NewMark Merrill to Redevelop Sacramento’s Southgate Plaza
Sep 17, 2010 10:09 AM, Staff Reports
NewMark Merrill Cos. will redevelop and manage Southgate Plaza, a 365,000-square-foot retail center in Sacramento, Calif. The center is currently 20 percent leased. As part of its repositioning effort, NewMark Merill will implement an aggressive lease up plan, construct a new façade, create new logos and potentially institute a name change for the center. 99 Ranch Market, a regional chain specializing in serving the Asian community, has already signed a 15-year, 65,000-square-foot lease at the property.
Southgate Plaza is located at two major intersections and is passed by 60,000 cars per day.
“Southgate Plaza is the type of retail asset which should stand the test of time. It has excellent demographics, on one of the major intersections in Sacramento, and a long track record of being the center of the community,” said Sandy Sigal, CEO and founder of NewMark Merrill, in an official statement. “NewMark Merrill Companies also has a long track record of taking assets like Southgate and helping them surpass their prior success. We look forward to working with the existing tenants, the surrounding community, and new tenants who we feel can add to the tenant line-up and helping this center thrive again.”
Rooms to Go Signs 35,000-SF Lease at Greenville’s Magnolia Park
Rooms To Go, an independent furniture seller, has signed a lease with Menin Development Inc. for a 35,000-square-foot store at Magnolia Park in Greenville, S.C. The store relocated from an existing location at the nearby Haywood Mall. It is a combination of Rooms To Go and Rooms To Go Kids.
BB&B Takes Space at Winter Garden Village
Bed Bath & Beyond signed a 10-year lease with Cole Real Estate Investments for a 28,633-square-foot store at Winter Garden Village in Winter Garden, Fla. The store will open in the spring of 2011.
Peter Russell, director of real estate, represented Bed Bath & Beyond, in the transaction. Jenny Cushing, regional vice president of leasing with Cole, and Andrew Carson, leasing associate with the Sembler Co. , represented the landlord.
Charles Schwab Expands at One Grand Center Place
Charles Schwab & Co. has tripled its space at One Grand Center Place in New York City to 11,000 square feet. The financial services firm signed a 10-year lease with W&H Properties and will take occupancy of its new location in the second quarter of 2011.
Paul Spiegel, of Scopa Real Estate, and Steve Soutendijk, of Cushman & Wakefield, represented the tenant in the transaction. Amira Yunis, of Newmark Knight Frank, represented the landlord.
Regency Finishes One Redevelopment and Begins Another
Regency Centers started a $7 million redevelopment project at Southside Marketplace, a 125,146-square-foot neighborhood shopping center in Baltimore, Md. The project will include a new exterior facade, upgraded architectural components, a new pedestrian plaza, new signage, lighting and landscaping and parking lot improvements. In addition, Regency will redevelop Shoppers Food Warehouse, the center’s anchor store.
The center will remain open during construction. The project is scheduled for completion in May 2011.
Regency Centers also completed the redevelopment of Willston Centre II in Falls Church, Va. The project included a new exterior façade, upgraded architectural components, new signage and lighting, parking lot improvements and expansion of a Safeway store. The store was expanded from 42,491 square feet to 55,000 square feet and now includes a pharmacy, a bakery, a deli, a floral department and a fresh seafood department. Regency Centers bought the 127,449-square-foot property in 2005.
Other Notable News
Marcus & Millichap Real Estate Investment Services promoted Dino Christophilis to associate vice president of investments. Previously, Christophilis held the position of senior associate. He’s been with Marcus & Millichap since 2005.
Charming Charlie signed a lease with the Cafaro Co. for a 10,000-square-foot store at Eastwood Mall in Niles, Ohio. The new store will open in November 2010.
Colliers International hired Jack A. Cohen as managing director in its New York office. In his new position, Cohen will represent both landlords and tenants. Prior to joining Colliers, Cohen served as associate director with Cushman & Wakefield.
Levin Management Corp. signed three new retailers at Liberty Center in Erie, Pa. for a total of 7,290 square feet. The newcomers include Tightwad Tobacco, a roll-your-own tobacco store, which signed a 3,500-square-foot lease; Werner Books, which signed a 2,500-square-foot lease and Zoom Wireless, which signed a 1,290-square-foot lease. Peter S. Mitchell, of Passport Real Estate, represented Levin in all three transactions.
General Growth Properties hired Chris Bilotto as senior general manager for Glendale Galleria in Glendale, Calif. Bilotto will be responsible for developing and administrating the center’s budget, overseeing future expansions and managing the center’s leasing programs.
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