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Real Estate

  • Divaris renews two retailers in Richmond, Va.

    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.

  • PREIT completes sale of two power centers

    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.

  • Cypress Equities acquires Bessemer, Ala., center

    Dallas — A fund managed by Cypress Equities has acquired Promenade Tannehill in Bessemer, Ala., a suburb of Birmingham.

    Tannehill is a 347,151-sq.-ft. regional power center that opened in 2008 and presently houses more than 30 retailers, including Target, Publix, J.C. Penney, Michaels, PetSmart, Premiere Cinemas, Charming Charlie, Anna’s Linens and Ross Dress For Less.

     

  • KeyPoint extends Kohl’s lease at The Crossings

    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.

  • Village on Pooler Parkway nets seven new retailers

    Pooler, Ga. — With the addition of seven new leases, GBT Realty Corporation’s Village on Pooler Parkway is 95% leased months before its scheduled opening in the first quarter of next year. Anchored by T.J.Maxx, Ross Dress for Less, Michaels and PetSmart, the 143,000-sq.-ft. development has now added Kirkland’s, Hibbett Sports, Visionworks, Legacy Nails, Sprint, GNC and Kay Jewelers to the mix.

  • Nordstrom opens newly relocated store at Americana at Brand

    Glendale, Calif. -- Nordstrom has unveiled its new, relocated store at Americana at Brand, the Caruso-owned luxury shopping center in Glendale, Calif.

    Seattle-based Nordstrom was formerly located at nearby Glendale Galleria, but closed that store to reopen in 135,000 sq. ft. at Americana at Brand, featuring a refreshed interior design over three levels, farm-to-table restaurant Bar Verde, updated beauty experience, and an expanded selection of designer fashion brands including the first TopShop and TopMan in-store boutiques in Los Angeles.

  • Camden Village in suburban Atlanta sells

    Atlanta — A private investor from the Atlanta, suburb of Johns Creek has acquired Camden Village Shopping Center from a California corporation. According to Marcus & Millichap of Atlanta, which represented the seller and buyer in the transaction, the purchase price totaled $6,150,000.

    The center includes popular local tenants like Marlow’s Tavern and Noche Restaurant among others.

     

  • Rivercrest Realty acquires Norton Commons

    Norton, Va. — Rivercrest Realty Associates has acquired the 81,297-sq.-ft. Norton Commons shopping center in Norton, Va., for $6,910,000.

    Divaris Real Estate represented the seller, General Electric Credit Equities, in the transaction. At the time of the sale, the center, anchored by Burke’s Outlet, was 98% occupied.

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