REAL ESTATE

DLC Management announces 2.6-million-sq.-ft. portfolio acquisition

BY Katherine Boccaccio

Tarrytown, New York – DLC Management Corporation announced its latest acquisition of 11 retail assets in New York, North Carolina, Arkansas and Tennessee totaling 2.58 million sq. ft., of which 1.73 million sq. ft. is owned property.

According to DLC, this acquisition is the largest in its history. The The properties include:

  • 2015 Walden Avenue, 26,500 sq. ft. – Cheektowaga, New York
  • Batavia Commons, 49,431 sq. ft. – Batavia, New York
  • BJ’s Plaza, 95,846 sq. ft. – Batavia, New York
  • Premier Place, 414,639 sq. ft. – Williamsville, New York
  • River Hills, 315,234 sq. ft. – Asheville, New York
  • Spring Creek, 588,606 sq. ft. – Fayetteville, Arkansas
  • Steele Crossing, 261,665 sq. ft. – Fayetteville, Arkansas
  • Towne Centre, 390,607 sq. ft. – Murfreesboro, Tennessee
  • Union Consumer Square, 386,320 sq. ft. – Cheektowaga, New York
  • Walden Consumer Square, 253,225 sq. ft. – Cheektowaga, New York
  • Walden Place, 68,002 sq. ft. – Cheektowaga, New York

"I'm thrilled to announce today that Team DLC closed the largest acquisition in its history, an 11-center, 2,578,000-sq.-ft., power center portfolio in four states of which 1,732,957 sq. ft. is owned.

With significant value added potential in select key assets in the portfolio, we look forward to bringing additional best in class value-oriented tenants to this exciting portfolio," said Adam Ifshin, CEO of DLC Management Corp.

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REAL ESTATE

Macy’s to become downtown LA flagship at The Bloc

BY Katherine Boccaccio

Los Angeles – The Ratkovich Company, with partners National Real Estate Advisors and Blue Vista Capital, announced that Macy's at The Bloc will receive a major upgrade to become a downtown Los Angeles flagship store. The partners will also bring San Francisco-based men's emporium Wingtip to The Bloc, along with a new retail gallery concept conceived in collaboration between CNTRLgroup and Otto Design Group.

The Bloc is a cornerstone property in the heart of downtown Los Angeles designed to become a premier urban destination for the city.

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"Each of these three retailers represents exactly the types of shopping experiences we envisioned for The Bloc," said Wayne Ratkovich, president and CEO of The Ratkovich Company. "These partners give Angelenos a taste of the modern, lifestyle-oriented brands they can look forward to at The Bloc, all presented in a fresh and relevant way.”

Macy's will transform its 250,000-sq.-ft. store with refreshed decor and visual presentations in every department. The retailer will add a new furniture department to serve the needs of the expanding downtown residential community and enhance its cosmetics, housewares and textiles offering. Shoppers will have direct access to Macy's via entrances on all four levels, including a direct connection to the new nine-screen, 800-seat Alamo Drafthouse Cinema. Macy's remains open through construction; all renovations will be completed in time for the grand opening of The Bloc in October 2015.

"Macy's remains committed to delivering the fashion brands and unparalleled customer service experience our customers expect from us," said Michael Ellmann, district VP, Macy's. "Visitors to our new store will be 'wowed' by our new and expanded home offering and reinvented cosmetics department, and we look forward to creating new experiences with them at The Bloc."

Wingtip, hailed as a one-stop shop for the modern gentleman, will open its first Los Angeles location in October 2015. Wingtip is a men's haven, offering custom and ready to wear clothing, leather goods, cigars and cigar accessories, rare single malt scotches, fly fishing gear and barware. Wingtip will also bring to L.A. its members-only social club to the office tower's upper floors. The Club at Wingtip will be open to men and women and feature a private bar, themed event space and meeting rooms, wine storage and smoking rooms, plus other member benefits, all with 180 degree views of downtown L.A.

The yet-unnamed retail gallery will host a variety of fashion and lifestyle-oriented events within the gallery itself and around The Bloc's public square.

At completion, The Bloc will bring Angelenos together in a vibrant, open-air, truly urban center. Acquired by The Ratkovich Company with partners National Real Estate Advisors and Blue Vista Capital in June 2013, The Bloc inhabits a full city block and is undergoing $180 million in renovations to provide a curated experience of unique boutiques, premier retailers and restaurant.

Originally built in 1973 by architect Charles Luckman, the development will be the single largest mixed-use property in Los Angeles where consumers can work, sleep, shop and eat. It is anchored by Macy's, the Sheraton Los Angeles Downtown Hotel, and a 750,000-sq.-ft. luxury office tower. The Bloc will be LEED certified; construction began in the first quarter of 2014 and is anticipated to be completed by the third quarter of 2015.

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REAL ESTATE

Phillips Edison adopts LOC Card to enhance customer engagement

BY Katherine Boccaccio

Cincinnati – Phillips Edison & Company announced a partnership with the LOC Card, a consumer engagement platform from LOC Enterprises which allows customers to participate in merchants’ loyalty programs and access their data and information from each program all in one place.

Through this partnership, PECO and the LOC Card seek to provide customers with a desirable shopping experience that simplifies the process of participating in customer loyalty programs. With the LOC Card, customers can access a platform that stores all their offers and engagements, as well as any information for participating merchants’ loyalty programs, replacing the need for multiple individual merchant cards.

“At Phillips Edison, we place significant emphasis on creating an enjoyable shopping experience, and we are constantly seeking new, innovative solutions and services that benefit our retailers and consumers,” said Bob Myers, COO for PECO. “With this simplified solution, customers will be more likely to participate in loyalty programs which will help drive traffic to stores and provide retailers with multiple communication channels to engage their customers. It’s a win-win for everyone involved and we look forward to working with LOC Enterprises.”

The LOC Card, which will be available at all PECO shopping centers, can be activated with the scan of a QR code or the LOC Card website or with one swipe of the universal card at any participating retailer, automatically enrolling them into that merchant’s loyalty program. The LOC Card also allows consumers to monitor rewards from all participating merchant loyalty programs from a single, secure website.

“In recent years, loyalty programs have struggled due to the cumbersome enrollment processes, privacy concerns, numerous cards, and a whole host of other reasons,” said Jack J. Kennamer, president and CEO of LOC Enterprises, LLC. “The LOC Card removes all the barriers that prevent customers from participating in retailer programs.”

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