Savills US and Silverpeak Real Estate Partners, an investment advisory business, joined forced to create Savills Liberty Street Asset Management, an asset management company that will serve a global client base of investors with commercial real estate assets located throughout North America.
The joint venture will deliver comprehensive third-party asset and portfolio management services across a wide range of property types, including existing assets, development projects and entity-level investments. Savills Liberty Street Asset Management will provide clients with long-term planning advice, daily oversight and execution of investment strategies, comprehensive reporting and administrative services and logistical support.
“By offering our global client base the services of Savills Liberty Street Asset Management, Savills adds a valuable dimension to our capabilities,” said John D. Lyons, president and CEO of Savills US, in a statement. “In addition to our extensive investment sales, financing, advisory and buy-side representation capabilities throughout North America, this new joint venture will ensure that our clients are capable of building value through the full investment life cycle. With its outstanding record of helping investors reap maximum value from their global real estate strategies, Silverpeak Real Estate Partners is our ideal partner for this exciting new enterprise.”
CB Richard Ellis to Aid Morton’s in China Expansion
Morton’s Restaurant Group Inc. appointed CB Richard Ellis Group Inc. to provide consulting and transactional services for the strategic expansion of Morton’s The Steakhouse restaurants throughout mainland China. Morton’s anticipates opening a minimum of one or two restaurants in Asia.
Russell Barnett, executive director with CB Richard Ellis’ restaurant specialty practice group, Rebecca Quah, senior director, Mark Lathan, managing director, Joel Stephen, associate director and Ben Blatteis, senior manager, will handle this assignment on behalf of the chain.
Regency to Redevelop Granada Village in San Fernando Valley
Regency Centers began work on the $16 million redevelopment of Granada Village, a 225,000-square-foot neighborhood shopping center in San Fernando Valley, Calif. The project will include the addition of new-to-market retailers, new sustainable design elements and upgraded center facades and amenities. It is scheduled for completion in the spring of 2012.
Sprouts Farmers Market will open a 25,000-square-foot store at the center in September 2011. In addition, Rite Aid will relocated to a 15,500-square-foot end-cap location within the property.
Nadel Architects handled the new design for Granada Village, which feature a modernized Spanish Colonial style. The new design will incorporate energy-efficient lighting, an underground storm water retention and treatment system, water-efficient landscaping and a charging station for electric cars.
Hazelton Lanes Shopping Centre Slated for Redevelopment
Hazelton Lanes Inc. will redevelop Hazelton Lanes Shopping Centre in Toronto. An existing Whole Foods Market at the property will undergo a 50,000-square-foot expansion and a TNT Woman & TNT Blue Concept will be incorporated into a two-level department store. In addition, the owner will transform the center’s indoor courtyard into a new centre piazza, with a wraparound balustrade, a curbed stairway, a variety of seating options and a permanent raised platform/seating area that will double as a stage for special events.
Phil Levin Joins Board of TNP Strategic Retail
TNP Strategic Retail Trust Inc. appointed Phil Levin to its board of directors. Levin will also serve as chair of the firm’s audit committee.
Levin currently serves as managing partner with L&M Capital Partners, an investment advisory firm, and as president of Levin Development Co. He has several decades of experience in the real estate industry. In addition to L&M Capital and Levin Development, his career included stints with Coopers & Lybrand LLP (now PricewaterhouseCoopers) and with Arthur Young & Co. (now Ernst & Young).
Costco to Anchor Frisco Trails Shopping Center in Texas
Costco Wholesale signed a deal with Cencor Realty Services for a 148,000-square-foot anchor store at Frisco Trails Shopping Center in Frisco, Texas. Michelle Caplan, with the commercial retail division of The Weitzman Group, represented the landlord in the transaction. Northwest Atlantic and Tony Filley, of Princeton Partners, represented Costco.
The retailer already broke ground for the new store and plans to open in late September. Frisco Trails Shopping Center currently features a shadow anchor in Home Depot.
Dick’s Sporting Goods Signs Lease at Connecticut’s Lisbon Landing
Dick’s Sporting Goods signed a deal with WS Development for a 40,000-square-foot store at Lisbon Landing in Lisbon, Conn. The 560,000-square-foot open-air shopping center features the Hope Depot, Kohl’s and Walmart Supercenter as anchors.
H&M to Open First Store in Colorado
H&M signed a deal with Gart Properties for its first Colorado store at the Denver Pavilions in Denver. The store, totaling approximately 21,000 square feet, is scheduled to open in late 2011. It will be a full concept H&M store, offering clothes and accessories for men, women, teenagers and children.
Stuart Zall, of the Zall Co., negotiated this transaction.
Stardust Arcade Joins Tenant Roster at Boynton Beach Mall in Florida
Stardust Arcade, an adult penny redemption arcade, signed a deal with Simon Property Group for a 10,000-square-foot store at Boynton Beach Mall in Boynton Beach, Fla. The arcade is already operating.
Other Notable News
Avison Young hired Peter Berk and Dave Millard as principals. In their new roles, Berk and Millard will focus on agency leasing and tenant representation in Northern Virginia. They both have 27 years of experience in commercial real estate and have worked as partners for 26 years. Prior to joining Avison Young, they worked as executive directors with Cushman & Wakefield.
Handler Real Estate Org. hired Peter Newman as executive managing director. Newman has 20 years of experience in commercial real estate. Previously, he served as director with Newmark Knight Frank.
Colliers International hired Mark Keschl as national director of retail. In his new position, Keschl will lead new client pursuits, oversee the group’s best practices and strategically recruit new team members. Prior to joining Colliers International, Keschl served as principal with Millennium Retail Partners. He has 25 years of experience in the commercial real estate industry.
Terramar Retail Centers appointed Matthew W. Smith as vice president of acquisitions. In his new position, Smith will lead the firm’s acquisition efforts by sourcing, analyzing, structuring and closing transactions in western United States. Smith has more than eight years of experience in retail real estate acquisitions. Previously, he served as senior vice president of acquisitions with Centennial Real Estate Co.