Taubman TCBL and Beijing Wangfujing Department Store Co., one of China’s largest department store chains, formed a joint venture for the ownership of a controlling interest in and management of a shopping center to be located at Xi’an Saigao City Plaza, a 5.9-million-sq.-ft. mixed-use project in Xi’an, China. Shaanxi Fuli Real Estate Development Co. is developing the property and will hold the remaining stake in the center.
The seven-level shopping center at Xi’an Saigao will feature Wangfujing as an anchor and will also house a movie theater, restaurants and approximately 300 in-line stores. The project is scheduled to open in the third quarter of 2015.
“This agreement is a major milestone for Taubman TCBL,” said Taubman Asia president and Taubman TCBL chairman Rene Tremblay in a statement. “It is the company’s first investment in the China market and we are proud to have formed a strategic partnership with Wangfujing, one of China’s most respected department stores.”
ULTA Expands in the Bay Area
ULTA Salon, Cosmetics & Fragrance Inc. signed leases for four new locations in California, including at Alameda South Shore Center in Alameda; 280 Metro Center in Colma; Napa Crossings in Napa and East Washington Place in Petaluma.
Sean O’Carroll and Cece Vohs Cimino, of Comish & Carey Commercial Newmark Knight Frank, represented ULTA in all four transactions.
LandMark Completes Development of Two California CVS Stores
LandMark Retail Group completed the development of CVS/Pharmacy stores in Bakersfield and Palmdale, Calif. The CVS in Bakersfield will be part of the newly developed Grand Island Village Shopping Center. The CVS in Palmdale is located in a neighborhood shopping center anchored by Vallarta.
Michaels Stores Inc. signed a lease with Pine Tree Commercial Realty for a 20,579-sq.-ft. store at The Shops at Walnut Creek in Westminster, Colo. The retailer plans to open its new location in early 2013.
The Hodgdon Group completed tenant improvements for Total Wine & More in Laguna Hills, Calif. The design-build project included providing architectural services, managing the design team and coordinating with city officials.
GreenbergFarrow promoted Robert Warshefski Jr. and Christopher Cerbo to senior associates. Warshefksi currently serves as senior project manager and specializes in urban. Cerbo, also a senior project manager, specializes in retail, fitness centers and grocery store projects.