BRIXMOR PROPERTY GROUP
Company HQ: New York City
Company Website: www.brixmor.com
Brixmor owns and operates the nation’s largest wholly owned portfolio of grocery-anchored community and neighborhood shopping centers, with 519 properties aggregating approximately 87 million sq. ft. of gross leasable area located primarily across the top 50 U.S. metro markets. Brixmor leverages its national footprint, local market knowledge and operational expertise to support the growth of its retail tenants. The company is focused on maximizing the value of its portfolio through its ongoing “Raising the Bar” program, which involves strategic leasing and anchor space repositioning and/or redevelopment initiatives.
Headquartered in New York City, the company is the largest landlord to The TJX Companies and The Kroger Company.
Project Owner: Forest City Enterprises
Company HQ: Cleveland
Project Location: Arlington, Virginia
Project Size: Total project is 1 million sq. ft.; Ballston Quarter is 325,000 sq. ft.
Project Status: Opening 2018
Project Website: www.ballstonquarter.com
Located on the Metro just four miles from Washington, D.C., Ballston Quarter is billed as being all about authentic, local and real. With Ballston Quarter, owner Forest City Enterprises is creating an urban village, a place for Arlington to come together to “experience life as unexpected, singular and true as it can be,” according to Forest City. Ballston Quarter will feature a mix of uses around living, working, shopping and entertainment options, as the project features destinations in which to grab lunch, stop in for a drink, find something special to wear or give, have fun with friends, or simply kick back with a coffee and take in the scene.
The mixed-use project will feature a 1 million-sq.-ft. mix of stores, restaurants, entertainment venues, residential apartment homes and office space. Over 1,000 hotel rooms, 8.3 million sq. ft. of office space, and 8,300-plus residential units are within walking distance of the project and within access of the Orange and Silver Lines Metro station.
CHERRY HILL MALL
Project Owner: PREIT
Company HQ: Philadelphia
Project Location: Cherry Hill, New Jersey
Project Size: 1.3 million sq. ft.
Project Status: Open and operating
Company Website: www.preit.com
Cherry Hill Mall is located eight miles from Philadelphia, and serves as the dominant shopping center in densely populated southern suburban New Jersey, with a mix of high-end tenants, such as Nordstrom, The Capital Grille, Seasons 52, Grand Luxe Café, Apple, Henri Bendel, LUSH, Michael Kors and more. In 2009, owner PREIT invested $220 million in a successful redevelopment that transformed the property into the region’s fashion and dining destination. Several first-to-portfolio, impact tenants have opened throughout the year including adidas, e.l.f. Studio, Lego, lululemon and Tumi.
PREIT is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, the company owns and operates over 26 million sq. ft. of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs — Philadelphia and Washington, D.C. Since 2012, the company has driven a transformation guided by an emphasis on balance-sheet strength, high-quality merchandising and disciplined capital expenditures.