REAL ESTATE

Dollar Tree and Goodwill Store to open at Street Road Plaza

BY CSA STAFF

Bensalem, Pa. Metro Commercial Real Estate said that it has negotiated two new leases at Street Road Plaza, in Bensalem, Pa.

An 11, 360-sq.-ft. Dollar Tree and a 13,640-sq.-ft. Goodwill Store both signed leases for the center; Dollar Tree is now open and Goodwill is slated to open in January 2011.

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REAL ESTATE

CBL partners with Horizon Group Properties to develop Outlet Shoppes at Oklahoma City

BY CSA STAFF

Oklahoma City Chattanooga, Tenn.-based CBL & Associates Properties said it has formed a joint venture with Norton Shores, Mich.-based Horizon Group Properties to develop The Outlet Shoppes at Oklahoma City in Oklahoma City.

Once complete, the 350,000-sq.-ft. project will be the only outlet center in the state of Oklahoma and the only outlet center within a 145-mile radius.

The Outlet Shoppes at Oklahoma City is currently under construction with the grand opening scheduled for late summer 2011. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management.

The project is currently over 80% leased with offerings including Saks Fifth Avenue Off 5th, Nike, Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers, Coach, Guess and more.

CBL has received a $48.9 million construction loan commitment from U.S. Bank for the project. The loan will have an initial term of three years, with two, one-year extension options.

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PREIT, American Express team to launch gift-card program at malls

BY CSA STAFF

Philadelphia Mall owner Pennsylvania Real Estate Investment Trust (PREIT) said Thursday that it has introduced a new American Express mall gift card that will be redeemable nationwide.

“The new PREIT Mall American Express Gift Card is redeemable in all of our malls, as well as most retail and restaurant locations nationwide, which offers greater flexibility for our shoppers and corporate clients’ gift-giving needs,” said Judy Trias, PREIT VP retail marketing.

PREIT Mall American Express Gift Cards will be available for purchase at 39 PREIT owned and managed malls.

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