Tanger, Peterson Cos. to Develop Tanger Outlets at National Harbor in Washington
Tanger Factory Outlet Centers Inc. and The Peterson Cos. entered into an agreement to form an exclusive joint venture to develop, manage and lease Tanger Outlets at National Harbor in the Washington, D.C. metro area.
Developed by The Peterson Cos., National Harbor comprises 350 acres of prime real estate along the Potomac River in Prince George’s County, Md. It contains restaurants, retail, offices, residential units and a number of world-class hotels, including the Gaylord National Resort and Convention Center.
The joint venture will develop an approximately 40-acre parcel at the site into an outlet center containing up to 350,000 square feet of space. The center will benefit from easy access to I-495, I-95, I-295 and the Woodrow Wilson Bridge. When completed, it will house approximately 80 outlet designer and name brand stores.
The joint venture will be co-owned by The Peterson Cos. and Tanger Outlet Centers Inc. and the firms will jointly provide site development andsupervision services on the project. Tanger Outlet Centers will also provide management, leasing and marketing services. The groundbreaking for the property will take place shortly after Phase I achieves a 50 percent pre-leasing threshold, which will likely happen in late 2011. The center will open 12 to 15 months after the start of construction.
“The addition of Tanger Outlet Centers is a significant milestone in the ongoing evolution of National Harbor,” said Milt Peterson, founder and chairman of The Peterson Cos., in a statement. “Their relationships with leading national brands and experience in creating first-hand retail destinations are a tremendous complement to the existing retail, restaurant and resort offerings at National Harbor.”
Also in a statement, Steven B. Tanger, president and CEO of Tanger Outlet Centers Inc., added: “The opportunity to build a Tanger Outlet Center in the National Harbor complex was extremely compelling, as it affords us the chance to build a metro-specific, next-generation outlet shopping center in a beautiful location. National Harbor not only has high visibility and easy access to major highways, it is also minutes away from three international area airports. We believe that our newest outlet shopping center will attract both domestic and international tourists visiting Washington, D.C., along with the residents of Maryland, Virginia and D.C.
OliverMcMillan Rebrands its Buckhead Project in Atlanta
OliverMcMillan unveiled new renderings, a new architectural model and a new name for Buckhead Atlanta, a six-block, eight-acre mixed-use urban village in Atlanta’s upscale Buckhead neighborhood.
Formerly known as The Streets of Buckhead, the project was halted by the credit crunch and the economic downturn. The new name signifies a departure from a single destination development and a move toward a mixed-use community that will fit seamlessly with the existing neighborhood. It will match the scale of the existing structures in the area and include points of interest that will encourage walking. The southern edge of the property will contain one- and two-story buildings, which will gradually scale up to the planned 20-story apartment towers.
OliverMcMillan plans to start construction on the project in late 2011 and will continue to evolve its architectural plans. Leasing efforts for the development began earlier this week at RECon 2011. To date, the firm spent $400 million on Buckhead Atlanta. It plans to invest an additional $300 million as part of the rebranding effort.
“Buckhead Atlanta will be woven into the fabric of this world-class community,” said Morgan Dene Oliver, CEO of OliverMcMillan, in a statement. “Anyone who visits Buckhead Atlanta will know they are someplace special and they will want to return often.”
Simon Property Group, Calloway REIT to Build Premium Outlets in Canada
Simon Property Group Inc. and Calloway Real Estate Investment Trust announced that they signed a letter of intent to develop the first Premium Outlet Center in Canada. The center will be located in Halton Hills, Ontario, 15 minutes outside Toronto.
The development site, located at Highway 401 and Trafalgar Road, already has zoning approvals for outlet center uses and is in the process of obtaining additional municipal approvals for construction. Simon and Calloway plan to hold a groundbreaking for the center in the spring of 2012.
“We are excited to bring the Premium Outlets branded concept of upscale outlet shopping to Canada,” said John R. Klein, president of Simon’s Premium Outlets platform, in a statement. “This location will enable us to serve over 6 million area residents within a one-hour drive. Coupled with Calloway’s depth of management and its major shareholder SmartCentres’ proven track record in development, we believe our first project in Canada will be a resounding success.”
Al Mawani, president and CEO of Calloway, added: “Calloway is very excited to work with Simon Property Group and its premium Outlets division, which has established a reputation of providing shoppers with the highest quality outlet centers. Outlet shopping is an underserved segment of the retail landscape and we intend to satisfy the pent up consumer demand.”
Forest City Wins Leasing, Management Contracts
Forest City Enterprises Inc. announced that it has been awarded property management and leasing contracts for The Shops at Tanforan in San Bruno, Calif. and the Town Square Las Vegas in Las Vegas, Nev.
The Shops at Tanforan is a 973,520-square-foot regional enclosed mall. The Town Square Las Vegas is a 100-acre, open-air mixed-use center combining retail, restaurants, entertainment venues and class-A office space.
In addition, Forest City will provide third-party management and leasing services for the Southlands, a 1.7-million-square-foot lifestyle center in Denver, Colo.
“We’re honored to have been selected for these assignments, which are a testament to the strength and reputation of our retail management and leasing teams,” said David J. LaRue, executive vice president and COO of Forest City, in a statement. “As conditions continue to improve in retail, property owners, including financial institutions, are looking for opportunities to protect and enhance asset values. By applying Forest City’s experience and core strengths to projects like these, we’re able to help owners preserve and grow value over the long term.”
Jones Lang LaSalle Announces New Assignments, Appointments
Jones Lang LaSalle announced that Greg Maloney, president and CEO of Jones Lang LaSalle Retail, has been appointed receiver for the Wharf Lifestyle/Entertainment Center in Orange Beach, Ala. Completed in 2006, the Wharf contains 13 buildings totaling 376,721 square feet of space. Effective immediately, Jones Lang LaSalle will be responsible for leasing and management the mall.
Jones Lang LaSalle’s corporate retail solutions team has been chosen by ECOtality Inc. a company that specializes in clean electric transportation technologies, to assist in location selection, conduct due diligence and negotiate contracts with potential host locations for more than 2,000 host sites for Blink Electric Vehicle (EV) Chargers.
ECOtality recently received a $114.8 million federal stimulus grant to construct the country’s electric vehicle (EV) charging station infrastructure by installing its Blink EV Chargers. The project will include locations across the country, including San Francisco, Los Angeles, San Diego, Seattle, Phoenix, Tucson, Ariz. and Portland, Ore. As part of the initiative,will be collected from host locations to determine how smart EV infrastructure can be supported in parking lots at shopping centers, office buildings, municipal properties and other public and commercial locations.
“Recent investment in electric cars has been substantial, and the eventual demand for charging stations is going to hit the real estate market,” said Matt Merrill, vice president with Jones Lang LaSalle, in a statement.. “With more than one million electric vehicles expected to be in use by 2015, users need to know that there’s an infrastructure to charge their cars when they are on the road. Our expertise in commercial real estate and shopping habits position us well to identify and negotiate optimal sites.”
In addition, EDCO LLC appointed Jones Lang LaSalle to market Hancock Village, a shopping center in Chesterfield, Va., for sale or joint venture partnership interest. The center contains 206,199 square feet of space, including a Walmart Supercenter, two ground leased restaurants and 29,894 square feet of “owned” inline space. Phase II of the project will be completed in late summer 2011 and will be anchored by Dick’s Sporting Goods and Hobby Lobby. Phase III, which if completed will contain 141,623 square feet of space, is also included in the offering. EDCO has expressed interest in remaining with theas a partner and continuing to manage the property.
Kris Cooper and Margaret Caldwell will handle this assignment on behalf of Jones Lang LaSalle.
Jones Lang LaSalle was also appointed to market Summit Point Shopping Center in Atlanta, Ga. for sale. The center contains 104,611 square feet of retail space. It is currently 91 percent occupied.
Cooper and Caldwall will handle that assignment as well.
The Simpson Org. appointed Jones Lang LaSalle to market Paradise Crossing Shopping Center in Douglasville/Lithia Springs for sale. The center contains 67,970 square feet of space and is 92 percent leased. Cooper and Caldwell will be in charge of the assignment.
Jones Lang LaSalle hired Michelle Schierberl as managing director in its Orange County, Calif. office. In her new position, Schierberl will focus on the retail investment sales sector on the West Coast.
Previously, Schierberl served as senior vice president with a major commercial real estatefirm. In the course of her 20-year-career, she brokered more than $1.5 billion in sales.
Lend Lease to Sell Interest in King of Prussia Mall to Morgan Stanley Fund
Lend Lease entered into an agreement to sell its interest in King of Prussia mall, located northwest of Philadelphia, to the Morgan Stanley Prime Property Fund at a gross valuation of $1.25 billion.
Lend Lease currently holds a 50 percent interest in the property and will receive net proceeds of $545 million from the transaction after taking into account property level debt. The firm expects to book a profit of $100 million, net of tax and other costs. The proceeds will be used to repay the firm’s debt and fund its investment pipeline in the United States. The transaction is subject to customary conditions of this type of partnership and is scheduled to close in August 2011.
Lend Lease originally acquired interest in the center in 1996. At approximately 2.8 million square feet, King of Prussia is the largest enclosed mall on the East Coast of the United States.
Stark Enterprises to Start Construction on Crocker Park in Ohio
Stark Enterprises unveiled a plan to add 1.2 million square feet to its Crocker Park property in Westlake, Ohio.
Originally constructed in 2004, Crocker Park is a mixed-use center containing 800,000 square feet of retail, 500,000 square feet of residential space and 100,000 square feet of office space. The new phase, including an additional 250,000 square feet of retail space, will bring the center to a total footprint of 2.6 million square feet by 2014.
As part of the project, Stark will also add green and civic spaces and a parking garage to the property.
The company plans to start construction later this year. It estimates that the project will cost more than $100 million, will create more than 3,000 jobs and significantly increase tax revenues for Cuyahoga County.
Disney to Accelerate Store Openings in 2011
Disney Store announced it will open its interactive concept stores in more than 40 locations in 2011. By the end of 2011, the retailer plans to have 60 new concept stores in 16 major markets in eight countries. Disney launched its new interactive concept in 2010.
Disney Store executives also revealed that they will celebrate the chain’s 25th anniversary by remodeling the original Disney Store location at the Glendale Galleria in Glendale, Calif. The store, which was built in 1987, will undergo a remodel in the spring of 2012 and will be among a number of store remodels in the coming year.
Meanwhile, new Disney Store openings will take place at the Pembroke Lakes Mall in Pembroke Pines, Fla.; at Kenwood Towne Center in Cincinnati, Oho; at LaPlaza Mall in McAllen, Texas; at Houston Galleria in Houston; at St. Louis Galleria in St. Louis, Mo.; at the Galleria at Roseville in Roseville, Calif.; and at Westfield Fashion Square in Sherman Oaks, Calif.
“The excitement from our guests has been phenomenal and we’re working diligently to open more locations in new markets,” said Paul Gainer, senior vice president with Disney Store North America, in a statement. “We want to give landlords a new retail experience that will drive return visits to their malls and give families the opportunity to experience the Disney Store magic in their local community.”
Less & Associates Appoints First CEO
Lee & Associates appointed Edward J. Indvik to be the first company CEO in its 32-year history. The appointment is part of the firm’s nationwide expansion and evolutionary growth. In his new position, Indvik will report to Lee & Associates’ owners and presidents and will carry out the firm’s strategic objectives. He will also retain his positions as vice chairman of Lee’s investment services group and as non-voting chairman of its advisory board.
Indvik has been with the firm for the past 20 years. He has 34 years of experience in the commercial real estate industry.
Israeli Self-Defense Trainer Leases New York City Location
Israeli Krav Maga, the official self-defense system of the Israeli Defense Forces, signed a lease with 250 East Borrower for a 2,600-square-foot space at 919 Second Ave. in New York City.
Tatiana Jung-Voevodina and Lori Shabtai, of Winick Realty Group LLC, represented the landlord in the transaction. Andrew Epstein, of East Street Properties, represented the tenant.