Topshop, the London-based fashion apparel retailer, signed a lease with Grosvenor Americas for its second store in the United States. The 50,000-square-foot store will be located on Chicago’s Magnificent Mile, at 830 North Michigan Ave. Topshop’s neighbors at the building will include Filene’s Basement, Borders and Columbia Sportswear, among others. The store is scheduled to open in 2011.
Topshop currently operates one store in the U.S., a 60,000-square-foot flagship location in New York City.
“Grosvenor Americas is delighted to bring this exciting worldwide fashion leader to Chicago’s Magnificent Mile, which attracts shoppers from all over the world,” said Michael Beattie, chief portfolio officer of Grosvenor Americas, in a statement. “As part of an international property group headquartered in London, we feel a certain kinship with this London-based fashion phenomenon. This transaction is only the second in Chicago’s current retail scene involving a British tenant.”
Stanley Nitzberg, of Mid-America Real Estate Corp., represented Topshop in the transaction. Robert Cohen, of Robert K. Futterman & Associates, represented the landlord.
C&W to Lease Retail Project in the Heart of NYC
Cushman & Wakefield’s retail services group has been appointed as the exclusive leasing agent for an upcoming retail project at Avenue of the Americas and 42nd Street in New York City. When completed, the project will contain 80,000 square feet of retail space connecting Times Square and Bryant Park.
The 42nd Street portion of the project will house destination retail and food and entertainment venues. The Avenue of the Americas side will concentrate on retailers selling durable goods, including apparel, footwear, cosmetics and consumer electronics stores.
Part of the project will be positioned at the base of a newly renovated class-A office building housing the headquarters of MetLife. It will have 370 feet of wrap-around ground floor retail frontage and 420 feet of wrap-around second floor retail frontage on Sixth Avenue between 41st and 42nd Streets.
Another portion of the project will be located in a newly constructed glass-and-steel building at 124 West 42nd Street, which will be separated from the MetLife building by a renovated public plaza.
“This is an unbelievable opportunity, and in fact, a once-in-a-generation chance to re-imagine and reposition a long stretch of 42nd Street and create an exciting, retail friendly link between Times Square and the dynamic Bryant Park neighborhood,” said C. Bradley Mendelson, executive vice president of Cushman & Wakefield, in a statement.
Mendelson, Alan Schmerzler, David A. Green, Steve Soutendijk and Glenn Markman will handle this assignment.
Taubman Reopens Michigan Outlet Center
Taubman Centers Inc. will hold a grand opening for the renamed Great Lakes Crossing Outlets, a 1.4-million-square-foot outlet center in Michigan. The center had undergone a renovation recently and now features new interior and exterior signage, new furniture and carpeting and additional seating areas. Taubman is also bringing in new tenants to the property, including a 43,000-square-foot Art Van Furniture showroom, Lord & Taylor Outlet, HUGO Boss Factory Store, Talbots Outlet and Movado Company Store, among others.
Hilco Names New CEO of Appraisal Services
Hilco Appraisal Services LLC, a unit of Hilco Trading LLC, appointed Thomas A. Greco as CEO. Arnold N. Dratt, who has served as CEO since 2003, became chairman of the business unit.
In his new position, Greco will handle Hilco’s day-to-day international operations and lead initiatives to open new geographic markets and increase market share in several specialized tangible-asset appraisal disciplines. Prior to joining Hilco, Greco served as president and CEO of GE Corporate Finance Bank and was based in London.
Bed Bath & Beyond Signs Eight Leases with DDR
Bed Bath & Beyond Inc. will open eight stores at Developers Diversified Realty Corp. centers in 2010. The stores include Bed Bath & Beyond’s namesake concept, buybuy BABY and Christmas Tree Shops and total 230,000 square feet of space.
Three Bed Bath & Beyond stores already opened at Marketplace at Millcreek in Buford, Ga.; Hamilton Marketplace in Hamilton, N.J.; and Oviedo Park Crossing in Oviedo, Fla. Another Bed Bath & Beyond will open later this year at Tanasbourne Town Center in Portland, Ore.
One buybuy BABY store opened at Lake Brandon Village in Brandon, Fla. Two additional stores will open at Columbiana Station in Columbia, S.C. and at River Oaks Shopping Center in Valencia, Calif.
A Christmas Tree Shops store opened at Wrangleboro Consumer Square in Mays Landing, N.J.
Sprouts Farmers Market to Anchor Renovated Regency Center
Sprouts Farmers Market signed a 25,000-square-foot lease with Regency Centers to anchor Granada Village shopping center in Granada Hills, Calif. Regency plans to renovate the 224,648-square-foot center in the coming months, incorporating a new exterior façade, pedestrian plaza and signage, as well as upgraded architectural components and parking lot improvements.
Sprouts Farmers Market plans to open at Granada Village in the fall of 2011, by which time the renovation should be completed. It will be the only Sprouts location within a 20-mile radius.
Cafaro Signs Three New Tenants for Kentucky Oaks Mall
The Cafaro Co. signed leases with Dick’s Sporting Goods, Olan Mills Portrait Studio and Linens & More for Less! at Kentucky Oaks Mall in Paducah, Ky. Linens & More, which signed a 27,000-square-foot lease, will open its doors on Oct. 15. Dick’s Sporting Goods, which signed a 56,000-square-foot lease, will open in November. And Olan Mills Portrait Studio will open in early 2011.
Cynthia Groves to Lead Newmark Knight Frank’s New Retail Consulting Group
Newmark Knight Frank hired Cynthia Groves as a senior managing director, consulting, in its Washington, D.C. office. In her new position, Groves will be responsible retail consulting capabilities within Newmark Knight Frank’s global corporate services division. Previously, Groves served as president and CEO of C.C. Groves LLC. She has 25 years of experience in the retail industry.
Lee & Associates Promotes Six to Principal
Lee & Associates appointed John R. Maddox, Jr., Michael Sutter, Doug Brown, Tyler Flemming, Scott Prather and Taylor Smith as principals. Brown, Flemming, Prather and Smith were previously associates. Maddox held the position of senior director and Sutter of director.
Other Notable News
Grosvenor Americas hired Scott A. Brody as vice president of investments in its Washington, D.C. office. In his new position, Brody will oversee the firm’s investment activities in District of Columbia, Maryland and Virginia. Previously, he worked as vice president and general manager with Opus East LLC.
Urstadt Biddle Properties Inc. promoted Joanna Rotonde to assistant vice president. In her new position, she will focus on new acquisitions and leasing, with a particular focus on restaurant leasing. Rotonde previously worked as acquisitions manager.
Cohen Financial appointed Deborah A. Schiavo as managing director of debt advisory services. In her new position, Schiavo will focus on commercial real estate loan modifications and workouts, assumptions, extensions, financing and lender/servicer negotiations. Previously, Schiavo worked as senior director and co-head of the debt advisory group with Marcus & Millichap Capital Corp.
CB Richard Ellis appointed Mary Jo Eaton as senior managing director and market leader for its business lines throughout the state of Florida. Previously, Eaton served as managing director of CBRE’s Baltimore office and its asset services division in the Washington-Baltimore region. In preparation for her new position, she will relocate to the Miami area. Eaton’s appointment will become effective Jan. 1.
TJX Cos. Inc. signed a lease with Pine Tree Commercial for a 25,000-square-foot A.J. Wright store at Severance Town Center in Cleveland Heights, Ohio. The store, which will occupy a former Borders unit, is scheduled to open in the spring of 2011.
Hodgdon-Miank Construction started the remodel of Barstow Mall in Barstow, Calif. The project will include demolition and reconfiguration of approximately 37,500 square feet of space formerly occupied by Sears and tenant improvements. The remodel is scheduled to be completed by December.
Mesa West Capital hired Russell Frahm as an associate in its New York City office. In his new position, Frahm will be responsible for originating refinancing loans for all property types throughout Eastern U.S. Previously, Frahm worked at Cushman & Wakefield Sonnenblick Goldman.
Manko, Gold, Katcher & Fox LLP hired Suzanne Schiller as litigation partner. Previously, Schiller was a member of the commercial litigation group at Specter Gadon & Rosen P.C.