REAL ESTATE

Cole acquires major portion of Manchester Highlands Shopping Center

BY CSA STAFF

Manchester, Mo. St. Louis-based developer Pace Properties has sold a major portion of Manchester Highlands shopping center, in Manchester, Mo., to Phoenix-based Cole Real Estate Investments for $48.5 million.

The acquired assets include 29 acres occupied by a Wal-Mart Supercenter plus a group of junior anchor and in-line space totaling 136,000 sq. ft. The center is 98% leased.

Pace retains ownership of two new retail buildings hosting a combined 12,000 sq. ft. located on the northern end of the shopping center, as well as two undeveloped out-lots totaling three acres east of Manchester Highlands Drive.

Pace will continue to manage and lease Manchester Highlands.

Pace opened the first phase of Manchester Highlands in late 2008. Major tenants complementing Wal-Mart include Best Buy, PetSmart, Bed Bath & Beyond, Ulta Salon and Carters Children’s Wear. Additionally, a Costco Warehouse Club owned by Costco is on the Manchester Highlands site.

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REAL ESTATE

Shoe Retreat debuts at Kentucky Oaks Mall

BY CSA STAFF

Paducah, Ky. Youngstown, Ohio-based Cafaro Co. said that footwear retailer Shoe Retreat is debuting at Kentucky Oaks Mall, in Paducah, Ky., with a new store that opens Sept. 10.

The 15,000-sq.-ft. store will open in the Sears Concourse of the 1 million-sq.-ft. mall that is anchored by, besides Sears, Dillard’s and J.C. Penney.

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REAL ESTATE

Forever 21 to open at Hamilton Place Mall

BY CSA STAFF

Chattanooga, Tenn. Chattanooga, Tenn.-based CBL & Associates Properties and Charlotte, N.C.-based Belk announced that Forever 21 will join CBL’s Hamilton Place Mall in Chattanooga.

As part of Belk’s ongoing renovation of its upscale department stores at Hamilton Place, the two-story Belk Men’s and Home store is being consolidated into the lower level of the existing building, making way for the new 60,000-sq.-ft. Forever 21. 

Construction on the new store will begin in October with a grand opening scheduled for early 2011.

Belk is currently conducting a $4 million renovation of its two stores at Hamilton Place that includes updates to the interior design, decor and display fixtures. The children’s department is being relocated from the Belk Men’s, Home and Kids store into the Women’s store, which will continue to house all women’s apparel, accessories and cosmetics. The juniors department will receive a major overhaul and will move from the first level to the second level of the women’s store. The remaining men’s and home departments in the men’s, home and kids store will be consolidated into the lower level of the existing building. Both stores will remain open throughout the renovation project with a grand opening scheduled for Oct. 13.

The Hamilton Place shopping complex features the 1.1 million sq.-ft. regional mall, Hamilton Place, several associated community and power centers, and a lineup of restaurants that include Mia Cucina, Bonefish Grill and Jason’s Deli.

The newest additions to the Hamilton Place shopping complex include Coach, Bare Escentuals, Ulta and Academy Sports + Outdoors.

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