Gentrification Watch

7-Eleven Expansion Riles East Village Neighbors

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When The Commercial Observer spoke with Ken Barnes last month at the International Council of Shopping Centers, the senior director of northeast regional development at 7-Eleven laid out bold plans for the convenience chain’s continued expansion throughout Manhattan.

“We can’t open more New York locations fast enough,” Mr. Barnes said. “Every neighborhood is a target.” As the company hopes to add 100 more Manhattan locations to its 32 current outposts across the borough, one neighborhood isn’t taking the bullseye on its back lightly.

Alphabet City is fighting for its right to shop at independently-owned 24-hour destinations for late night beer and hygienic product runs. Read More

Sales Beat

Equity One Acquires Shopping Centers

1225 Second Avenue.

Equity One Inc., the Miami shopping-center owner, developer and operator, has just acquired five properties in the New York metropolitan area and is in the process of acquiring a sixth property in Bethesda, Md., for a total investment of $302.5 million.

“These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below-market rents and redevelopment opportunities,” said Jeff Olson, CEO of Equity One. Read More