REAL ESTATE

Associated Foods to shutter three Fresh Markets

BY CSA STAFF

Salt Lake City A report released Thursday said that Associated Foods Stores will close three of its Fresh Market stores in October. According to a report by Supermarket News, the three Utah stores — two in Salt Lake City and one in Provo — were among the group of 34 Albertsons that the member-owned cooperative purchased last November from Minneapolis-based Supervalu.

The closures are slated for Oct. 29.

Besides the 34 Fresh Markets, Associated operates 22 other corporate stores under banners that include Macey’s, Dan’s, Lin’s and Dick’s Markets.

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REAL ESTATE

CBL partners with Horizon Group Properties to develop Outlet Shoppes at Oklahoma City

BY CSA STAFF

Oklahoma City Chattanooga, Tenn.-based CBL & Associates Properties said it has formed a joint venture with Norton Shores, Mich.-based Horizon Group Properties to develop The Outlet Shoppes at Oklahoma City in Oklahoma City.

Once complete, the 350,000-sq.-ft. project will be the only outlet center in the state of Oklahoma and the only outlet center within a 145-mile radius.

The Outlet Shoppes at Oklahoma City is currently under construction with the grand opening scheduled for late summer 2011. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management.

The project is currently over 80% leased with offerings including Saks Fifth Avenue Off 5th, Nike, Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers, Coach, Guess and more.

CBL has received a $48.9 million construction loan commitment from U.S. Bank for the project. The loan will have an initial term of three years, with two, one-year extension options.

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PREIT, American Express team to launch gift-card program at malls

BY CSA STAFF

Philadelphia Mall owner Pennsylvania Real Estate Investment Trust (PREIT) said Thursday that it has introduced a new American Express mall gift card that will be redeemable nationwide.

“The new PREIT Mall American Express Gift Card is redeemable in all of our malls, as well as most retail and restaurant locations nationwide, which offers greater flexibility for our shoppers and corporate clients’ gift-giving needs,” said Judy Trias, PREIT VP retail marketing.

PREIT Mall American Express Gift Cards will be available for purchase at 39 PREIT owned and managed malls.

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