CBL to renovate four major malls in 2012
Chattanooga, Tenn. — CBL & Associates Properties announced that in 2012 it will complete multimillion dollar renovations at four market-dominant CBL Malls, with projects scheduled for Cross Creek Mall in Fayetteville, N.C.; Post Oak Mall in College Station, Texas; Turtle Creek Mall in Hattiesburg, Miss.; and Mall del Norte in Laredo, Texas.
The renovations are expected to be completed by the end of 2012.
“We have always believed that it is important to invest in the ongoing success of our properties and are pleased to continue that commitment with our 2012 renovation program,” said Stephen Lebovitz, president and CEO.
Cross Creek Mall will receive contemporary design improvements including updated entrances, paint, new interior décor and graphics, upgraded restrooms and amenities, and new landscaping. The renovation work at Mall del Norte will complete a series of upgrades started in 2007. Turtle Creek Mall’s renovation will include new carpet and tile throughout, paint, lighting and restroom upgrades, as well as landscaping improvements. The renovation at Post Oak Mall will involve modern updates including new flooring and paint as well as all new amenities such as soft seating areas and décor, updated entrances, and lighting. In addition, the food courts at Cross Creek Mall, Turtle Creek Mall and Post Oak Mall will receive completely new designs, including new tables and chairs.
Regency Centers acquires first New York property
Jacksonville, Fla. — Regency Centers announced it has closed on the acquisition of its first New York property, the 141,382-sq.-ft. Lake Grove Commons, for $72.5 million with its co-investment partner First Washington Realty.
Located on Long Island, Lake Grove Commons is a Class A property anchored by the only Whole Foods Market in Suffolk County along with LA Fitness and Petco. Built in 2008, the center is fully leased to six national tenants.
“As the newest center in a fully developed market with high barriers to entry, Lake Grove Commons provides a strong foundation to expand Regency’s presence into one of the top retail markets in the country,” said Scott Porter, senior manager of acquisitions for Regency Centers.
Lake Grove Commons is the fifth grocery-anchored center acquisition for Regency within the past 12 months. While Lake Grove Commons is Regency’s first asset in New York State, the company also owns the 103,891-sq.-ft. Plaza Square anchored by ShopRite in Wayne, N.J., considered part of the New York CBSA.
Gymboree Play and Music opens at Westridge Court
Naperville, Ill. — Brixmor Property Group announced a 4,000-sq.-ft. Gymboree Play and Music recently opened at Westridge Court, located in Naperville, Ill.
Brixmor, based in New York City, is the owner of Westridge Court.