Taubman Centers Inc. and New Century Development broke ground for the Mall of San Juan, a $405 million, 650,000-sq.-ft. luxury retail center in San Juan, Puerto Rico.
Saks Fifth Avenue and Nordstrom will anchor the property. This will be the first Caribbean location for both retailers.
When completed, the Mall of San Juan will likely generate $275 million to $300 million in annual sales, and more than $26 million in tax revenues. It is expected to create 2,000 construction and 3,000 permanent jobs. New Century Development also plans to build a 225-room hotel and casino adjacent to the property.
“This groundbreaking is the culmination of a great collaboration with our partners at Taubman,” said Frank J. Trogolo, vice president of New Century Development, in a statement. “As a Puerto Rican company, we are proud to bring this great project to our island. Our team has worked hard to bring to San Juan the first luxury shopping destination in the Caribbean. The economic contribution and the new jobs created will have a very positive impact on the community.”
Pet Valu Appoints Sabre Real Estate as its Broker for Long Island
Pet Valu appointed Sabre Real Estate Group LLC as its exclusive broker for Long Island, N.Y.
The Canadian specialty pet supplies retailer plans to open a total of 30 new stores in the U.S. this year. It’s looking for locations between 2,000 and 5,000 sq. ft. at dominant neighborhood shopping centers anchored by either organic grocers or leading supermarket chains.
Jayson Siano and Melissa Naeder will handle this assignment on behalf of Sabre Real Estate.
“They have a very unique concept—they are the Whole Foods of pet food and supplies—and will be well received on Long Island,” said Siano in a statement. “Healthy alternatives for people are becoming the norm and Pet Valu’s success is affirmation that it translates to pets as well.”
In an unrelated announcement, Sabre hired Spencer Cohen as senior associate. Prior to joining Sabre Real Estate, Cohen worked on in-house leasing and lease management at Vantage Management Services. He has 14 years of experience in commercial real estate.
SRS to Help Shopko Dispose of Vacant Assets
Shopko appointed SRS Real Estate Partners to represent it in the disposition of outlot and vacant properties across Midwestern and Western United States.
The retailer owns such properties across 19 states. They range in size from 18,700 sq. ft. for retail locations to 214,000 sq. ft. for industrial assets.
Jim Hoffman and Rick Ikeler will handle this assignment on behalf of SRS.
PREIT Brings in Mercy Health Systems to Philadelphia’s Plymouth Meeting Mall
Mercy Health Systems signed a lease with Pennsylvania Real Estate Investment Trust for a 23,500-sq.-ft. ambulatory medical facility at Plymouth Meeting Mall in Philadelphia.
The facility will house primary care physician and specialist offices and will provide physical therapy, non-invasive procedures, imaging and walk-in clinic services. It is scheduled to open on Oct. 1.
Gander Mountain Expands in North Carolina
Gander Mountain signed a lease for a 52,000-sq.-ft. store at Park West Village in Morrisville, N.C. with an affiliate of Casto and a lease for a 43,000-sq.-ft. store at 910 Hanes Mall Blvd. in Winston-Salem, N.C.
Charlie Coyne, of CBRE/Raleigh, represented Gander Mountain in the transactions.
Books-A-Million to Move into Former Borders Location in Delaware
Books-A-Million signed a lease with National Retail Properties Inc. for a 30,077-sq.-ft. store at 101 Geoffrey Drive in Christiana, Del. The retailer will move into a former Borders space before the end of the year.
Joseph Dougherty, of Metro Commercial Real Estate Inc., represented the landlord in the transaction.
Plaza Construction Completes Work on Miami Restaurants
Plaza Construction completed work on two Miami restaurants, including the Estiatorio Milos by Costas Spiliadis in South Beach and Giraffas at Midtown.
The $4 million, 11,200-sq.-ft. Estiatorio Milos restaurant features an open prep kitchen, a temperature-controlled wine room and gourmet marketplace. STA Architectural Group served as the architect on the project.
FRCH Design Worldwide was the architect for Giraffas.
Other Notable News
TPC Management Co. started construction on a 58,000-sq.-ft. Lexus store in Nashville, Tenn. Zenner Group is serving as the architect on the project, Barge Cauthen & Associates is the engineer and J.E. Crain and Sons is providing construction services.
White-Spunner & Associates Inc. broke ground for a 45,600-sq.-ft. Publix grocery store at Hillwood Plaza Shopping Center in Mobile, Ala. The store is scheduled to open in June 2013.
Whole Foods Market opened a 32,000-sq.-ft. store at Irvine Company’s Fashion Island center in Newport Beach, Calif.
Hobby Lobby signed an agreement with Brixmor Property Group to expand its lease at Paradise Pavilion in West Bend, Wis. from 46,546 sq. ft. to 57,346 sq. ft. Dana Meadowcroft represented Brixmor in-house in this transaction.
Greenberg Gibbons appointed Eric Walter as senior vice president. In his new position, Walter will be responsible for overseeing acquisition opportunities and project finance. Prior to joining Greenberg Gibbons, he worked for the national retail investment sales group of CBRE.