REAL ESTATE

Container Store to anchor The Corner retail center

BY Katherine Boccaccio

Tampa, Fla. — The Container Store said it will be the anchor tenant of The Corner, a new 35,000-sq.-ft. retail center to be built on the corner of Westshore Boulevard and Spruce Street opposite International Plaza, in Tampa, Fla.

The Corner is a joint venture development of Saber Corner, an affiliate of Saber Real Estate Advisors, and ARC Property Trust, a Real Estate Investment Trust sponsored by ARC Properties Inc.

The Container Store has signed a 25,000-sq.-ft. lease as the anchor tenant. The Corner will also include a 3,500-sq.-ft. bank with two drive-up windows and an additional 6,000 sq. ft. of retail space.

Grand opening for the new Container Store is slated for early 2013.

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Dec-18-2012 01:11 pm

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REAL ESTATE

McDonald’s goes Vegas

BY Marianne Wilson

Las Vegas — McDonald’s has opened its first and only location under the Metro McDonald’s banner, in downtown Las Vegas.

The two-level, 6,734-sq.-ft. space is located on Las Vegas Boulevard, next to Planet Hollywood Resort Casino’s Miracle Mile Shops. The new McDonald’s boasts 24-hour service, digital menu boards and WiFi access. The contemporary-looking interior is bright and vibrant, with sleek furniture and graffiti-like murals.

"We wanted to create a one-of-a-kind restaurant that complements the current metropolitan landscape and character of Las Vegas," said Josephine Wee, Rocky Mountain Operations Manager for McDonald’s USA.

While almost 90% of McDonald’s restaurants are independent franchises, the new Las Vegas store is corporate owned.

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CBL & Associates invests in two outlet centers

BY Katherine Boccaccio

Chattanooga, Tenn. — CBL & Associates Properties announced it has acquired interests in The Outlet Shoppes at El Paso in El Paso, Texas, and The Outlet Shoppes at Gettysburg in Gettysburg, Pa.

The operating outlet centers are owned and managed by Horizon Group Properties and its affiliates.

CBL has acquired a 75% interest in The Outlet Shoppes at El Paso and a 50% interest in The Outlet Shoppes at Gettysburg, for a total investment of $108.7 million.

“This acquisition allows us to grow our presence in the outlet center industry by investing in two established and successful centers,” said Stephen Lebovitz, president and CEO for CBL. “With our expanded presence, outlet centers will provide an increasing source of growth for the CBL portfolio. Our partnership with Horizon has already been extremely encouraging, both with the outstanding performance of our center in Oklahoma City and with our new development start near Atlanta. We are excited to expand our commitment to this fast-growing format.”

CBL currently owns a 75% interest in The Outlet Shoppes at Oklahoma City in Oklahoma City, and a 75% interest in the development of The Outlet Shoppes at Atlanta in Woodstock, Ga., located in a northern suburb of Atlanta.

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