REAL ESTATE

Deer Springs Town Center hosts multiple openings

BY CSA STAFF

North Las Vegas, Nev. Jacksonville, Fla.-based Regency Centers said Wednesday that November will see the opening of two new retail anchor stores at Deer Springs Town Center, with a 141,038-sq.-ft. Home Depot and the first Staples in Las Vegas opening during the month.

The 20,436-sq.-ft. Staples is the area’s first location.

According to Regency, Staples is scheduled to open on Nov. 18 in time for the holidays. Additionally, AT&T will open a 4,200-sq.-ft. store in late November.

Other businesses to launch at Deer Springs Town Center in early 2010 will include a 30,168-sq.-ft. Ross Dress for Less, a 27,489-sq.-ft. PetSmart and a 1,200-sq.-ft. State Farm Insurance office. Tenants currently open include In-N-Out Burger, Target, Toys “R” Us, Nevada Federal Credit Union and a Verizon dealer.

Portions of the $124 million Deer Springs project were built to meet U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Core-and-Shell v2.0 certification standards as part of the company’s green building initiatives. Some of the sustainable features at the shopping center include elements such as water-efficient landscaping and irrigation, a highly reflective roofing system that reduces the heat island effect, and the use of building materials that contain high levels of recycled content. The project also implemented an aggressive construction waste management program that diverted over 138 tons of waste from the landfill, more than 75% of the project’s total waste stream.

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REAL ESTATE

Readers Speak Out: When do you envision stabilization and what is your outlook on the future of malls?

BY CSA STAFF

The Oct. 22 edition of SiteTalk invited readers to comment on when to expect stabilization of mall vacancy rates. Here is what one of our readers had to say.

“The severity of this recession won’t be seen until year end sales are reported by America’s major chain stores, which of course will happen right after Christmas. I expect that within the next nine months this ‘recession’ will be called a ‘depression,’ but to know this you have to understand the extent of fear that prevails in the average shopper’s mind, and that fear isn’t going away, or even subsiding.

Icould go on and explain, but the rate of vacancy across the nation will continue to grow, and I believe at an even accelerated pace after year end sales are reported.

Our nation has had a good time for way too long, and now it’s payback time.”

— Stanley Schuckman Schuckman Realty  

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REAL ESTATE

Wegmans plots Northeastern growth

BY CSA STAFF

Rochester, N.Y. Wegmans Food Markets said Tuesday its expansion strategy involves growth mostly outside its home base of New York.

According to a report in the Ithaca Journal, CEO Danny Wegman said, “We see our growth in a defined crescent between Washington and Boston, extending from Pennsylvania, Virginia and Maryland and up into Massachusetts,” Danny Wegman said. “We’re looking at Connecticut.”

Wegmans is opened its 75th store Sunday, in Leesburg, Va., and is already a major retailing presence in Pennsylvania and the Washington, D.C., area.

Wegman said the grocery chain would open its first store in Massachusetts in 2011. The plans are to build in Northborough, near Worcester. Another Massachusetts store may be located in Westwood, though no date has been set.

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