Retail

Throughout the sales process, the goal was to find a buyer who shared the same vision in developing a new building on the site, while concurrently keeping the integrity of the overall shopping center.

In 2018, says FGRT's Deborah Weinswig, expect shoppers to continue turning to new retailers, marketplaces and channels, “while retailers look for further collaborations to future-proof their offerings.”

We hear about experiential retail, but the concept is now making a big impact on the office market with more interactive common areas and amenities.

“These conversations are coming up in every single discussion we have with developer clients,” says David Sheldon of Retail Design Collective about the need to renovate retail properties.

Senior vice president Robert Squires marketed the portfolio on an exclusive basis for a family partnership that built and owned the properties for 60 years.

There were approximately 210,525 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), about half the total compared with the previous quarter.

The retailer has secured $100 million in new financing via a term loan secured by ground leases.

It is paying approximately $96 per square foot for the 887,917-square foot JANAF Shopping Yard, including the assumption of $58.4 million of mortgage loans secured by the property.