CBL to develop Parkway Plaza in Ft. Oglethorpe, Ga.
Chattanooga, Tenn. — CBL & Associates Properties has announced its newest community center development, Parkway Plaza, a 134,100-sq.-ft. project in Fort Oglethorpe, Ga. Construction will begin in June, with the grand opening scheduled for spring 2015. Once complete, the 16+-acre site will offer several national retailers new to the area including anchor stores Hobby Lobby, Marshalls and Petco.
Parkway Plaza is currently 90% leased with the three committed anchors plus Rack Room Shoes and Ross Dress for Less. A Wal-Mart shopping center will shadow anchor the new development.
Mid-America brokers sale of Shadeland Station in Indianapolis
Oakbrook Terrace, Ill. — Mid-America Real Estate Corp.’s investment sales team has brokered the sale of Shadeland Station. Time Equities purchased the 104,906-sq.-ft. grocery-anchored shopping center. Marsh Supermarkets and Dollar Tree anchor the center.
Mid-America Real Estate Corp. in cooperation with Mid-America Real Estate – Indiana LLC brokered the transaction exclusively on behalf of the seller, a joint venture between Tri-Land Developments and an affiliate of Equity Group Investments.
Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate.
Horizon to develop outlet center in East Hartford, Conn.
East Harford, Conn. — Horizon Group Properties has announced an agreement to develop a new outlet center in East Hartford, Conn. The 350,000-sq.-ft. Outlet Shoppes at Rentschler Field is scheduled to open in the summer of 2016. Rentschler Field is a historic airstrip located near downtown Hartford.
The Hartford metropolitan area has 2.2 million residents and an average annual household income above the national average. No outlet shopping centers currently serve the market.
Estimates project that the center will generate more than $130 million in sales, $1.2 million in property taxes and $8.2 million in sales taxes per year.