Simon Property Group and Shinsegae opened Paju Premium Outlets, Simon’s second outlet center in South Korea. Paju Premium Outlets contains 328,000 square feet of GLA and features 160 stores, including Armani, Coach, Elie Tahari and Marc Jacobs, among others.
The property is located 50 minutes away from downtown Seoul. It is built in the Art Deco style and features solar-energy water heating and clearstory windows in the parking garage.
“We are very pleased to announce the opening of our second center in South Korea,” said John R. Klein, president of Premium Outlets, the outlet division of Simon Property Group, in a statement. “The collection of brands and overall shopping environment will provide an upscale shopping experience while offering significant savings to area residents and visitors.”
In a separate announcement, Simon appointed David Contis as senior executive vice president and president of the company’s mall platform, effective May 2.
Contis currently works as president of real estate with Equity Group Investments, a company led by Sam Zell. In his current role, he provides asset management and strategic counsel to Zell on domestic and international real estate investments. Contis has worked with Zell for almost two decades.
“Our long-tenured management team has demonstrated industry leadership and we continue to build our management strength to grow our business,” said David Simon, chairman and CEO of Simon Property Group, in a statement. “With over 30 years of real estate experience and 20 years overseeing mall portfolios, both public and private, David will reinforce this enviable position, which we have worked so hard to achieve. David will be a great addition to SPG and I look forward to working with him closely.”
Contis’ issued a statement saying “Throughout my career, I have been fortunate to work with David Simon and his team. I have always been impressed with the people at Simon and am delighted to become part of such an extraordinary company.”
North American Properties, CB Richard Ellis to Reposition Atlanta’s Atlantic Station Project
North American Properties and CB Richard Ellis Investors will reposition Atlantic Station, a 138-acre mixed-use center in Atlanta. The project will include a new retail mix, improved parking and a redesigned security operation.
In preparation, North American Properties put together a new leadership team. Tom Miles has been appointed as general manager. Miles is an internationally recognized retail turnaround expert who has worked on such projects as The Grove in Los Angeles and the Renaissance Center in Detroit. Ron Pfohl has been appointed as director of leasing. Previously, Pfohl served as senior vice president of development with Cousins Properties. Liz Gillespie has been appointed as director of marketing. In the past, Gillespie led the retail innovation team at Jones Lang LaSalle. She has been marketing Atlantic Station since the project opened in 2005.
The new team will join Mark Toro, Atlantic Station’s managing partner, who came on board after CB Richard Ellis Investors and North American Properties purchased Atlantic Town Center, the 586,000-square-foot retail centerpiece of Atlantic Station, in December 2010. Toro founded the Atlanta office of North American Properties in 1996.
“We’ve assembled what’s truly a retail real estate ‘Dream Team’—a group of forward thinking industry leaders who are recognized nationally and internationally as experts in their fields,” Toro said in a statement. “Our vision is to make Atlantic Station the center for the midtown community and a focal point for in-town Atlanta, and we’re thrilled to have the team in place to make that happen.”
In January 2011, CB Richard Ellis Investors acquired a group of assets in Atlantic Station in addition to Atlantic Town Center. The firm bought the 534,000-square-foot office building, a 7,000-car parking garage and 14.25 acres of land.
Regency Opens Three New Centers in North Carolina and Colorado
Regency Centers opened three new grocery-anchored centers totaling 263,000 square feet. The projects include the Market at Colonnade in Raleigh, N.C.; Harris Crossing in Wake Forest, N.C. and NorthGate Village in Greeley, Colo. Combined, the centers represent an investment of $41 million.
The Market at Colonnade is a 57,503-square-foot neighborhood center anchored by a 40,000-square-foot Whole Foods Market. Regency developed the center in partnership with WelCor Development.
Harris Crossing is a 65,150-square-foot center anchored by a 53,282-square-foot Harris Teeter.
NorthGate Village is a 139,912-square-foot neighborhood center anchored by a 120,536-square-foot King Soopers., the largest King Soopers in the state of Colorado.
Nordstrom to Move Store from Glendale Galleria to The Americana at Brand
Nordstrom Inc. and Caruso Affiliated agreed to relocate a full-line Nordstrom store from Glendale Galleria to a new store at Caruso’s The Americana at Brand property in downtown Glendale, Calif. Caruso will purchase the existing Nordstrom store at Glendale Galleria from owner General Growth Properties and will work to find a new tenant to occupy the space. Nordstrom will move into a new three-level 135,000-square-foot store at The Americana at Brand in the fall of 2013.
“Glendale was one of our earliest stores in Southern California and we’re grateful to the community for the support they’ve shown us since we first opened there nearly 30 years ago,” said Erik Nordstrom, president of stores for Nordstrom Inc. “We owe our Glendale customers a lot and they deserve the best store experience we can offer. While Glendale Galleria has been a good home over the years, we think moving into a brand new store at The Americana at Brand will help us do a better job of serving our customers. We’re excited to be part of such a terrific project.”
LG Development Group broke ground on a 9,200-square-foot retail space on Milwaukee Avenue in Chicago. The development will offer up to four retail storefronts ranging in size from 1,445 square feet to 3,765 square feet. Native Foods Café has already signed a 3,100-square-foot lease at the property for its first Chicago location.
CMI Properties broke ground for a 5,000-square-foot retail space on Providence Highway in Dedham, Mass. The 5,000-square-foot block will be an addition to a 45,000-square-foot property already on site. Existing tenants at the center include Bed Bath & Beyond, Verizon Wireless, The Vitamin Shoppe and Massage Envy. Elliot & Co. serves as the exclusive leasing agent for the property.
The Salvation Army named Diane S. Paddison to its national advisory board. Paddison serves as chief strategy officer with Cassidy Turley. She also sits on the board of the Behringer Harvard Opportunity Fund II, the Business School Dean’s Advisory Board of Abilene Christian University and the Young Life, North Central Texas Region.
MulvannyG2hired Ken Sizemore as design principal in its Shanghai, China office. Sizemore has more than 20 years of experience in planning and design. Previously, he worked for ka Architecture and The Jerde Partnership, among other firms.
Brauvin Real Estate hired Drew McElligott as director of acquisitions. In his new position, McElligott will focus on the acquisition of single tenant net lease properties. He has more than 10 years of experience in commercial real estate. Prior to joining Brauvin Real Estate, he served as director in the national retail group of Marcus & Millichap.
Ariel Properties Advisors hired Jonathan Berman as vice president of investment sales. In his new position, Berman will be responsible for multifamily and development properties in Brooklyn, N.Y. He has six years of experience in commercial real estate.
Peckar & Abramson hired Richard T. Preiss as a partner in its New York City office. In his new position, Preiss will be a member of the firm’s interdisciplinary corporate support team, with a focus on regulatory compliance/governmental relations, internal investigations and white collar criminal defense. In the past, he served as a district attorney with the New York County District Attorney’s Office.
Pappas Properties hired Thomas A. Martin as vice president of property management. Martin has 20 years of experience in property management and operations. Prior to joining Pappas Properties, he managed the Santana Row development in San Jose on behalf of Federal Realty Property Trust.
Voit Real Estate Services hired Cole Sweatt as assistant vice president in its Sacramento, Calif. office. Sweatt specializes in tenant representation and commercial leasing. Previously, he worked as a broker with CB Richard Ellis. Voit also hired Amr Ceran as a real estate operator in its Phoenix office. Prior to joining Voit, Ceran served as managing director with Verde Investments Inc., where he specialized in asset management, investment strategy and joint venture opportunities.
Woolbright Development appointed James R. Hurlock, Jr. as property manager for its Palm Beach County, Fla. properties. In his new position, Hurlock will be responsible for overall maintenance and management of the shopping centers. He has more than 14 years of experience in property management. Previously, he served as director of property management with American Commercial Realty.
MacKenzie Commercial Real Estate Services LLC promoted Katy E. Hayes to marketing manager and Trish B. Gottesman to research and communications manager. Hayes has been with the firm since 2004 and has more than 10 years of experience in the Baltimore real estate market. Gottesman has more than eight years of experience in commercial real estate.