ft. of ground floor retail. Skanska is targeting LEED Gold certification on the building.

Uniqlo has opened a pop-up store in the 14th Street-Union Square subway station in Manhattan, and is incentivizing holiday shoppers by offering them a $5 Metro Card in a limited-edition sleeve with any purchase. The pop-shop will be open through the holidays.

“This shop fits perfectly with our strong belief in the fundamental power of clothing to improve people’s lives, and our hope is that it will provide people with comfort and warmth during the winter season,” said Larry Meyer, COO of Uniqlo USA.
 

Benicia, Calif. — Cycle Gear has announced the opening of its first New York State store in Hicksville. With this new location, Cycle Gear has stores in 31 states. Company officials said this is the first of many planned stores in New York.

Employee-owned and enthusiast-driven, Cycle Gear is an active member of the riding community, sponsoring local events and working with new and experienced riders to help them find just the right gear.

Houston — The Mansour Group has completed the sale of an LA Fitness in Houston for $12 million. The 45,000-sq.-ft. facility is located in Houston’s Memorial Area, the wealthiest neighborhood in the city and the sixth wealthiest zip code in the state.

Mansour www.themansourgroup.com marketed the property on behalf of the seller, a national REIT. The buyer was another institutional REIT.

St. George, Utah -- Family Dollar on Wednesday the grand opening of its 11th distribution center, in St. George, Utah.
 
“Opening our 11th distribution center is an important milestone for us,” said Howard Levine, Family Dollar’s chairman and CEO. “This facility is ideally located to support our growth in the West, helping us keep our stores well-stocked as we continue to provide customers in this region with great value and convenience.”