REAL ESTATE

GGP, Kimco form JV to redevelop Owings Mills Mall

BY Staff Writer

Owings Mills, Md. — Chicago-based General Growth Properties and Hyde Park, N.Y.-based Kimco Realty Corp. said Thursday that the two companies have formed a joint venture partnership to redevelop Owings Mills Mall, Md.

The new JV gives each company 50% interest in the 25-year-old, 1 million-sq.-ft. mall; GGP previously owned 100%.

"We’re exploring a number of options to revive Owings Mills Mall and provide the shoppers of northwest Baltimore County a more viable center that meets their needs,” said Shobi Khan, COO, GGP.

Macy’s and J.C. Penney anchor the two-level enclosed regional mall. Preliminary redevelopment and renovation plans call for a new format and tenant mix, which could include exterior facing retail, junior boxes, big boxes and department stores.

"Owings Mills Mall presents a wonderful value creation opportunity in one of our core markets. We are very excited about the chance to partner with GGP in transforming this property into a vibrant shopping center its residents need and want," said Mike Pappagallo, COO, Kimco Realty.

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REAL ESTATE

Bravo! Cucina Italiana opens at Willow Grove Park

BY Staff Writer

Willow Grove, Pa. — Philadelphia-based Pennsylvania Real Estate Investment Trust announced that Bravo! Cucina Italiana has opened at Willow Grove Park.

The 7,500-sq.-ft. restaurant is the first of its kind in the region, according to PREIT.

Bravo! expands Willow Grove Park’s roster of dining options, which also includes The Cheesecake Factory, TGI Fridays and the Food Court. It is also the start of a wave of openings, as J.C. Penney, Nordstrom Rack and Forever 21 will also open in the 190,000 sq. ft. of anchor space formerly occupied by Strawbridge’s.

Willow Grove Park is a three-level, 1.2 million-sq.-ft. regional shopping mall, located north of Philadelphia in eastern Montgomery County and anchored by Bloomingdale’s, Macy’s, Sears and The Cheesecake Factory.

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REAL ESTATE

Athleta to open new store at Vernon Hills shopping center

BY Staff Writer

Scarsdale, N.Y. — Dallas-based SRS Real Estate Partners said that Athleta, a division of Gap, has signed a lease for 5,833 sq. ft. to build and operate one of its first suburban stores in New York at Vernon Hills Shopping Center in Scarsdale/Eastchester, N.Y.

A spring 2012 opening is planned.

Vernon Hills Shopping Center was Westchester County’s first lifestyle center and is anchored by Lord & Taylor, Banana Republic, Ann Taylor, Brooks Brothers, Talbot’s, American Eagle, The Gap/Gap Kid’s, Fig & Olive and more.

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