REAL ESTATE

$276 million Peninsula Town Center opens

BY CSA STAFF

Hampton, Va. Mall Properties and Steiner + Associates opened the 1.1-million sq.-ft., $276 million Peninsula Town Center in Hampton, Va., in March — one of the largest mixed-use, retail-anchored developments that will open in 2010.

The 75-acre Peninsula Town Center features 340,000 sq. ft. of fashion and specialty retail, 55,000 sq. ft. of restaurant and dining, 400,000 sq. ft. of traditional/anchor retail, 115,000 sq. ft. of Class A office space and 158 residential apartment units.

“Opening a project of this size and scope during these challenging economic times is a tremendous accomplishment,” said Ann Mastin, Steiner + Associates’ executive VP leasing.

Tenants include Macy’s, Target, J.C. Penney, Aeropostale, Aveda Animare Salon, Barnes & Noble, Bath & Body Works, ShoeWoo, Bensi Ristorante Italiano, Blue Ridge Mountain Sports, Chico’s, Charming Charlie and CineBistro.

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REAL ESTATE

Report: Two more stores on tap for Microsoft

BY CSA STAFF

New York City Microsoft has selected the next two locations for its fledgling retail format, with stores planned for Denver and San Diego, the San Francisco Chronicle reported. The new locations are expected to open this summer, with other outlets likely by fall, the report said

Microsoft launched its retail concept in fall 2009 with a Scottsdale, Ariz., and Mission Viejo, Calif., location.

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REAL ESTATE

Virtual Premise augments real estate solution

BY CSA STAFF

Atlanta Real estate software provider Virtual Premise said Thursday it has released a newly enhanced VP Retail Edition, which includes an advanced strategy and analytics module providing visibility into critical store performance and real estate information.

This latest release consolidates critical deal, store, lease, demographic, sales and center information with data from other business systems into actionable information. The technology allows retailers to more effectively monitor store performance and strategy execution from a real estate perspective.

According to the company, embedded within the basic structure and functionality of the VP Retail Edition are industry best practices for eliminating information silos, opening stores faster, staying within budget, better managing existing portfolios and leveraging available lease terms.

The strategy and analytics module provides enhanced business intelligence, efficiently consolidating market and competitor information, lease, and store performance indicators into one central system.

Virtual Premise will demonstrate the new real estate technology solution to retailers in the company’s booth number S6653 at the ICSC (International Council of Shopping Centers) RECon, May 23-25, in Las Vegas.

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