RBH Group, Berggruen Holdings, BRT Realty Trust, Frederick Iseman and Steel Partners Ltd. broke ground on Teachers Village, a mixed-use development in downtown Newark. When completed, Teachers Village will include 200 moderately-priced rental apartments and 70,000 sq. ft. of street-level retail.
In addition, Teachers Village will expand and relocate three charter schools—Great Oaks, Discovery Charter School and TEAM Academy—to a central location on Halsey Street.
Opening for the retail component of the project is scheduled for the summer of 2013. The residential component should open in the fall of 2013.
Richard Meier and Partners, KSS Architects and Mikesell and Associates designed the project. New Jersey Economic Development Authority, City of Newark, Brick City Development Corp., Newark Urban Enterprise Zone, Casino Reinvestment Development Authority,Goldman Sachs, Prudential, TD Bank and New Jersey Community Capital provided the financing.
“Teachers Village shows that when Newark dreams big and makes ambitious plans, we can achieve development projects that meet the highest standards for innovation and excellence,” said Newark Mayor Cory A. Booker in a statement. “While the global economy is struggling, we in Newark have fought to create transformative change that will lead to new educational and economic empowerment for our citizens.”
Simon Appoints Grubb & Ellis to Lease Hilltop Mall
Simon Property Group Inc. appointed Grubb & Ellis as the exclusive leasing agent for Hilltop Mall, a 1.1-million-sq.-ft. regional mall in Richmond, Calif.
Macy’s, JC Penney, Sears, 24 Hour Fitness and Walmart anchor the property. Simon is seeking family-friendly restaurants and retailers and alternative users including medical offices and trade schools to sign leases at the mall.
Deborah Perry, Adria Giacomelli and Ramsey Wright will handle this assignment on behalf of Grubb & Ellis.
A Walk-In Clinic/Health Facility to Open at Plymouth Meeting Mall
Mercy Health System consumer health and wellness satellite aligned with Mercy Suburban Hospital will open a 23,000-sq.-ft. outpatient ambulatory healthcare facility at Plymouth Meeting Mall in Philadelphia. The facility will include primary care physician and specialist offices, physical therapy and noninvasive procedure suites, imaging facilities and a walk-in clinic.
Plymouth Meeting Mall in owned by PREIT. Other tenants at the center include Macy’s, Boscov’s, Whole Foods Market, Charming Charlie, AMC Theater and Victoria’s Secret.
White-Spunner to Develop Shopping Center in Mobile, Alabama
White-Spunner & Associates will develop Hillwood Plaza, a 74,450-sq.-ft. grocery-anchored shopping center in Mobile, Ala. A 45,600-sq.-ft. Publix will anchor the property. White-Spunner plans to start construction on the center in late summer of 2012. Completion is scheduled for the summer of 2013.
L3 Negotiates Leases for Dollar Tree, PetSmart, Ulta
L3 Corp. negotiated the following leases, completed between July and December 2011:
- Dollar Tree signed an 11,000-sq.-ft. lease with General Grant Realty Co. for a store at Warson Village Shopping Center in Warson Woods, Mo.;
- PetSmart signed an 18,261-sq.-ft. lease with Rancho PG Dowlen LLC for a store at Dowlen Towne Center in Beaumont, Texas;
- PetSmart signed a lease with Magnolia Place Cooper LLC for a 12,000-sq.-ft. store at Magnolia Place in Columbus, Miss.;
- PetSmart signed a lease for a 25,646-sq.-ft. store at IH 10 at Fry in Houston. Caltim LTD. owns the center;
- PetSmart signed a lease for a 23,569-sq.-ft. store at Mayfair Place Shopping Center in Oklahoma City, Okla. Boniuk Interests LTD. owns the center;
- Shoe Carnival signed a lease with DDR for a 10,400-sq.-ft. store at Valley Park Centre in Russellville, Ark.
- Ulta signed a lease with TKG Biscayne LLC for an 11,531-sq.-ft. store at Shoppes at Stadium in Columbia, Mo.
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Other Notable News
The board of directors of National Retail Properties Inc. appointed Ed Fritsch as board member. Fritsch serves as president, CEO and director of Highwoods Properties.
Federal Realty Investment Trust promoted Patrick Inaba to vice president of construction and tenant services and Michael Kelleher to vice president of asset management. Inaba has been with Federal Realty since 2006. Prior to that, he served as group vice president of tenant services with The Mills Corp. Kelleher joined the company in 2007. He has 20 years of experience in management, sales and marketing.
Stan Johnson Co. hired Camille Renshaw and Joshua Pardue as institutional specialists in the firm’s New York office. They will specialize in working with institutions on acquisitions and dispositions of net lease properties. Previously, Renshaw worked as director of investment sales with Colliers International. Pardue was senior associate with Colliers.