Prestige Properties will develop The Mall at Bay Plaza, a $270 million, 780,000-sq.-ft. fashion mall in the Bronx. The mall will be located on a corner parcel at Prestige-owned Bay Plaza Shopping Center and will use an existing JC Penney as one of its anchors. A 160,000-sq.-ft. Macy’s will serve as the second anchor. The property will also feature a 1,800-car parking garage.
The developer plans to break ground on the project in the spring of 2012, with opening scheduled for late 2013/early 2014.
“We have had excellent success at Bay Plaza since its inception, and we are pleased and excited to bring this best-in-class, enclosed fashion mall to our community and the Bronx,” said Prestige Properties CEO and Chairman Sam Shalem in a statement. “We thank Mayor Bloomberg, Bronx Borough President Diaz and the people of the Bronx for their continued support and patronage.”
Jerry Welkis and Allen Cooperman, of Welco Realty, will handle the leasing efforts for Bay Plaza on behalf of Prestige Properties.
The project will create more than 2,000 construction jobs and more than 1,700 permanent jobs.
General Growth, Kimco Realty Venture to Redevelop Owings Mills Mall
General Growth Properties Inc. and Kimco Realty formed a joint venture to redevelop Owings Mills Mall, a 1-million-sq.-ft. enclosed regional mall in Owings Mills, Md. GGP and Kimco will each own 50 percent interest in the property. GGP previously owned 100 percent interest in the mall.
Owings Mills Mall opened in 1986. Macy’s and JCPenney anchor the property.
Preliminary redevelopment plans include new exterior facing retail, and the addition of junior boxes, big boxes and department stores.
“We’re exploring a number of options to revive Owings Mills Mall and provide the shoppers of northwest Baltimore County a more viable center that meets their needs. Kimco brings to the partnership an established reputation as an owner and developer of neighborhood and community shopping centers in the Baltimore area,” said GGP COO Shobi Khan in a statement.
LNR to Build New Outlet Center in California
LNR Property LLC and EWB Development LLC will develop The Boulevards Outlets LA, a 430,000-sq.-ft. outlet center in Carson, Calif. The center will be located on 405 Freeway, minutes away from Los Angeles International Airport and will have a new dedicated exit at Avalon Road.
JLL to Manage Grande Promenade in Charlotte
USA Grande Promenade Management appointed Jones Lang LaSalle as the leasing and property management agent for Grande Promenade, a 202,000-sq.-ft. mixed-use property in Charlotte, N.C. Retail tenants at the center include Ashley Furniture, FedEx Kinko’s, Jos. A. Banks, Total Wine and RBC Bank.
Charlie Owens, Tom Fitzgerald and Cosby Harmon will handle this assignment on behalf of Jones Lang LaSalle.
Vestar To Manage Westgate City Center in Arizona
Vestar Development Co. has been appointed as property manager for Westgate City Center, a 400,000-sq.-ft. mixed-use center in Glendale, Ariz. Teetsel Properties will serve as asset manager. John Corritore and Golden St. John, of The Corritore Co., will handle retail leasing for the property.
Westgate City Center contains 265,000 sq. ft. of retail space, leased to tenants including Yard House, McFadden’s Restaurant, Margaritaville and AMC Westgate 20.
The new team will undertake a strategic evaluation of the asset to determine the need for potential upgrades.
Regency Starts Work on Phase I of Oregon Shopping Center
Regency Centers, in partnership with Northgate LLC, will develop Phase I of Northgate Marketplace, an 80,900-sq.-ft. neighborhood shopping center in Medford, Ore. A 23,500-sq.-ft. REI and a 13,000-sq.-ft. Trader Joe’s will anchor the property. Other tenants at the center will include Petco and Ulta. Regency plans to open Northgate Marketplace in the third quarter of 2012.
The project will create more than 250 permanent jobs.
The center is part of a larger, 417,000-sq.-ft. phased development.
NAREIT Appoints Michael Glimcher to its Board of Governors
The National Association of Real Estate Investment Trusts appointed Michael P. Glimcher to its 2012 board of governors. In his new role, he will be responsible for helping maintain NAREIT’s mission and purpose and for overseeing the promotion of the organization and its programs. Glimcher will also sit on the editorial board of REIT: Real Estate Investment Today.
Glimcher currently serves as chairman of the board of directors and CEO of Glimcher Realty Trust. He is also an active member of ICSC.
Present Value Brings New Tenants to 5 Points Plaza in California
Present Value Properties Inc. negotiated five leases totaling 23,153 sq. ft. at 5 Points Plaza in Huntington Beach, Calif. Charming Charlie signed a 10-year, 11,600-sq.-ft. lease to occupy a former Loehmann’s location at the center. Kahoots Pet Store signed a 10-year, 7,311-sq.-ft. lease. CloudMover Day Spa signed a five-year lease for 1,920 sq. ft., Bliss Nails and Spa signed a 10-year lease for 1,166 sq. ft. and The Original Bold Fold signed a 10-year lease for 1,156 sq. ft. The leases bring the center’s occupancy to 97 percent.
Sharon Courtway, vice president with Present Value Properties, represented the landlord in all five transactions.
Ed Hoban and Phil Berry, of Commercial West, represented Kahoots in its transaction.
AMVETS to Open a Store in Copiague
AMVETS National Service Foundation signed a lease with Royal Sunrise Realty LLC for a freestanding, 19,300-sq.-ft. store in Copiague, N.Y. The space was previously occupied by Furn-a-Kit. Beth Lamport, of Sabre Real Estate Group LLC, and Russ Lico, of Breslin Realty Development Corp., represented the tenant in the transaction. Schuckman Realty represented the landlord.
Dollar Tree Signs Lease at Brixmor Center in Portland
Dollar Tree opened a 11,002-sq.-ft. store at Brixmor Property Group-owned Pine Tree Shopping Center in Portland, Maine. John Wise, of Real Estate Advisors, represented the tenant in the transaction. Charles Davis served as an in-house representative for Brixmor.
Other Notable News
Avison Young hired Harry Holmes and Rob Neblett as principals in its Houston office. In their new position, Holmes and Neblett will focus on tenant representation and corporate services. They were also appointed to the firm’s Texas Executive Committee and will help develop Avison Young’s business in Texas. Both previously worked as managing principals with Newmark Knight Frank.
North American Property hired John Kelley as vice president of development, Dotan Zuckerman as leasing manager and Tom Witkowski as tenant coordination specialist. Previously, Kelley served as vice president of development with Cousins Properties. He has 20 years of experience in real estate development. Zuckerman previously worked in real estate sales in Florida and Georgia. Witkowski formerly worked at Jones Lang LaSalle.
Everest Real Estate Advisors hired Erin Hartwig as a business analyst. In her new position, she will be responsible for providing real estate analysis for acquisitions, dispositions and equity sourcing. She has nine years of experience and previously managed a portfolio of more than 400 loans.
Cassidy Turley announced that broker Kevin McGrath received Certified Commercial Investment Member (CCIM) accreditation. McGrath serves as an associate vice president with Cassidy Turley’s Columbus, Ohio office.