REAL ESTATE

Circuit City to Open New Prototype

BY CSA STAFF

New York City, Circuit City Stores Inc. will be rolling out a new prototype store in June, according to a report by Reuters. John Mulleady, VP for real estate and construction at Circuit City, announced the prototype at the National Retail Federation’s (NRF) annual conference in New York City on Sunday.

Although he did not give many details, Mulleady said the prototype would build on the consumer electronics retailer’s efforts to continually test new store types to better appeal to today’s shoppers. Mulleady said Circuit City is working on building 300 new stores in the next two years.

While Circuit City has stores in Canada, Mulleady said “not today” when asked if the retailer was looking at additional international expansion.

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REAL ESTATE

Nordstrom Rack to Open Another Washington Location

BY CSA STAFF

Seattle, Nordstrom Inc. will open a Nordstrom Rack discount store in Tukwila, Wash., this fall, according to the Puget Sound Business Journal. The 35,000-sq.-ft. store will open in Southcenter Square, a 231,000-sq.-ft. shopping center on Southcenter Parkway.

Filled with merchandise from Nordstrom.com and its full-line stores, Nordstrom Rack sells these goods at discounts ranging between 30% and 75%. The Rack stores also feature special-purchase items.

The retailer operates five Nordstrom Racks in Washington, including Lynnwood, downtown Seattle, Auburn, Bellevue and Spokane.

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REAL ESTATE

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BY CSA STAFF

DEVELOPMENT

The Plaza at Fayette Mall in Lexington, Ky., celebrated its grand opening in November. The 190,000-sq.-ft. CBL & Associates Properties center is adjacent to CBL’s Fayette Mall and features 19 large-space and small-shop retailers and restaurants in a lifestyle-like format.… Colony Capital Acquisitions has completed the re-capitalization of the Meadowlands Xanadu project, lending the $1.5 billion additional financing needed to complete the 2.2 million-sq.-ft. New Jersey sports, leisure, shopping and entertainment destination development. Construction is under way and a target completion date of late 2008 has been set.

ACQUISITIONS

DLC Management Corp. has acquired nine shopping centers from Edens & Avant. The centers, totaling more than 1,135,000 sq. ft., are located in Georgia, Florida, Alabama and Tennessee. DLC has also acquired a 415,737-sq.-ft. community center, Akers Center, in Gastonia, N.C.… Woolbright Development added Southport Shopping Center in Fort Lauderdale, Fla., to its portfolio in a joint-venture partnership with Principal Real Estate Investors.

MANAGEMENT & LEASING

Jones Lang LaSalle has been retained by Symphony Property Group as leasing and managing agent for Biltmore Square in Asheville, N.C. Jones Lang LaSalle also has been retained by F+F Development to lease and manage Inlet Square in Myrtle Beach, S.C.… Cousins Properties has selected Prudential Real Estate Investors to manage, lease and market The Shoppes at Arbor Lakes in Maple Grove, Minn.

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