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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REAL ESTATE

Crossroads to lease, manage Veterans Square

BY Katherine Boccaccio

Lyndhurst, N.J. — Crossroads Cos. has been named leasing agent and property manager for Veterans Square Shopping Center, located on New York Avenue in Lyndhurst, N.J.

The 144,400-sq.-ft. neighborhood shopping center’s tenant roster includes a free-standing ShopRite, Home Goods and a mix of national, regional and neighborhood businesses.

“As one of southern Bergen County’s busiest shopping centers, with more than 40,000 customers per week, Veterans Square offers retailers high visibility and foot traffic, strong demographics, easy access and plentiful parking,” said Carlo Caparruva, VP leasing services, Mahwah, N.J.-based Crossroads. The company is currently marketing about 19,000 sq. ft. of space that can also be subdivided.

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HSA Commercial breaks ground on adaptive reuse retail development

BY Katherine Boccaccio

Milwaukee — Chicago-based HSA Commercial joined leaders from the City of Wauwatosa to celebrate the groundbreaking of Phase I of The Mayfair Collection, a large-scale, mixed-use development at Highway 45 and Burleigh Street in suburban Milwaukee.

Phase I of the project will consist of adaptively repurposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments.

Nordstrom Rack, Dick’s Sporting Goods, Ulta Cosmetics, and other category-leading retailers have signed leases for the development’s first phase which is scheduled to open in the summer of 2014.

“Our leasing efforts target the best possible retailers that will keep Mayfair Mall trade area at the center of the retail universe in Wisconsin,” said Tim Blum, executive VP, HSA Commercial. “Attracting that type of regional traffic will be essential in kick-starting a long-term development plan that achieves the ambitious vision that we share with the community of Wauwatosa.”

Last November, the City of Wauwatosa’s Common Council and HSA agreed on a proposal to create a tax increment financing district that will provide $8.5 million to cover infrastructure costs necessary to support the project. The 69-acre site, known as the “Burleigh Triangle,” has been targeted for redevelopment by City officials for years. While Phase I of The Mayfair Collection is primarily retail, the project’s additional phases contemplate the development of multi-family, office, and medical components subject to future market demand for those uses.

Des Plaines, Ill.-based Premier Design + Build will serve as general contractor for the project, and Evanston, Ill.-based TOA Architects is responsible for the design.

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