REAL ESTATE

CBL to acquire Northgate Mall

BY Katherine Boccaccio

Chattanooga, Tenn. — CBL & Associates Properties said Thursday that it has agreed to acquire Northgate Mall in CBL’s hometown of Chattanooga, for $11.5 million in cash.

The mall was listed for sale through an online auction. CBL anticipates closing on the transaction by Oct. 6.

“This transaction represents a unique and special opportunity for us to grow our presence in our hometown,” said Stephen Lebovitz, president and CEO, CBL. “Northgate Mall is well-located in a growing part of Chattanooga, with tremendous access and visibility. We believe that the property can be better positioned to meet the growing need for retail in the area. We are already exploring the best way to reposition the center to serve the area and will look forward to making additional announcements as plans solidify.”

Following the close of the acquisition, CBL plans to revitalize the property through redevelopment, which may include the addition of junior anchor stores and restaurants and repurposing the adjacent community center. CBL envisions creating a destination that will better serve the area north of the Tennessee River while complementing Hamilton Place Mall’s position as the dominant fashion outlet in the market.

Northgate Mall is an 823,000-sq.-ft. enclosed regional mall anchored by Belk, J.C. Penney and Sears, and features a freestanding 14-screen state-of-the-art Carmike Cinema and a 70,000-sq.-ft. community center occupied by TJ Maxx and Catherine’s.

CBL owns and manages Hamilton Place Mall, a 1.3-million-sq.-ft. dominant super-regional enclosed mall as well as five associated centers and two office buildings, including its headquarters, in the Chattanooga market.

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REAL ESTATE

Rizzieri School for the Healing Arts opens at Voorhees Town Center

BY Katherine Boccaccio

Voorhees, N.J. — Philadelphia-based Pennsylvania Real Estate Investment Trust announced Thursday that the Rizzieri School for the Healing Arts has opened at Voorhees Town Center on the Town Center Boulevard.

The school is an expansion of the current Rizzieri Studio Salon and Rizzieri Aveda School for Beauty & Wellness.

“Rizzieri has had great success at Voorhees Town Center, and we are happy to be a part of the heartbeat of Voorhees,” said Meg Stezzi, director of schools for Rizzieri and a Voorhees resident herself. “Plus, with the new Abitare apartments and anticipated upcoming openings on the Boulevard, we look forward to increasing our client base as well as our students.”

According to Stezzi, the 2,432-sq.-ft. massage school relocated to Voorhees Town Center from Marlton, N.J., where it has been open since 1998.

The 3,140-sq.-ft. Rizzieri Studio Salon opened at Voorhees Town Center in 2009, along with the 14,500-sq.-ft. beauty school, located above the salon.

The expansion of Rizzieri is part of Voorhees Town Center’s mixed-use redevelopment that includes a renovated two-level mall, an award-winning office building, 425 luxury residential apartments and condominiums, and Main Street retail, restaurants and services. It is a Pennsylvania Real Estate Investment Trust (PREIT) property.

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REAL ESTATE

Green Valley Markets to open at Elkridge Corners

BY Staff Writer

Elkridge, Md. — Jacksonville, Fla.-based Regency Centers said that it has leased retail space in Elkridge, Md., at Elkridge Corners shopping center to Green Valley Markets.

A Baltimore-based grocery wholesaler/retailer founded in 1915, B. Green & Company is opening its third retail location and its first new full-service neighborhood supermarket concept Green Valley Markets in a 39,571-sq.-ft. space. Interior and exterior store improvements will begin this month. The store opening date is still to be finalized.

The 73,529-sq.-ft. shopping center is fully leased including national retailers such as Rite Aid and Pizza Hut.

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