DDR Corp. expanded its Set Up Shop program to 24 shopping centers in Florida, with a focus on the Orlando and Tampa markets. The program helps small businesses lease space at DDR centers while allowing DDR to reduce asset level expenses and increase recovery rates and operating income.
DDR piloted the program in the Atlanta market in early 2012 through a partnership with SCORE, a national nonprofit association dedicated to educating entrepreneurs. The company will work with SCORE again in Florida.
“Set Up Shop is an aggressive initiative to generate activity in targeted small-shop units in the DDR portfolio without putting capital at risk,” said Paul Freddo, senior executive vice president of leasing and development with DDR, in a statement. “Of the 100 units allocated to this program in Atlanta, we have generated hundreds of leads, ten fully-executed leases and a dozen others in various stages of negotiation in just two months.”
REDICO, JB Donaldson to Break Ground for Phase III of University Marketplace
REDICO and JB Donaldson Co. will break ground for Phase III of University Marketplace, a regional power center in Marion, Ind.
Phase III will feature a 50,000-sq.-ft. Hobby Lobby, a 24,000-sq.-ft. TJ Maxx and a 12,000-sq.-ft. PetSmart as tenants. The retailers plan to open in the fall of 2012.
“When we first looked at the site it was clear that Marion had historically been underserved from a retail perspective,” said Brad Klintworth, development partner, in a statement. “The city has worked aggressively with University Marketplace to develop concrete opportunities for job and investment growth, with a solid base of strengthening buying power.”
Opus Lines Up Tenants for Phase II of Wisconsin Project
Opus Development Corp. secured a line-up of tenants for Phase II of its Shoppes at Fox River project in Waukesha, Wis.
When completed, Phase II will contain up to 150,000 sq. ft. of space. T.J. Maxx, Ulta Salon and Cosmetics, Rue 21 and Charming Charlie’s will be among the main tenants at the property. Opus Development plans to break ground for the project later this month.
Macy’s Completes Renovation at Los Angeles Property
Macy’s completed a multi-million dollar renovation of its store at Baldwin Hills Crenshaw in Los Angeles. The project involved physical improvements to the store, including new paint, carpeting, floor tiles and lighting, and the addition of new departments, fixtures and merchandise.
Baldwin Hills Crenshaw recently underwent a $35 million upgrade.
Other Notable News
Planet Fitness signed a lease with the Cafaro Co. for a 23,000-sq.-ft. space at Meadowbrook Mall in Clarksburg, W. Va. The retailer will take over a space formerly occupied by High Point furniture.
H&M signed a lease with Clarion Partners for a 21,704-sq.-ft. store at Chevy Chase Pavilion in Chevy Chase, Md. The center is currently undergoing a renovation, which is scheduled to be completed in mid-October. H&M plans to open at the property in the fall.
Marcus & Millichap Real Estate Investment Services appointed Erin E. Patton as director of its national retail group in Columbus, Ohio, Joel M. Dumes as director of its national retail group in Cincinnati and Scott J. Wiles as director of its national retail group in Cleveland. Patton has been with Marcus & Millichap since May 2004, Dumes since July 2003 and Wiles since August 2005.