REAL ESTATE

Beachwood, Ohio – During third quarter 2014, DDR Corp. closed on the acquisition of eight prime power centers and the sale of seven operating assets and two land parcels, totaling $699 million of executed transactions. Seven of the eight power centers that the company acquired were purchased for $377 million at DDR's share from a joint venture formed with Blackstone Real Estate Partners VII L.P. in August 2013.

Purchase, N.Y. -- National Realty & Development Corp. (NRDC) is leasing 49,480-sq.-ft. of new retail tenancies at Pohatcong Plaza in Phillipsburg, N.J. Marshalls/HomeGoods and Quaker Steak and Lube have joined the 562,000-sq.-ft. center.  

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New York  -- The outlook for retail in the Northeast remains quite positive, with demand from national, local and franchise companies across a broad range of categories, according to Levin Management.

Dublin, Calif. - Ross Dress for Less will open a new store in Hawthorne, California, in Los Angeles County, on Oct. 11. The store is located in the Hawthorne Town Plaza.

This new opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year.

 

Alpharetta, Ga. - McAlister's Deli has signed an agreement with new franchise group MidSouth Hospitality Inc. to open 10 locations in Middle Tennessee. Led by McAlister's veteran Charles Corley, MidSouth Hospitality will be opening its first McAlister's in early 2015.

The newly formed company plans to open a total of 10 new restaurants during the next seven years.

New York - MG Properties, the real estate investment and development arm of McCourt Global, is entering an equity and development partnership with Hines, the international real estate firm, on the development of its mixed-use project at 360 Tenth Ave. in New York City. MG Properties and Hines have selected SHoP Architects to design the project.

In 2013, 360 Tenth Avenue was purchased from Sherwood Equities for approximately $167.5 million. The property is zoned for up to 733,406-sq.-ft. of Total Zoning Floor Area (ZFA).