Tanger Factory Outlet Centers Inc. and Simon Property Group Inc. entered into a definitive 50/50 joint venture to develop, build, lease and manage Tanger Outlet Center south of Houston, Texas. When completed, the center’s first phase will include approximately 350,000 square feet of space housing more than 90 stores. There will also be room for 120,000 square feet of expansion. Tanger and Simon plan to break ground on the development in July of this year.
Simon will provide site development, construction supervision and asset management services. Tanger will be responsible for management and marketing. Both firms will provide leasing services.
“Our partnership with Simon will provide our retail partners with what we believe is the best location and strongest development,” said Tanger Outlet Centers President and CEO Steven B. Tanger in a statement. “When built, we will offer residents and visitors to this region one of the nation’s best brand name and designer outlet shopping centers with today’s style and fashion trends at the best value every day.”
The project is expected to create more than 400 construction jobs and approximately 900 permanent jobs for the area’s residents.
Construction Starts on New Outlet Center in Grand Prairie, Texas
Paragon Outlet Partners started construction on Paragon Outlets Grand Prairie, a 420,000-square-foot outlet shopping center in the Dallas/Fort Worth region. The center is scheduled to open in August 2012.
When completed, Paragon Outlets Grand Prairie will feature more than 100 stores, including Saks Fifth Avenue OFF 5TH, J.Crew, Michael Kors and Banana Republic, among others. Currently the center is 70 percent pre-leased.
Paragon Outlets Grand Prairie will also create more than 1,700 permanent jobs and new tax revenue for the city of Grand Prairie.
“We are thrilled the outlet center is underway,” said Grand Prairie Mayor Charles England in a statement. “This is a big opportunity not only for our local residents, but especially for my wife, who is already planning her visits. Paragon Outlets Grand Prairie will be a huge tourist attraction. Currently, the city sees about six million tourists a year and the addition of this world class outlet mall will improve that number considerably.”
Buxton to Help Develop The Trails Town Center in Benbrook, Texas
Buxton has partnered with the City of Benbrook, Texas for the development of The Trails Town Center, a 1.5-million-square-foot, open-air retail/entertainment center. A contract has been executed with Cassco Lad D Co. for the project. When completed, The Trails Town Center is expected to generate $375 million in annual retail sales and create more than 6,250 jobs.
Avison Young Acquires Virginia Brokerage Firm
Avison Young acquired Millennium Realty Advisors LLC, a Virginia-based brokerage firm that specializes in agency leasing and tenant representation. The acquisition will expand Avison Young’s market coverage in Northern Virginia. Terms of thewere not disclosed.
As part of the transaction, Avison Young will add nine new employees to its U.S. capital region operations. John McEvilly, Mike Schuler, Douglas Eliot, James Palmer and Robert Walters will join the firm as principals. Nathan Krill and Joseph Pilch will become vice presidents of brokerage services, Sophrona Chinoy will come on as director and Ulyana Radisavljevic as marketing assistant.
Sperry Van Ness Expands Through New Firm
Sperry Van Ness International awarded a franchise to Bluestone & Hockley Real Estate Services, a Vancouver, Wash.-based commercial real estate sales and leasing firm. The firm will now operate as Sperry Van Ness/Bluestone & Hockley. It will specialize in sales and leasing of multifamily, office, retail and hospitality properties, in addition to gas stations and bank-owned buildings. Cliff Hockley, owner of Bluestone & Hockley, will become executive director of the new firm.
Cushman & Wakefield to Market Prime Wall Street Retail Space
Cushman & Wakefield has been appointed as the exclusive leasing agent for The Corner at Wall Street, a 178,000-square-foot block of retail space in New York’s Financial District. The block includes 23 Wall Street, 35 Wall Street and 15 Broad Street. Joanne Podell and Matthew Seigel will handle this assignment on behalf of Cushman & Wakefield.
Edens & Avant Redevelops Burlington Center
Edens & Avant is redeveloping Middlesex Commons in Burlington, Mass. The project includes the relocation and expansion of Market Basket, Old Navy and DSW, as well as the addition of a new tenant in 38,000-square-foot Nordstrom Rack. Edens & Avant is also installing new storefront facades and lighting, updating the landscaping and repaving the parking lot. The project began in 2010.
“Along with a new exterior aesthetic, we’ve also created a new merchandising mix that is now much more reflective of the changing demographics and evolving tastes of the surrounding community,” said Elizabeth Furnelli, vice president of leasing for Edens & Avant, in a statement. “With the addition of some of the most sought after national and regional retailers in the Northeast, we believe Middlesex Commons is quickly transforming into a dynamic new shopping destination.”
In a separate announcement, Whole Foods Market signed a lease with Edens & Avant for a 37,876-squuare-foot store at Cross Hill Market, a 74,326-square-foot development in Columbia, S.C. Edens & Avant plans to start construction on the center in January 2010, with the opening scheduled for October 2012. This will be the first Whole Foods store in Columbia.
Costco to Anchor Augusta’s Village at Riverwatch
Costco has signed a lease with the MGHerring Group for a 142,000-square-foot store at the Village at Riverwatch, a shopping center under development in Augusta, Ga. The store will anchor the first phase of the center, which will include other big-box stores and restaurants. Costco plans to open at the Village at Riverwatch in late 2011.
Ollie’s Bargain Outlet, Dollar General Sign Deals with Centro
Centro Properties Group signed leases with tenants throughout its U.S. portfolio:
- Ollie’s Bargain Outlet signed a 31,616-square-foot lease at Bristol Park in Bristol, Pa. Craig Josephson, of D. Craig Josephson Real Estate, represented the tenant in the transaction. Ron Ruth served as in-house representative for Centro.
- Dollar General signed an 11,000-square-foot lease at Torrington Plaza in Torrington, Conn. Tim McNamara, of SullivanHayes Cos., represented Dollar General in the transaction. Mark Potter served as in-house representative for Centro.
- In addition, Centro signed smaller leases with tenants including Subway, Sprinkles, Carter’s, Peking Buffet, World Spa & Nails, Buffalo Wild Wings, 211 Wine & Liquors, Dollar Tree, Artisan Yoga, Redberry, ELA Deli, and Tropical Smoothie Café.
Marshalls Opens New Chicago Store
Marshalls Department Store opened a 24,025-square-foot store at Bishop Plaza in Chicago. The retailer is taking over a former A.J. Wright space. James Matanky and Terri Cox, of Matanky Realty Group, negotiated this transaction.
Japanese Grocer Signs Lease at Regency’s Center in Irvine
Mitsuwa Marketplace signed a lease with Regency Centers for a 13,853-square-foot store at Heritage Plaza in Irvine, Calif. Mitsuwa is the national’s largest Japanese supermarket chain. The store is scheduled to open in the fourth quarter of 2011 and will be located in a former Ace Hardware space.
The addition of Mitsuwa is part of a $10 million renovation project currently underway at Heritage Plaza. The renovation also includes a new exterior façade, upgraded architecture components, new signage, wider pedestrian walkways, energy-efficient parking lot lighting and the addition of gathering areas to the outside of the property.
Tri-Land Signs Tenants in the Midwest
Tri-Land Properties Inc. signed leases with multiple tenants at its centers in Indiana and Minnesota.
- Marshalls signed a 24,084-square-foot lease at Southern Plaza in Indianapolis.
- Qdoba Mexican Grill signed a 2,700-square-foot lease at Century Plaza in Merrillville, Ind.
- Blaine Oriental Market expanded to 4,270 square feet at Oak Park Plaza in Blaine, Minn.
Three New Tenants Sign Leases at Oregon’s Progress Ridge TownSquare
Gramor Development signed leases with three new tenants for its Progress Ridge TownSquare center in Tualatin, Ore. Play Boutique signed a lease for 14,210 square feet. Gentle Dental signed a lease for 3,600 square feet and Piccolo Mondo signed a lease for 3,034 square feet. The leases bring the center’s occupancy to 80 percent.
Wegman’s Signs Lease in King of Prussia Center
Wegman’s Food Market Inc. signed leases with Realen Valley Forge Greenes Associates for a 123,070-square-foot grocery store and a 12,000-square-foot Next Door Bar & Grill restaurant at The Village at Valley Forge in King of Prussia, Pa. Wegman’s has already broken ground on the grocery store. It also owns the Next Door Bar & Grill concept.
Gerald Divaris and Erica Meekins, of Divaris Real Estate Inc., represented the landlord in the transaction.
Novak Construction completed the remodel of a 179,958-square-foot Walmart store in Antioch, Ill.
Aldi signed a lease with WS Development for a store at Stateline Shopping Center in Salem, N.H. The 232,000-square-foot property recently underwent a renovation.
RHYS Commercial helped negotiate six leases on behalf of Kennedy’d All-American Barber Club. Christian C. Bangert represented Kennedy’s in all transactions. The leases ranged from 1,300 to 3,300 square feet.
CB Richard Ellis Group Inc. appointed Jeffrey C. Kaiser as managing director of its St. Louis operations. In his new position, Kaiser will be responsible for overseeing all of the firm’s operations in St. Louis. He previously served as senior vice president specializing in office properties.
Present Value Properties hired Britt Nelson as vice president. Nelson has 25 years of experience in commercial real estate. Previously, he served as president with NewCity Development LLC.
@properties appointed Don Johansson as commercial coordinator. He has 17 years of experience in commercial real estate. Previously, he served as a commercial broker with the firm.