The Howard Hughes Corp. will redevelop Riverwalk Marketplace in New Orleans into The Outlet Collection at Riverwalk, a 250,000-sq.-ft. upscale outlet center. The firm plans to spend approximately $70 million on the project.
Riverwalk Marketplace was completed in 1986 and has not been redeveloped since.
“Our redevelopment and repositioning of this storied riverfront property will bring well-known, popular retail and entertainment establishments, many of which will be new to New Orleans,” said Grant Herlitz, president of the Howard Hughes Corp., in a statement. “Beyond the impact of these compelling options for locals and tourists, we are pleased to be part of the continued revitalization of New Orleans, given the many benefits this development will represent to the city.”
Construction on the project will begin in late 2012, with re-opening scheduled for late 2013.
Simon Appoints Matthew Lentz as Chief Investment Officer
Simon Property Group appointed Matthew Lentz as executive vice president and chief investment officer. In this newly created position, Lentz will be responsible for the firm’s domestic and international investment activity. He will be based in Simon’s New York City office.
Prior to joining Simon, Lentz served as managing director and portfolio manager with PointState Capital. He has experience managing a portfolio of global real estate securities.
“Matt is a very talented individual who we have known for many years and he is well respected within the real estate community,” said Simon Chairman and CEO David Simon in a statement. “We look forward to Matt’s contributions to our organization.”
Big Lots Signs Lease at New Jersey’s Bayshore Plaza
Big Lots signed a lease for a 31,612-sq.-ft. store at Bayshore Plaza in Barnegat, N.J. The retailer will take over a space formerly occupied by A&P. Levin Management serves as the leasing and managing agent for the property.
Shoe Retailer Takes Over Vacant Linens ‘n Things Store in Illinois
DSW Inc. signed a lease for a 28,000-sq.-ft. store at River Forest Town Center in River Forest, Ill. The retailer will take over a space previously occupied by Linens ‘n Things. It plans to open its new store in the fall of 2012.
Mike Schertler, of Tartan Realty, and Scott Stefanik, of Midwest Commercial Realty, represented the tenant in the transaction. Liz Krebs, of Mid-America Asset Management Inc., represented the landlord.
Other Notable News
Terranova Corp. signed leases with three new tenants at Polo Club Shoppes in Boca Raton, Fla. Hair Cuttery opened a 1,400-sq.-ft. salon at the property. Blo and Go will open a 923-sq.-ft. hair blow-drying salon in the fall and Manhattan Joe’s Pizzeria will open a 753-sq.-ft. restaurant. Andrei Pintilie, of Terranova, represented the landlord in the transactions.
A&G Realty Partners hired Peter Lynch and Andrew Margolick as partners. They specialize in real estate dispositions, lease renegotiations and strategic planning. Lynch previously served as principal and senior managing director with DJM Realty. Margolick served as president of his own firm, ARM Consulting, and as vice president with Hilco Real Estate.
Faris Lee Investments appointed Michael Ward as director. In his new position, Ward will focus on business development in the multi-tenant retail sector. Prior to joining Faris Lee, he worked at Centro Properties, where he was involved in the acquisition of value-add retail assets.