News

The Falls, Miami

BY CSA STAFF

The Falls, one of Florida’s largest open-air, retail and entertainment destinations featuring Bloomingdale’s and Macy’s, along with more than 95 stores and restaurants, is rolling out a new retail roster that will include several new stores and dining venues.

The retail surge at The Falls, opening in different phases as of fall 2011, will coincide with numerous exterior upgrades including new entrances and signage, along with interior enhancements featuring a contemporary and chic color palette and new soft seating areas.

Among the new retail additions at the Simon Property Group-owned mall are women’s fashion and accessories retailer Love Culture, home furnishings retailer Love Sac, and new dining options such as Corner Bakery Café and Red Robin with a South Florida market debut.

The Falls recently announced the addition of The Fresh Market with a new 22,000-sq.-ft. building near Bloomingdale’s. The opening of The Fresh Market at The Falls signifies the first in the Simon portfolio and will be completed in 2013.

Current retailers at The Falls include Abercombie & Fitch, abercombie kids, Apple, Banana Republic, BCBGMAXAZRIA, bebe, Brooks Brothers, Brookstone, Cache, Coach, Crate & Barrel, Hollister, Loft, Lucky Brand Jeans, Mayor’s Jewelers, Origins, Swarovski, Talbots, Vera Bradley, White House/Black Market, Williams-Sonoma Grand Cuisine and more. Dining selections include Johnny Rockets, Los Ranchos Restaurant, Macy’s Taste Bar, P.F. Chang’s China Bistro and TGIFriday’s.

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REAL ESTATE

DDR and Glimcher Realty Trust announce strategic asset swap

BY Staff Writer

Columbus, Ohio — Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies.

DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.

The transaction is expected to close in the fourth quarter of 2011.

“We are excited about this transaction that not only enhances the quality of Glimcher’s mall portfolio but is also expected to be accretive to our earnings,” said Michael P. Glimcher, chairman and CEO of Glimcher.

Town Center Plaza, which Glimcher will purchase from DDR for approximately $139 million, is a 650,000-sq.-ft. open-air mall anchored by Macy’s and Dick’s Sporting Goods and features Pottery Barn and Anthropologie.

“The simultaneous disposition of Town Center Plaza and acquisition of Polaris Towne Center is consistent with our strategic objective of simplifying our portfolio and focusing on what we do best,” said Daniel B. Hurwitz, president and CEO of DDR.

Polaris Towne Center, which DDR will purchase from Glimcher for approximately $80 million, is a 700,000-sq.-ft. market-dominant asset anchored by Target, Lowe’s, Kroger, Best Buy and TJ Maxx. Polaris Towne Center will be the seventh asset owned by DDR in the Columbus MSA.

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REAL ESTATE

Casto names property management VP

BY Staff Writer

Columbus, Ohio — Casto said Wednesday that Larry Schwenker has joined the firm as VP property management.

Schwenker’s primary focus will be on the organization’s Midwest and Alabama commercial portfolio, which totals approximately 15 million sq. ft.

Schwenker was most recently a principal at Bryant Management Services, based in Atlanta.

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