Simon Property Group Inc. and McArthurGlen Group, a developer of European outlet centers, signed a definitive agreement to form a joint venture for Simon to become a partner in McArthurGlen’s property management and development business and acquire an ownership interest in six properties. Simon will make an initial investment of approximately $569 million, targeting assets in Austria, Italy, the Netherlands, the U.K. and Canada.
“We are excited by the opportunity to partner with McArthurGlen, which has one of the best-performing portfolios of high-quality retail real estate assets in Europe and a strong team of professionals,” said Simon Chairman and CEO David Simon in a statement. “This venture supports and extends our international growth strategy, and we look forward to collaborating on ways to further enhance McArthurGlen’s platform for retailers and customers.”
Phillips Edison-ARC appoints Devin I. Murphy as CFO
Phillips Edison—ARC Shopping Center REIT Inc. hired Devin I. Murphy as CFO, treasurer and secretary.
Murphy has more than 25 years of experience in the commercial real estate industry. Prior to joining Phillips Edison-ARC, he served as vice chairman of investment banking at Morgan Stanley. In the course of his career, Murphy also worked for Deutsche Bank Securities Inc., as global head of real estate investment banking, and for Coventry Real Estate.
“Devin’s proven ability to successfully manage the strategic and financial requirements as a trusted advisor to many of the world’s largest real estate companies expands the capabilities of the company as we continue to execute our investment objectives,” said Jeffrey Edison, CEO and co-chairman of the board of Phillips Edison-ARC, in a statement.
Stirling, JCH to Develop Magnolia Marketplace
Stirling Properties and JCH Development formed a joint venture to develop Magnolia Marketplace, a 138,000-sq.-ft. shopping center in New Orleans. Stirling and JCH have already secured leases for 108,000 sq. ft. of GLA at the property.
National Realty to Renovate Jersey City Shopping Center
National Realty & Development Corp. will renovate Old Colony Square Center, a Pathmark-anchored shopping center in Jersey City, N.J. The project will include new canopies, columns, exterior lighting, updates storefronts and improved pedestrian access.
National Realty plans to start work on the renovation in early summer 2013. Completion is scheduled for the end of the year.
Other Notable News
Ulta Beauty signed a lease with Pennsylvania Real Estate Investment Trust for a 10,500-sq.-ft. store at Cumberland Mall in Vineland, N.J.
Redstone American Grill signed a lease with the Nordblom Co. for a 10,000-sq.-ft. restaurant at 3rd Ave. in Burlington, Mass.
Summit Design + Build LLC hired Thomas Kafkes as director of business development. In his new position, Kafkes will be responsible for sourcing new business opportunities and cultivating strategic business relationships. He has more than 30 years of experience in real estate development, asset management and design and construction. Prior to joining Summit Design, he worked at Joseph Freed & Associates, Hiffman Shaffer Associates and Vantage/Bradford Cos. Most recently, he operated his own real estate services firm.
Greenberg Gibbons appointed Matthew Kelly as development director. In his new position, Kelly will help oversee the development of the firm’s retail and mixed-use properties. Previously, he managed site development, infrastructure and transportation improvement projects for Greenhome & O’Mara. He has 15 years of experience.