DDR to redevelop four shopping centers in Puerto Rico
Beachwood, Ohio — DDR Corp. said Monday it will redevelop four shopping centers in Puerto Rico — Plaza del Sol and Rexville Plaza in Bayamon, Plaza del Norte in Hatillo and Plaza Escorial in Carolina. Total investment is more than $50 million.
The redevelopment at Plaza del Sol, a 676,000-sq.-ft. enclosed mall anchored by Walmart, Home Depot, Caribbean Cinemas and Bed Bath & Beyond, is slated to start in early 2012. The project includes relocating the existing food court and converting the former food court into approximately 25,000 sq. ft. of in-line space. The expected completion date is late 2012.
Plaza del Norte, a 671,000-sq.-ft. enclosed mall anchored by Walmart, Sears, Toys “R” Us and TJ Maxx, will be redeveloped to include a 30,000-sq.-ft. expansion and renovation of the existing J.C. Penney. The project also includes the addition of a new Rooms To Go, the combination of three small shop units to accommodate a new PetSmart, new carts and kiosks and a significant interior and exterior renovation. The project is expected to be completed in early 2013.
The improvements at Rexville Plaza include the addition of new CVS and Marshalls stores in the space currently occupied by an underperforming Pueblo Supermarket. The project is expected to be completed in summer 2012.
The project at Plaza Escorial, which currently features a Walmart and Sam’s Club that together generates annual sales in excess of $250 million, will include the addition of a new PetSmart store, which will open prior to year end in the space formerly occupied by Borders. This location will represent PetSmart’s fourth location in a DDR center in Puerto Rico.
Sears Home Appliance, Weight Watchers join Superior Marketplace
Superior, Colo. — Brixmor Property Group announced that two retailers will join Superior Marketplace, located in Superior (Denver), Colo.
A 5,267-sq.-ft. lease has been executed with Sears Home Appliance, and Weight Watchers will occupy a 1,325-sq.-ft. space.
Brixmor, based in New York City, is the owner of Superior Marketplace.
Former Circuit City under redevelopment in Laguna Hills
Laguna Hills, Calif. — The Hodgdon Group announced that it has completed the entitlements and has launched construction on the renovation and expansion of a former Circuit City building located in Laguna Hills, Calif. The former Circuit City will be expanded to make way for a fully remodeled 51,000-sq.-ft. retail building to include a 33,000-sq.-ft. Ashley Furniture HomeStore, and a 4,000-sq.-ft. Chick-fil-A restaurant with drive-thru on an outparcel.
Hodgdon Group is serving as the fee developer, contractor and master leasing broker for the redevelopment project. Hodgdon Group also negotiated the site acquisition.
This project represents one of the larger retail redevelopment projects in Orange County and is expected to be completed in March 2012.