REAL ESTATE

DDR completes redevelopment of Roswell, Ga., center

BY Michael Fickes

Beachwood, Ohio — DDR Corp. has announced the completion of a $12 million redevelopment project at Sandy Plains Village, a power center located in the Atlanta suburb of Roswell.

The redevelopment installed a 60,000-sq.-ft. Wal-Mart Neighborhood Market in a space formerly occupied by a traditional grocer. The new location is DDR’s 79th Wal-Mart store and the company’s eighth in the Atlanta market.

The project also included the consolidation of three vacant small shop units and a mass-merchandising space where the lease had expired to accommodate a new 45,000-sq.-ft. Movie Tavern, which offers in-theater dining. The facility features stadium seating in eleven auditoriums.

The redevelopment improved the leased rate from 20% to 90%.

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REAL ESTATE

New tenants head to East Peoria’s Levee District

BY Michael Fickes

Peoria, Ill. — Called The Levee District, the 86-acre new downtown going up in East Peoria, Ill., will include 500,000 sq. ft. of retail and restaurant space as well as office, hotel and civic components.

Four new retailers recently inked leases for space in The Levee District.

Construction is well underway on a 10,400-sq.-ft. space next to Gordmans to be occupied by Shoe Dept Encore. The new store plans to open in the spring of 2014.

Lane Bryant will occupy 5,000 sq. ft. on the other side of Gordmans. Site construction is underway and plans call for a late spring 2014 opening.

Diva Nails will soon join GNC and Jersey Mike’s in the multi-tenant building on W. Washington Street. Diva will occupy 1,135 sq. ft.

McDonald’s will open a new location on Spinder Drive during the summer of 2014. The restaurant will occupy 1.24 acres.

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REAL ESTATE

Trademark and Zapolski form JV to redo Napa Center

BY Michael Fickes

Fort Worth, Texas — Trademark Property Co. and Zapolski Real Estate LLC have announced a joint venture to lead the $25 million redevelopment, now underway, of Napa Center, a 153,000-sq.-ft. retail and hospitality district in the heart of downtown Napa, Calif.

Slated to open in the fall of 2015, the redevelopment envisions a pedestrian-oriented urban environment featuring more than 40 retailers and restaurants and ARCHER Napa, the previously announced, four-star luxury hotel to be developed and operated by LodgeWorks Partners. Plans call for the hotel to open in late 2015.

“Most comparable U.S. tourist markets have large fashion and specialty shopping venues, with Napa being a notable exception,” said Tommy Miller, managing director and chief investment officer for Trademark. “Our project will deliver the critical mass of upscale shopping and dining that the Napa Valley very much wants and will capture a significant portion of resident retail sales currently leaving the market, as well as unmet tourist demand.”

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