Pennsylvania Real Estate Investment Trust (PREIT) signed an agreement with the Township of Voorhees for a 24,300-square-foot space at Voorhees Town Center in Voorhees, N.J. The facility will now house Voorhees Town Hall, the local municipal office. The Township of Voorhees will own the space on the mall’s second level.
The Township plans to open its new offices in the spring of 2011.
“Moving the Voorhees Town Hall to the Voorhees Town Center is another step in creating something that Voorhees has never had—a ‘downtown,’” said Voorhees Mayor Michael R. Mignogna in a statement. “It will be a place for families to eat, drink, shop, conduct business and share community events. The Voorhees Town Center will become the ‘heartbeat of our community.’”
Voorhees Town Center recently underwent an $83 million redevelopment. The project, which was built as a regional mall in the early 1970s, has been transformed into a mixed-use center including a two-level mall, an office building, 235 luxury apartments and condominiums, and street-level retail and restaurants. Macy’s and Boscov’s anchor the retail portion of the property.
GGP Appoints Post-Bankruptcy CEO
General Growth Properties (GGP) has named Sandeep Mathrani as its CEO. Mathrani will officially assume his new position at the beginning of 2011. He will succeed Adam Metz, who served as company CEO through GGP’s bankruptcy process.
Prior to accepting the GGP appointment, Mathrani served as president of the retail division with Vornado Realty Trust and general partner of Vornado Realty LP. Before that, he was executive vice president with Forest City Ratner, an affiliate of Forest City Enterprises.
“Sandeep is an exceptionally talented individual who has a proven track record as one of the best retail executives in America,” said Bruce Flatt, GGP chairman-elect, in a statement. “Sandeep helped build two of the highest quality retail portfolios over the past 15 years and has been responsible for retail at both Vornado and Forest city. His knowledge and expertise of the shopping center industry will undoubtedly help GGP retain its reputation as a premier shopping center REIT.”
CBL Enters the Outlet Center Business
CBL & Associates Properties Inc. formed a joint venture with Horizon Group Properties Inc. to develop the Outlet Shoppes at Oklahoma City in Oklahoma City, Okla. The 350,000-square-foot project will be the only outlet center within a 145-mile radius. It is expected than when completed, the center will create more than 1,000 new jobs and generate more than $110 million in annual sales.
It is the first outlet center project for CBL, which became the latest regional mall REIT to explore the outlet business.
The Outlet Shoppes at Oklahoma City is scheduled to open in late summer 2011. The project is already more than 80 percent leased. Future tenants include Saks Fifth Avenue Off 5th, Nike, Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers and Coach, among others. Horizon Group is handling the leasing and management for the property.
CBL received a $48.9 million construction loan from U.S. Bank for the project. The loan featured an initial term of three years, with two one-year extension options.
DDR Appoints Robert McGovern as Regional Leasing Director
Developers Diversified Realty Corp. appointed Robert McGovern as leasing director for the northern region. In his new position, McGovern will be responsible 20 shopping centers in Ohio which total five million square feet of space. Prior to joining Developers Diversified, McGovern served as director of leasing and asset manager with Burroughs & Chapin Co.
KTGY Merges with East Coast Firm
CAX, a Tysons Corner, Va.-basedfirm, has merged with Irvine, Calif.-based KTGY Group. The combined operation will be able to provide architecture services in the single-family, multi-family, senior communities, student housing, military housing and mixed-use sectors. As part of the merger, CAX principal Rohit Anand will now assume management responsibilities for KTGY’s Tysons Corner office.
“With offices on both coasts, we become a one-shop local solution for our clients,” said Stan Braden, chairman of the KTGY board of directors, in a statement.
Citadel Outlets Completes Phase III of Expansion
Craig Realty Group completed Phase III of expansion at Citadel Outlets in Los Angeles. The expansion includes the addition of 29 new stores and a two-level parking structure, which total 166,033 square feet of space. The expansion will bring Citadel Outlets to 442,243 square feet of space. J.A. Stowell Construction Inc. served as the general contractor on the project.
C&W to Help Roll Out New Concepts for Maccioni Restaurant Group
Cushman & Wakefield signed an agreement with The Maccioni Group, a restaurant owner, to advise on its roll-out of high-end restaurants and restaurant concepts and the extension of its various licensing agreements. The Maccioni Group’s restaurants have included Le Cirque and Osteria del Circo in New York City and Sirio Ristorante in Las Vegas, among others. The firm plans to pursue growth through opening of new directly managed restaurants, new licensed restaurants, licensing of the brands to hotels and for high-end products.
TopGolf to Open at Village of Allen
TopGolf, an all-weather sports and entertainment destination, broke ground on a 65,000-square-foot facility at the Village of Allen, a 3-million-square-foot mixed-use center in North Texas. The venue will open in the spring of 2011.
Star Super Market Signs New Lease in Alabama
Star Super Market has signed a seven-year lease for a 60,000-square-foot store in South Huntsville, Ala. The supermarket plans to open its doors in November. Don Beck, partner with the Shopping Center Group, brokered this transaction.
Gold’s Gym Signs $9M Lease in Fullerton
Gold’s Gym signed a 15-year, 32,588-square-foot lease with Granite Amerige LP for a location at Amerige Heights Town Center in Fullerton, Calif. The lease is valued at $9.3 million. The Gym plans to open its doors in January 2011.
Rob Ippolito, Nick Alford and Kam Walton, of Cushman & Wakefield, represented the landlord in the transaction. Ken Shishido, of Lee & Associates, represented the tenant.
hhgregg comes to Florida’s Westland Promenade
Sterling Organization signed a 10-year lease with electronics retailer hhgregg for a 23,423-square-foot store at Westland Promenade Shopping Center in Hialeah, Fla. The store is scheduled to open in June 2011. Jeff McElhinny, managing partner with Atlantic Retail Properties, represented hhgregg in the transaction.
Sunset Plaza Starts Expansion Project
Sunset Plaza, a retail center in Los Angeles, broke ground on a 15,400-square-foot expansion. The space will feature 10 new storefronts. Killefer Flammang Architects designed the addition. It is scheduled to be completed in July 2011.
Planet Fitness has signed an 18,000-square-foot lease at 490 Fulton St. in Brooklyn, N.Y. The building is owned by Crown Acquisitions and certain funds within Perella Weinberg Partners’ Asset Based Value Strategy. Crown Retail Services represented both parties in the transaction.
Anthropologie signed a 10,662-square-foot lease with Douglas Development for a store in the Atlantic Building in Washington, D.C.
Famous Footwear and RadioShack have signed leases at North Haven Pavilion, a 274,000-square-foot center in North Haven, Conn. Famous Footwear plans to open a 4,400-square-foot space at the center in the first quarter of 2011. RadioShack plans to open a 2,200-square-foot location in late fall 2010.