Gym Operator to Invest $20M in San Diego Fitness Clubs
24 Hour Fitness will make an investment of more than $20 million in its facilities in San Diego, Calif. within the next 24 months. This will be one of the most substantial market investments the firm has made over the past five years. 24 Hour Fitness operates more than 30 clubs in San Diego County, out of 420 clubs nationwide.
The investment program will involve relocations and upgrades to the clubs in Balboa, at University Towne Center and at Westfield Plaza Camino Real.
The Balboa club will relocate from its current location at 7620 Balboa Avenue into a former Albertson’s space at Vista Balboa Center in Kearny Mesa. The new club will feature more than 65,000 square feet of workout space, a full-sized basketball court and an indoor lap pool, among other amenities. The club at 4405 La Jolla Village Drive will move to a new space within Westfield University Towne Center. It will contain more than 45,000 square feet and feature a full-sized basketball court. The club in Carlsbad will relocate from 2213 South El Camino Real to a former Robinsons May space in Oceanside. The club will contain more than 56,000 square feet of space and will feature a full-sized basketball court, a four-lane lap pool, a whirlpool and an extensive outdoor aquatic area, among other things.
“Expansion is always exciting for our company, but even more so today because we have such deep ties to the residents of San Diego, many of whom have been members for more than 20 years,” said Jim McPhail, executive vice president of real estate and chief development officer with 24 Hour Fitness in a statement. “We’re confident these relocations and upgrades will greatly improve our members’ club experience, while also continuing to provide them with the access, convenience and value they’ve come to expect from 24 Hour Fitness.”
Paragon Outlet Partners Break Ground for Center in Livermore
Paragon Outlet Partners broke ground for Paragon Outlets Livermore, a 543,000-square-foot outlet center in Livermore, Calif. The center is scheduled to open in November 2012. It is currently approximately 60 percent pre-leased, to tenants including Banana Republic Factory Store, Barney’s New York Outlet, J.Crew and Neiman Marcus Last Call, among others.
CBL Starts Work on Waynesville Commons Community Center in North Carolina
CBL & Associates Properties Inc. started construction on Waynesville Commons, a 127,500-square-foot community center in Waynesville, N.C. An 85,000-square foot Belk department store, along with Michaels and PetSmart will serve as anchors for the property. The center will also feature 11,000 square feet of specialty store space. CBL plans to open Waynesville Commons in October 2012.
LandMark Retail Completes Six New CVS Stores in California
LandMark Retal Group (LRG), a subsidiary of NewMark Merrill Cos., completed and opened six new CVS/pharmacy stores in California. LRG will open three additional stores in the state before the end of 2011 and 12 stores in 2012. The new openings included stores in San Francisco, North Hollywood, Encino, Daly City, Covina and Panorama City.
Saks Inc. to Open Store at Village Square of Northbrook in Illinois
Saks Inc. signed a lease for a 25,900-square-foot Saks Fifth Avenue OFF 5th store at Village Square of Northbrook in Northbrook, Ill. The store, scheduled to open in November 2011, will feature a new, modern “luxury in a loft environment” design. Liz Krebs, of Mid-America Asset Management Inc., represented the landlord in the transaction. Marlon Stone, of Colliers International, represented Saks.
Target, Petco, Dollar Tree to Open at Alabama Development
GBT Realty Corp. signed leases totaling 88,322 square feet at The Shoppes of Madison in Madison, Ala. The deals bring the center’s pre-leasing occupancy to 81 percent. Target has signed a lease for 135,000 square feet of space at the property. Petco, Dollar Tree, Pie in the Sky and a number of other retailers will be opening stores at The Shoppes of Madison as well.
Macerich Appoints PR Agent for Tysons Corner Center
Macerich appointed RP3 Agency as the agency of record for its Tysons Corner Center development in Bethesda, Md. Tysons Corner Center contains more than 2.1 million square feet of retail, restaurant and entertainment space. RP3 will initially develop a promotional campaign to help drive shopper traffic to the property for the upcoming holiday season. Going forward, it will focus on engaging the center’s core audience through traditional marketing, digital, social and mobile platforms.
Other Notable News
Anthropologie signed a 9,000-square-foot lease at Watters Creek at Montgomery Farm, a mixed-use development in Allen, Texas. The retailer opened its store in early September, and will soon be joined by new tenants Ann Taylor, Soma Intimates, Savour Tapas Bar and Frogg Café and Creperie.
Crossman & Co. negotiated leases totaling 7,589 square feet at retail centers in Tampa and New Port Richey, Fla. The deals included a six-year, 4,800-square-foot lease with Anytime Fitness at Mitchell Crossings in New Port Richey; a five-year, 1,639-square-foot lease with Yogurtology at the Shoppes of Citrus Park in Tampa; and a five-year, 1,150-square-foot renewal lease with Heavenly Nails at Mitchell Crossing. Tracy Harrison, of Crossman & Co., represented the landlord in all three transactions.
Regency Centers signed two new leases at the Market at Colonnade in Raleigh, N.C. Bella Nail Spa signed a lease for 1,280 square feet, while Best Cleaners signed a lease for 1,088 square feet. Drew Huggins, of Lat Purser & Associates, represented the nail salon. Michael Kang, of New Star Realty & Investment, represented Best Cleaners.
Stiles Realty signed three new leases at Red Willow Shopping Plaza in Orlando, Fla. Jimmy John’s Gourmet Sandwich Shop signed a lease for 2,200 square feet and will open this winter. In addition, Dry Cleaning 4 Less and Glo Hair Lounge have opened at the center.
Whitestone REIT expanded its leasing team for the Southwest region. The company hired Roger Moss as director of leasing. Prior to joining Whitestone, Moss served as director of leasing with Pacific West Land LLC. Whitestone also hired Tyson Remensnyder, Nick Allred and Melinda Dunn for the Southwest team. Previously, Remensnyder worked for Bankers Life and Casualty and Allred was vice president of investments and acquisitions with Ballard Investment Group. Dunn, who joins Whitestone as a leasing associate, has eight years of experience in real estate.
Marcus & Millichap Real Estate Investment Services promoted James C. Rea to senior vice president of investments. Rea has been with the firm since September 1995, most recently serving as first vice president of investments. He specializes in the sale of retail properties.
CASTO hired Larry Schwenker as vice president of property management. In his new position, Schwenker will be responsible for the firm’s commercial portfolio in the Midwest and Alabama, which totals approximately 15 million square feet. He has 30 years of experience in commercial real estate. Prior to joining CASTO, he served as principal at Bryant Management Services.
Grosvenor Americas appointed Jonathan E. Carr as development manager in the company’s Washington, D.C. office. In his new position, Carr will be responsible for managing the development process from property identification and purchase through design, entitlement, construction, leasing and stabilization. Previously, he served as development manager for the company’s San Francisco office.
George Smith Partners hired Elisheva Wexler as an analyst. In her new position, she will be responsible for research, underwriting and support on loan placements. She will also assist with business development. Prior to joining George Smith Partners, Wexler worked at California Landmark, where she assisted with the development process and prepared pro-formas on potential new acquisitions.
Scott Lewis joined Montclair Plaza in Montclair, Calif. as general manager. Previously, Lewis worked for General Growth Management Inc.
Christina Riojas has been hired as a marketing manager for the Galleria at Tyler in Riverside, Calif. Previously, Riojas served as marketing director with Lake Elsinore Outlets.
SRS Real Estate Partners hired Rosalinda Loquercio as an accounts payable associate at its corporate headquarters in Dallas, Texas. Previously, Loquercio served as an accounting associate with RETax Funding.