REAL ESTATE

  • DDR to acquire select power enters for $1.46 billion

    Beachwood, Ohio -- DDR Corp. announced an agreement to acquire a portfolio of prime power centers from its existing joint venture with Blackstone Real Estate Partners VII.  The acquisition is slated to close in fourth quarter 2013.
     
    The joint venture between Blackstone and DDR currently owns 44 shopping centers, and DDR will acquire Blackstone's 95% common equity ownership interest in 30 of the shopping centers for $1.46 billion.

  • Massachusetts OKs Fenway Center

    Boston -- The administration of Massachusetts Gov. Deval Patrick has agreed to allow the construction of a 4.5-acre complex called Fenway Center in the area around Fenway Park in the city’s Back Bay neighborhood. Developer John Rosenthal will pay $226 million in rental fees to build the development, which will include retail stores as well as homes and office buildings.

    The development includes state-owned land as well as air rights over the Massachusetts Turnpike.

     

  • South Carolina shopping development launches new website

    Hilton Head Island, S.C. -- Shelter Cove Towne Centre, in Hilton Head Island, has launched a new website, Sheltercovetownecentre.com, designed to reflect the center's approach to relaxation and rejuvenation.

  • Hhgregg opens new Ohio store

    Indianapolis – Electronics retailer Hhgregg is opening a new store location at the Dayton Mall in Dayton, Ohio, on May 16. The new 23,000-sq.-ft. store will replace a previous location in West Carrollton, Ohio.

    “Hhgregg is dedicated to the Dayton community and we think local residents will really enjoy shopping at our new and modern store,” said Jeff Pearson, senior VP of marketing, Hhgregg.

     

  • Millennium Partners launches retail leasing at former Filene site

    Boston -- A landmark project in Boston’s Downtown Crossing has launched leasing. Millennium Partners has appointed Cushman & Wakefield as the exclusive retail leasing agent for its Millennium Tower/Burnham Building project, which is the site of the former Filene’s Department Store and consists of the landmark 1912 Burnham Building and a contemporary, mixed-use tower that will rise 625 ft. into the Boston skyline.  

  • West Elm to open in King of Prussia, Pa.

    Brooklyn, N.Y. -- Home furnishing retailer West Elm, owned by Williams-Sonoma, will open a store in King of Prussia, Pa., on May 16.

    The 8,406.-sq.-ft. store will be the second West Elm store in Pennsylvania, following the Philadelphia store.

     

  • Marcus & Millichap names retail director

    Cleveland -- Marcus & Millichap Real Estate Investment Services said it has named Craig M. Fuller director of the firm’s National Retail Group and Net Leased Properties Group in Cleveland.

    Fuller joined Marcus & Millichap in June 2008. He specializes in the sale of both multi-tenant and single-tenant net-leased retail investment properties throughout the Midwest with a special focus on Ohio and Pennsylvania.

     

  • SRS Real Estate names senior executive

    Dallas -- SRS Real Estate Partners said it has appointed Bob Taylor as senior VP in the New York office.

    This is Taylor’s second stint with SRS.  In his first, he directed Hard Rock Café’s national expansion and relocation efforts. Taylor will be focused on tenant and landlord representation for the New York team, and returns to SRS from Cassidy Turley, The Staubach Co., and Staubach Retail.

     

  • DDR executes deal with MobileBits to enhance mobile marketing

    Beachwood, Ohio -- DDR Corp. announced a strategic agreement with MobileBits Holdings Corp., provider of SAMY, a mobile marketing and engagement platform, to acquire DDR's proprietary location-based mobile marketing solution ValuText.

    MobileBits will integrate the ValuText product into the SAMY solution and will make the solution available to DDR tenants and shopping centers. SAMY is an innovative 'mobile mall' application that allows shoppers to gain instant access to the latest discounts, coupons and loyalty cards, via their mobile devices.

  • Dillard’s to anchor Fremaux Town Center second phase

    Slidell, La. -- Dillard’s will anchor the fashion-oriented Phase II of Fremaux Town Center in Slidell, La., according to co-developers CBL & Associates Properties, based in Chattanooga, Tenn., and Stirling Properties out of Covington, La. Phase I of the project is currently under construction with approximately 330,000 sq. ft. anchored by Kohl’s, Dick’s Sporting Goods, Michael’s, T.J. Maxx, and Best Buy. Phase II will include up to 320,000 sq. ft. of additional retail space.

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