Street-Works Development and National Realty and Development Corp. (NRDC) formed a partnership with the city of Quincy, Mass. to develop and lease approximately 400,000-square-feet of anchor retail space at Market Center, in Quincy’s downtown district.
NRDC will provide pre-development capital for the project, in addition to offering its site acquisition, leasing/marketing, construction, legal, property operations and accounting services. NRDC President John Orrico will guide the project from inception to tenant occupancy.
“NRDC is committed to development in the urban space and we are very excited and focused on making the new Quincy Center a success,” he said in a statement. “Our team will be working very closely with Quincy and Street-Works to bring real results to this project—both on the ground in Quincy and by drawing from our national network of retailers.”
Street-Works will upgrade Quincy’s infrastructure using private money. Public funds will be invested only after the project produces new tax revenue.
Market Center will be part of New Quincy Center, a $1.6 billion transit-oriented mixed-use development. When completed, the project will include approximately 700,000 square feet of retail space, 1 million square feet of office space, two hotels, 1,200 residential units and more than 5,000 new structured parking spaces.
CBRE-GRA will serve as the retail broker for the development.
MGHerring Signs $30M Economic Development Agreement with City of Terrell for an Open-Air Shopping Center
The MGHerring Group and the City of Terrell, Texas finalized a $30 million economic development agreement on Eighty Twenty, a 255-acre open-air shopping center in the area. MGHerring plans to break ground for Phase I of the project in early 2012, with a projected opening date in the spring of 2013. Phase I will feature approximately 600,000 square feet of retail space, including big-box stores, specialty shops and restaurants. It will also include a fountain spray park, a children’s play area and a public art display.
Future Phases of the project will involve mixed-use elements in addition to retail space. Under the performance-driven economic development agreement, the City of Terrell, Terrell’s Tax Increment Financing District No. 1 and Terrell Economic Development Corp. will reimburse MGHerring for a total of $30 million over a 25-year period, based on new sales and property taxes generated by the center. A portion of the incentive package will fund improvements to Highway 80 and FM 148, to enhance the infrastructure surrounding the property.
When Phase I of Eighty Twenty is completed, it should generate an estimated $130 million in annual sales tax revenue and create more than 1,000 new jobs for the community.
“Terrell has successfully competed on a national stage,” said City Mayor Hal Richards in a statement. “In these tough economic times, projects of this type are very rare nationwide, and this development is proof that private sector investors recognize the unparalleled potential of Terrell.”
Jones Lang LaSalle Wins New Leasing, Management Assignments in North Carolina and Illinois
Rally Capital Services LLC and Pacific Avenue LLC appointed Jones Lang LaSalle Retail as a leasing and managing agent for their centers.
Jones Lang LaSalle will lease and manage Kendall Marketplace, a 750,000-square-foot regional power center in Yorkville, Ill. on behalf of Rally Capital. Dick’s Sporting Goods, Kohl’s, SuperTarget and The Home Depot anchor the center.
On behalf of Pacific Avenue, Jones Lang LaSalle will lease and manage EpiCentre, a 350,000-square-foot open-air center in Charlotte, N.C. Tenants at the property include EpiCentre Theaters, Flemings, Strike City Bowling and Cold Stone Creamery, among others.
Stan Johnson Enters Big Apple with New Office
Stan Johnson Co. opened its first office in New York City. In connection with the opening, the company hired Jason Maier and Tom Georges as associate directors.
Previously, Maier served as president and founder of Zenith Realty Advisors, a firm specializing in investment sales transactions in the New York Tri-State region, with a focus on net lease deals. Georges served as senior account executive with the CoStar Group in the Northern New Jersey and New York City markets.
Mid-America Asset Management Negotiates Multiple Leases in the Midwest
Mid-America Asset Management Inc. negotiated new leases in July and August.
- Premier Furniture Outlet signed a 38,975-square-foot lease at Aurora Marketplace in Aurora, Ill. Marget Graham, of Mid-America Asset Management Inc., represented the landlord in the transaction. The tenant represented itself.
- The Futon Factory signed an 11,000-square-foot lease at Edison Park in Mishawaka, Ind. In addition, Interim Healthcare signed a 4,300-square-foot lease at the same center. Barb Kading, of Mid America, represented the landlord in both transactions.
- Tuesday Morning signed a 10,400-square-foot lease at Southport Plaza in Kenosha, Wis. Dan Rosenfeld, Barb Kading and Theresa Shemitis, of Mid-America, represented the landlord in the transaction.
- Five Below signed an 8,000-square-foot lease at Oakridge Court in Algonquin, Ill. Jaimie Platt and Sarah Drumgould, of Mid-America, represented the landlord in the transaction. Jon Reese and Tim Miller, of Great Street Realty, represented the tenant.
- D & E Laundry Ltd. signed a 5,026-square-foot lease at Howard & Western Shopping Center in Chicago, Ill. Barb Kading represented the landlord in the transaction.
- Arthur Murray Dance Studio signed a 3,200-square-foot lease at Regency Place in Oakbrook Terrace, Ill. Beth Menelli-Iveljic represented the landlord in the transaction. Mark Coleman, of Coleman Land Co., represented the tenant.
New Tenants Sign Deals at Village at Fair View
The Village at Fair View in Fairview Texas added 50,000 square feet in new stores and restaurants recently. A 17,000-square-foot Old Navy store opened at the property in September. A 1,600-square-foot Nasr Bros Jewelry is scheduled to open in October, a 7,819-square-foot Versona Accessories will open in November and a 3,400-square-foot Zoe’s Kitchen will open in December.
Retailers that opened in August include a 6,965-square-foot La Duni Latin Kitchen, a 6,000-square-foot Shushi Awaji and a 7,433-square-foot Down Under.
DDR Appoints Rebecca Maccardini as Board Member, Increases Number of Board Directors
DDR Corp. appointed Rebecca L. Maccardini as a member of its board of directors. With her appointment, the size of DDR’s board has been expanded to include 11 members. Maccardini has 35 years of experience in the shopping center industry. She works as principal of consulting firm RMResources LLC and has served as a trustee and chairperson with ICSC.
“We are honored to have Becky join our board of directors, bringing a unique perspective on retail real estate and unparalleled industry leadership,” said DDR President and CEO Daniel B. Hurwitz in a statement. “Becky’s knowledge and experience related to the operations and branding of retail operating platforms will further enhance our efforts of developing and maintaining a prime organization focused on creating shareholder and asset value.”
Edens & Avant Redevelops Sunshine Square
Publix will open a new, 54,000-square-foot store at Edens & Avant’s Sunshine Square in Boynton Beach, Fla. Scheduled to open in September 2012, the store will serve as the centerpiece of a multi-million dollar redevelopment at the center. The redevelopment project includes site improvements, the addition of new stores and restaurants and making the center the site of a unique public art gift to the local community. The existing Publix at Sunshine Square will close on Sept. 24.
Green Valley Markets to Open Store at Regency’s Elkridge Corners
Green Valley Markets signed a lease with Regency Centers for a 39,571-square-foot store at Elkridge Corners in Elkridge, Md. Geoffrey Mackler, of H&R Retail, represented the tenant in the transaction.
Specialty Grocer Leases Former Borders Space in New Orleans
The Fresh Market signed a lease with Stirling Properties for a 24,000-square-foot store at 3338 St. Charles Ave. in New Orleans, La. The space was previously occupied by Borders.
MGM Wine & Spirits to Open at Centro Property in Minnetonka
MGM Wine & Spirits signed an 11,009-square-foot lease with Centro Properties Group US at Westwind Plaza in Minnetonka, Minn.
In addition, Centro signed smaller leases across the country with tenants including Oak Cliff Financial, Jack’s Golf Shack, Carmel Tae Kwan Do, Pure Sleep and Big Frog Custom T-Shirts.
Style NY-Tel Aviv Signs Lease in Midtown Manhattan
Style NY-Tel Aviv signed a 10-year lease with Abner Properties for a 12,000-square-foot store at 37 W. 37th St. in New York City. Perry Mesmer, of Colliers International, represented both parties in the transaction.
Other Notable News
Hutensky Capital Partners hired George S. Demuth as senior vice president. In his new position, Demuth will be responsible for creating value in the firm’s existing assets and sourcing new opportunities. Specifically, he has been put in charge of City Place Mall in Silver Spring, Md. and Woodmore Towne Centre in Glenarden, Md. Previously, Demuth served as chief operating officer with Berkshire Development and as executive vice president and chief operating officer with Centro Watt. Since 2009, he has operated his own retail advisory practice.
Continental Realty Advisors hired Paul Priebe as a fund manager. In his new position, Priebe will provide asset management guidance on the firm’s existing portfolio and on all new acquisitions. He brings more than 10 years of experience in asset management to Continental Realty. Previously, he served as regional manager with Greystar Real Estate Partners. The company also hired Ben Hrouda as a controller. In his new position, Hrouda will help lead financial reporting, finance and treasury activities. He has more than 10 years of experience in the real estate industry. Prior to joining Continental Realty, he served as director of portfolio accounting with Alliance Commercial Partners.
SRS Real Estate Partners hired Brian Hollenback as vice president in its Denver office. Hollenback has more than 20 years of experience in retail real estate. Throughout his career he has been involved in ground-up retail developments totaling more than 2 million square feet. SRS also hired Andrew Cornwell as a research analyst in its Austin/San Antonio office. In his new position, Cornwell will be responsible for updating aerials, running demographics and keeping the office informed of the latest retail market trends. Previously, he was an intern with the firm, working on research for its investment sales team.