2B — March 29 - April 11, 2013 — Shopping Centers — Mid Atlantic Real Estate Journal
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s hopping C enteRs $1. million grocery anchored center in Millville, NJ Nathanson of Marcus & Millichap secures buyer M i LLV i LLE , NJ — Marcus & Mil- lichap Real Estate
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investment Services has arranged the sale of Save-A- Lot Plaza, a 33,705 s/f grocery anchored center located at 622 North Second St., according to Spencer yablon , regional manager of the firm’s Phila- delphia office. The asset com- manded a sales price of $1.7 million or $50.44 psf. Brad Nathanson , senior di- rector in Marcus &Millichap’s Philadelphia office secured the buyer, a Pennsylvania-based limited partnership. The seller, a New Jersey based financial institution, was rep- ViRGiNiA BEACH, VA — Gerald Divaris , chairman and CEO of Divaris Real Es- tate inc. (DRE) , announced the signing of six leases total- ing 57,434 s/f of retail space in the Pembroke Mall. The regional mall is anchored by Target (that opened October 14, 2012), Sears, Kohl’s and Stein Mart. Off Broadway Shoes has completed a lease for 20,670 s/f of retail space in Pembroke Mall. They are consolidating their two stores in Virginia Beach to this one store. Old Navy will occupy 15,740 s/f of newly built space in the new “Signature Shops” rede- velopment of the mall’s former food court area. Old Navy is relocating its store from Norfolk’s JANAF Shopping Center to Pembroke Mall. Bahama Breeze signed a lease for 8,000 s/f of restaurant space. This is the first Bahama Breeze concept in the Com- monwealth of Virginia.
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Save-A-Lot Plaza
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resented by New Vistas Cor- poration . Save-A-Lot Plaza is co-an- chored by a 17,205 s/f Save- A-Lot supermarket and an
8,100 s/f Family Dollar. Other tenants include Little Caesars Pizza and a Chinese restau- rant. At the time of sale, the property was 82% occupied. n
DRE signs leases totaling 5,434 s/f
Pembroke Mall welcomes six tenants in 2013
by JohnMillar , DRE’s execu- tive vice president and Jay Burnell and Levi Thomson , vice presidents of retail sales and leasing, in the Virginia Beach office of Divaris Real Estate, Inc. Old Navy was represented in the negotia- tions by Mary McGovern , senior vice president of Di- varis. Divaris Real Estate is a member of Realty Resourc- es , a national group of in- dependent retail property brokers and managers. n
The Coastal Edge has com- pleted a lease for 5,000 s/f of retail space in Pembroke Mall. This lease represents a relocation and expansion of the retailer’s current location in the mall. The Children’s Place will oc- cupy 3,204 s/f of retail space in Pembroke Mall. Charlotte Russe will occupy 4,820 s/f of retail space adja- cent to Old Navy and Coastal Edge. All of the leases were han- dled on behalf of the landlord
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