REAL ESTATE

Douglas Development taps CBRE to lease Penn Quarter project

BY Katherine Boccaccio

Washington, D.C. — Douglas Development said it has teamed with CBRE on a new boutique office and retail project in Washington, D.C.’s Penn Quarter neighborhood.

The 11-story office building will occupy approximately 93,000 sq. ft., and include 7,000 sq. ft. of ground-floor retail space. The building will offer two floors of below grade parking, outdoor terraces, and a terracotta façade.

Designed by Shalom Baranes Associates, the project will incorporate a two-story designated historic structure, the facades of which will be restored, and the interior renovated and fully integrated with the contemporary building. The building’s structure will consist of post-tensioned concrete floors and reinforced concrete columns on a mat slab foundation. Construction is scheduled to begin in late 2013.

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REAL ESTATE

Hobby Lobby to make Oregon debut

BY Katherine Boccaccio

Albany, Ore. — Vintage Real Estate said that it has signed a lease with Hobby Lobby for a 61,000-sq.-ft. store at the Heritage Mall, marking the arts-and-crafts retailer’s first location in Oregon.

Hobby Lobby will be located in a former Gottschalks space. It is expected to open in the first quarter of 2014. “Our ability to quickly fill this long-vacant space is a major step in the execution of our renovation and repositioning plans for Heritage Mall,” said general manager Betsy Penson.

Vintage Real Estate acquired the 406,500-sq.-ft. mall in December 2012. On 33 acres, it has more than 52 major retailers, boutiques and restaurants including Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works.

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REAL ESTATE

Forest City chief named ICSC chairman

BY Katherine Boccaccio

New York — The International Council of Shopping Centers announced that David J. LaRue, president and CEO of Forest City Enterprises, has been elected by ICSC’s Board of Trustees to serve as the association’s chairman for the 2013–2014 term.

LaRue assumed his role as chairman on May 20 during RECon, ICSC’s annual meeting in Las Vegas. He succeeds Brad Hutensky, president and principal of Hutensky Capital Partners.

“Being named chairman of ICSC is a significant honor and I will strive to build on the work of prior chairmen to advance the organization’s mission and service to members,” said LaRue to the ICSC Board of trustees in accepting the position.

LaRue has been an active ICSC member for nearly 20 years and a trustee since 2008, playing a key role in the organization’s governance and many of its activities. He has been an advocate of ICSC’s Global Public Policy efforts in Washington, contributing to the ICSC PAC, and he has spoken at ICSC events.

“David heads a company that owns property across multiple categories in its core markets, and therefore his experience meshes with that of just about every one of ICSC’s members in one way or another,” said Michael P. Kercheval, ICSC’s president and CEO. “Forest City is also a leader in sustainable and innovative development, all of which makes David’s nomination an exciting one as we, as an industry, embrace the future.”

One of ICSC’s continuing priorities for the coming year will be to push for federal legislation requiring online retailers to collect sales taxes in those states in which brick-and-mortar retailers are required to. “Traditional physical stores cannot continue to be discriminated against by this tax policy,” said LaRue. “Reform in this area would also benefit cash-strapped state and local public coffers,” he added.

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