Microsoft

Macy’s has sold a fee-simple ground lease underlying The Shops on Lake Avenue in Pasadena that is shadow-anchored by one of its active stores. The sale to a private investor from San Diego was handled by Hanley Investment Group Real Estate Advisors.   The ground lease does not include the Macy’s store, but does take in tenants including T.J.Maxx, Trader Joe’s, Ross Dress for Less, Williams-Sonoma, Talbot’s Jos. A Bank, and Orvis.  

Seven out of 10 commercial real estate executives believe that the Trump administration will have a positive impact on their business in 2017.   Seyfarth Shaw, one of the most active real estate law firms in the U.S., polled 151 owners, developers, and brokers and found them bullish on the embattled President. They foresee efforts in deregulation, tax reform, and the potential dismantling of Dodd-Frank as aiding their causes.  

Dalton Street Properties has acquired East Side Plaza, a Michaels-anchored center in Shreveport, Louisiana for $8.95 million. Other tenants at the 78,761-sq.-ft. center include Guitar Center, Dollar Tree and Cato.   “The East Side Plaza sale was a significant win for both parties, allowing the seller to exit a non-focal market while providing the purchaser with a high-quality asset,” said Fred Victor, VP of Transwestern, who brokered the sale on behalf of the seller, Eastside Dunhill.

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Regency Centers has promoted 14-year veteran Michael Mas to managing director of finance. In this role, he will oversee capital markets, co-investment partnerships, investor/lender relations, underwriting, and due diligence of new investments and information technology.   Mas was senior VP of capital markets prior to the promotion and earlier directed financial and operational aspects of joint ventures for the Jacksonville-based owner, operator, and developer of grocery-anchored centers.  

CBRE has brought in a former Sears executive to help retailers monetize under-performing retail space through partnerships with outside brands.   Kevin Marschall, formerly director of strategic partnerships and licensed business at Sears, has joined CBRE as a store-within-a-store specialist in the company’s retail partnerships unit.  

Ron Rubin resigned his post as chairman of the board of PREIT and will be succeeded in that role by CEO Joseph Coradino. His departure was expected, having been announced last month.  

Bartaco, an expanding food and beverage concept that combines beer, fresh-squeezed juices, and yes, tacos, will debut in Texas at Trademark Property’s WestBend development in Fort Worth.   The mixed-use facility just completed construction on its first phase, which includes office as well as retail space and aims to create a new hub of activity near the campus of Texas Christian University. It features new landscaping, gathering areas along the Trinity River and Trinity Trails, along with a rotating public art program.

RCG Ventures has purchased Oak Brook Square in Flint, Michigan, for $14.2 million. Anchored by TJ Maxx and Hobby Lobby, the 152,073-sq.-ft. center is located across the street from the Genesee Valley Mall in Flint’s largest trade zone.