Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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28 • SHOPPING CENTER BUSINESS • May 2017 NEWSLINE HFF ARRANGES $51 MILLION SALE OF GROCERY-ANCHORED CENTER IN NEW JERSEY HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot shopping center located roughly 27 miles outside New York City in Pompton Plains, New Jersey. Stop & Shop anchors the center, which is also home to tenants including TJ Maxx, HomeGoods, GNC, Moe's Southwest Grill and Sally Beauty Supply. Jose Cruz, Thomas Didio, Kevin O'Hearn, Stephen Simonelli, Michael Oliver and Robert Borny of HFF represented the undisclosed seller in the disposition of the property to Phillips Edison Grocery Center REIT II Inc. MID-AMERICA ARRANGES $13 MILLION SALE OF SHOPPING CENTER IN PEORIA, ILLINOIS Mid-America Real Estate Corp. has arranged the sale of Sheridan Village in Peoria, Illinois, for $13 million. The 310,094-square-foot shopping center is located at the intersection of Sheridan Road and Lake Avenue. The grocery- anchored center is home to tenants including Hy-Vee, Bergner's and Planet Fitness. Toronto, Canada-based Northbridge Investment Management purchased the center. Joe Girardi of Mid-America brokered the transaction on behalf of the seller, Cincinnati-based Viking Partners. URSTADT BIDDLE ACQUIRES FOUR- PROPERTY RETAIL PORTFOLIO IN CONNECTICUT Urstadt Biddle Properties Inc. has acquired a four-property retail portfolio located in Stamford, Old Greenwich and Fairfield, Connecticut. Acquisitions include High Ridge Shopping Center, an 87,300-square-foot, Trader Joe's- anchored shopping center located in Stamford; a freestanding 4,200-square- foot Chase Bank location in Stamford; a freestanding 8,000-square-foot CVS/ pharmacy location in Old Greenwich; and a freestanding 12,000-square-foot Walgreens location in Fairfield. The properties were sold by a local multi- generational family owner, which initially developed the properties. R E TA I L E R U P DAT E FOREVER 21 PLANS TO OPEN OVER 40 F21 RED LOCATIONS IN 2017 Los Angeles-based Forever 21 plans to open 40 new F21 RED locations across the U.S. in 2017. The first three F21 RED stores opened in April in San Antonio, New York City and Chicago. New locations will continue to open throughout the year, and will bring the total store count for F21 RED to more than 70 locations by year-end. F21 RED launched in 2014 and offers an assortment of products from Forever 21 and its sub-brands, including Forever 21 Men, Forever 21 Plus and Forever 21 Girls. LEGOLAND DISCOVERY CENTER OPENS AT PLYMOUTH MEETING MALL IN METRO PHILADELPHIA Legoland Discovery Center Phil- adelphia has opened at Plym- outh Meeting Mall in Plymouth Meeting, Pennsylvania, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Invest- ment Trust (PREIT). Legoland Discovery Center is the only Le- goland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plym- outh Meeting Mall including Whole Foods Market and Dave & Buster's. HOBBY LOBBY OPENS AT 1.5 MSF MIXED-USE CENTER IN NEW CANEY, TEXAS Hobby Lobby has opened a new store in Valley Ranch Town Center, a 240-acre, 1.5 million- square-foot mixed-use develop- ment in New Caney, a city rough- ly 30 miles north of Houston. The Signorelli Co., a Houston-area Continued on page 30. Stop & Shop anchors Plaza 23, located roughly 27 miles outside New York City in Pompton Plains, New Jersey.

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