REAL ESTATE

Donahue Schriber buys Pardee interest; forms joint venture

BY CSA STAFF

Costa Mesa, Calif. Donahue Schriber announced the purchase of Pardee Homes’ interest in its Del Mar Highlands Town Center in San Diego.

Donahue Schriber has formed a joint venture partnership with the Canada Pension Plan Investment Board (CPPIB) to effect the transaction.

Originally developed by Donahue Schriber through a joint venture with master-planned community developer, Pardee Homes, the 272,567-sq.-ft. Del Mar Highlands Town Center opened in 1989 and continues to be one of the dominant community centers in the affluent Carmel Valley area of north San Diego County.

This is the first joint venture between Donahue Schriber and CPPIB.

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REAL ESTATE

Report: West Elm to shutter Kenwood Towne Centre store

BY CSA STAFF

New York City West Elm will close its store at Kenwood Towne Centre, Cincinnati, around the middle of January, a mall spokeswoman confirmed Monday, according to the Business Courier of Cincinnati. The brand is owned by Williams-Sonoma.

The retailer reportedly will close several West Elm stores around the beginning of the year, including locations in suburban Kansas City, Mo., and Richmond, Va., the report said.

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Disney to set up shop in Times Square

BY CSA STAFF

Pasadena, Calif. The Disney Store plans to transform part of an expansive retail space in the heart of New York’s Times Square into a state-of-the-art, interactive retail destination set to open in fall 2010.

The store will be located at 1540 Broadway, between 45th and 46th Streets, the former home of Virgin Records, and right next to the incoming Forever 21 flagship. Disney reportedly will use a portion of the first, second and third floors for a total of almost 25,000 sq. ft., according to Crain’s New York.

The location will incorporate technology-advanced displays including an interactive Disney Princess castle to serve as one of many centerpieces at the new Times Square location. An all-new children’s theater will feature the latest Disney entertainment and classic animation. Various children’s activities, special events, and celebrity appearances will also be featured.

“Bringing Disney Store to the center of Times Square is a monumental achievement, and we have created a retail experience that complements the energy and innovation that Times Square inspires,” said Jim Fielding, president of Disney Stores Worldwide. “We’re focused on reinvigorating retail and providing a unique shopping destination to millions of families from all over the world who travel to New York for a magical experience.”

During the next five years, Disney Stores has said it plans to strategically balance its retail portfolio, enter new markets, and transform more than 300 locations across the United States and Europe to its new, interactive design.

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