Taubman Centers Inc. sold portions of its Taubman TCBL business, based in China, to China Xintiandi, a subsidiary of Shui On Land, for $15.5 million, an amount approximately equal to Taubman’s investment in the business. The buyer will assume leases for all business offices except the one in Beijing, employ the majority of the people and acquire the TCBL name, trademark and copyrights.
As part of the transaction, the non-controlling owners in Taubman TCBL will give up the capital that was credited to them in connection with Taubman’s acquisition of the company in 2011, including their 10 percent ownership interests in investments in China.
Taubman will continue to maintain offices in Beijing and Shanghai and will continue development work on its project in Xi’an, China, as well as future investments in the country.
“With the purchase of TCBL in 2011, we instantly established the execution capability we were seeking in China,” said President of Taubman Asia Rene Tremblay in a statement. “It allowed us to analyze with confidence, on an accelerated basis, our first investment in China and a second project that we will announce soon. We recently received an opportunistic offer for the third party platform. As we considered the offer, we decided to move forward with the sale in order to focus exclusively on our core business.”
Brody Co., Zimmer Development Start Work on Phase III of Mayfaire Towne Center
Brody Co. Inc. and Zimmer Development Co. will start work of Phase III of Mayfaire Towne Center, a 400-acre mixed-use development in Wilmington, N.C. Phase III will cost $21 million and encompass 75,000 sq. ft. of retail space.
Construction is scheduled to commence in late 2013/early 2014.
Simon to Redevelop Del Amo Fashion Center in California
Simon Property Group will redevelop Del Amo Fashion Center, a 2.3-million-sq.-ft. superregional mall in Torrance, Calif.
The project will include the conversion of an existing food court into a garden-inspired dining area, interior renovation of the northern portion of the mall, enhancements to the outdoor lifestyle village, the addition of a 1,800-car parking garage, new landscaping, new signage and improvements to facilitate customer circulation in and around the property.
In conjunction with the redevelopment, Nordstrom will relocate its full-line store at South Bay Galleria to a 138,000-sq.-ft. location at Del Amo Fashion Center.
The redevelopment is scheduled to be completed in 2015.
Brixmor Property Group Completes Redevelopment of Naples Plaza
Brixmor Property Group completed the redevelopment of Naples Plaza, a 203,000-sq.-ft. shopping center in Naples, Fla.
The project included the relocation and expansion of a Publix Super Market store, the addition of a 13,610-sq.-ft. West Marine store, a new façade, updated parking field, upgraded LED lighting, new landscaping, eco-friendly water quality treatments, new signage and a to-come electric car charging station.
Malcolmson Construction Co., Cuhachi & Peterson Architects and Avid Group Civil Engineers worked on the redevelopment.
Saks Signs Up to Anchor Paragon Outlets Twin Cities
Saks Fifth Avenue OFF 5TH signed a lease with Paragon Outlet Partners for a 28,000-sq-ft. anchor store at Paragon Outlets Twin Cities at Eagan in the Greater Minneapolis/St. Paul region. The center is scheduled to open in November 2014.
Restaurant Supplies Warehouse Takes Location in New Jersey
Restaurant Equippers signed a 45,524-sq.-ft. lease with Sauken Associates L.P. for a location at The Point in Pennsauken, N.J.
Brandon Anapol, of Metro Commercial Real Estate, represented Restaurant Equippers in the deal. Glimcher Group Inc. represented the landlord. The new location will open in the spring of 2013.
Other Notable News
The Tile Shop signed a lease for a 17,405-sq.-ft. store in Langhorne, Pa. Joe Dougherty, of Metro Commercial, along with Great Street Realty Partners, negotiated this transaction.
Petco signed a lease for a 10,000-sq.-ft. store and Famous Footwear signed a lease for a 5,500-sq.-ft. store at Simone Development Cos.’ Throgg Neck Shopping Center in the Bronx. Miles Mahony, of Ripco Real Estate, represented the landlord in the transaction.
SRS Real Estate Partners hired Ben Forshee as research consultant in its Orlando, Fla. office. Prior to joining SRS, Forshee served as a GIS analyst with Patrick Engineering.