REAL ESTATE

Virginia’s Mark Center is acquired for $509 million
In what it claims to be the biggest-dollar real estate transaction in the state of Virginia this year, Morgan Properties bought the Mark Center in Alexandria for $509 million. The Mark Center combines 2,664 residential units with 63,320 sq. ft. of retail on 150 acres within the Capital Beltway. The site features read access to Interstates 295, 395, and 495 and is within minutes of downtown Washington, D.C.
Store closings begin at Perfumania
One of the nation's largest fragrance retailers is shrinking its store portfolio. Perfumania has begun store closing sales at 65 stores. The nationwide sale is being conducted by Gordon Brothers and its joint venture partner, Hilco Global.

Simon Property Group vs. Starbucks: Precedent setting?

Simon Property Group raised eyebrows in the real estate and retail communities this week with the filing a suit that challenged Starbucks’ decision to close 78 Teavana stores in Simon malls. All retailer 379 of the tea shops are slated for closure through next year.
VEREIT acquires Kansas center

VEREIT’s Cole Credit Property trust has acquired a thriving, value-oriented Wichita-area center. The 100,000-sq.-ft. Derby Marketplace in Derby, Kansas, features Ross Dress for Less, TJ Maxx, and Hobby Lobby. It is shadow-anchored by Target and Dillons Marketplace. Mid-America Real Estate brokered the sale in cooperation with RH Johnson on behalf of the seller, a private developer.
Simon Property Group in unusual legal move against Starbucks

The nation's largest shopping center operator is suing Starbucks Corp. over its plan to shutter the retailer's 78 Teavana stores in Simon malls. In a lawsuit filed Aug. 21, Simon Property Group said that Starbucks is breaching its leases by closing the Teavana stores and “shirking its contractual obligations at the expense of Simon’s shopping centers and the dozens of communities they serve and support,” reported the Indianapolis Business Journal.
Amazon fulfillment center to rise on site of ‘World’s Biggest Mall’

The Randall Park Mall outside of Cleveland was part of retail history in the mid-70’s when it debuted as “The World’s Biggest Mall.” Now the site becomes woven into the retail narrative of the 21st Century.
Westfield Century City breaks into show biz

With traditional anchors closing shop, malls nationwide are struggling to make themselves part of the entertainment business. None, however, are likely to do it as literally as Westfield’s Century City.
Sprouts-anchored center acquired

Riverstone Capital Group has purchased the 43,199-sq.-ft. Shops at Lexington Circle in the Atlanta suburb of Peachtree City. Anchored by a Sprouts Farmers Market and located on the West Highway 54 retail corridor, the property offered for sale by Mirabeland Investments and Concordia Properties was not on the market long, according to the deal’s broker.
L.L. Bean opens at Virginia lifestyle center

Chains close stores, and chains open stores. Legendary cataloger and online retailer L.L. Bean is one of the latter, opening its 33rd store outside of Maine and its fourth in the state of Virginia. This week’s debut came at The Shops at Stonefield, a 265,000-sq.-ft. lifestyle center in Charlottesville that was acquired by O’Connor Capital Partners last year.
A lifestyle center architect’s view of the world

International architects, developers and municipalities have been pushing the commercial real estate envelope for generations, and International design ideals are increasingly taking root in the U.S. From unique communal environments that encourage social engagement to innovative entertainment concepts and extreme sports, domestic developers are slowly but surely integrating formerly international elements into centers. In many ways, this is driven by consumer demand for an experience — coupled with increasingly dense markets that require more creative thinking.