REAL ESTATE

Bankston joins Levin as VP of property management

BY Al Urbanski

Gilbert Bankston, who’s managed shopping centers for both Simon Properties and General Growth Properties joined Levin Management as VP of property management.

Ten of his 13 years in commercial property management were spent at GGP, where Bankston rose to senior general manager with a focus on maximizing net operating income. At Levin, he is charged with delivering best-in-class service in property management and maintaining positive tenant-landlord relationships.

Bankston is a member if the International Council of Shopping Centers and the Building Owners and Managers Association.


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REAL ESTATE

JLL to handle leasing for Woodmore Town Centre

BY Al Urbanski

JLL has been selected to manage retail leasing for Woodmore Towne Center in Glenarden, Maryland, which is being expanded into a 245-acre mixed-use development.

Under construction at the location east of Washington D.C. off the Capital Beltway are 1,100 residential units, two hotels, and a million sq. ft. of office space. Expansion of the retail space, which has drawn Nordstrom Rack to the center, will bring it to a total of 800,000 sq. ft.

“There is excitement in the market for a development that is well-situated and able to respond to an active clientele,” said Greg Ferrante, JLL’s senior VP for retail.

Located at the interchange of I-495 and Rte. 202 in Prince George’s County, Woodmore Towne Centre is a joint development of Petrie Richardson Ventures and Prudential Global Investment Management.

Current retail tenants include Wegmans, Costco, J.C. Penney, Best Buy, and Petco.


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Walgreens struggling to sell stores

BY Deena M. Amato-McCoy

Walgreens is ready to shutter up to 1,000 stores, but no one is biting.

In accordance with the closing of its deal to purchase Rite Aid, the Walgreens Boots Alliance must sell or close between 500 and 1,000 of its stores. However, there is a lack of interest among private equity firms, according to an Investopedia article.

Walgreens still expects to move forward with the Rite Aid acquisition, which is slated to close in the second half of this year, the article said.

To read more, click here.

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