REAL ESTATE

Halpern Enterprises breaks ground on multi-use development

BY Katherine Boccaccio

Smyrna, Ga. — A groundbreaking ceremony has officially launched construction on Belmont, a 48-acre mixed-use development that will feature restaurants, retail shops, single-family homes and luxury rental apartments on the site of the former Belmont Hills Shopping Center in Smyrna, Georgia.

The development will include a 153-home single-family residential subdivision by David Weekley Homes; a 274-unit luxury apartment community by Wood Partners; and a 47,593-sq.-ft. neighborhood retail center, which developer Halpern Enterprises will build.

The site is already the location of Smyrna Elementary School, which has more than 900 students and opened last year. It once featured Belmont Hills Shopping Center, a well-known shopping destination in Cobb County. The 480,000-sq.-ft. center, which opened in 1954 and was purchased by Halpern Enterprises in 1967, eventually became functionally obsolete and was leveled two years ago to make way for the new development.

“This location has continued to improve in recent years as high-quality projects have been built throughout Smyrna, spurred on by the city’s investment in its downtown,” said Steve West, Halpern Enterprises’ VP of Development. “And now, the planned Braves development about two miles away will only add to the area’s quality of life for people to live, work and play.”

The housing developments at Belmont, located at the intersection of Windy Hill Road and Atlanta Road, are set to take shape over the coming year.

The neighborhood retail center is slated to have the first spaces completed in the summer of 2015. Halpern expects the spaces to be primarily occupied by local retailers and restaurants that will cater to the surrounding neighborhoods.

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REAL ESTATE

Tryperion Partners expands San Antonio portfolio with acquisition

BY Katherine Boccaccio

San Antonio, Texas – Tryperion Partners, a private real estate investment firm, has acquired Gateway Plaza, a 97% occupied, 138,510-sq.-ft. community shopping center anchored by Burlington Coat Factory that is located in San Antonio’s burgeoning metropolitan area. The acquisition, which is Tryperion’s second of a San Antonio REO property in less than a year, includes additional land for future development.

“Gateway Plaza presented a unique blend of stable cash flow and upside potential,” said Tryperion partner Joseph Kessel. “The stabilized occupancy and lease term of Burlington Coat Factory and the junior anchors enable us to focus on leasing existing vacancies and either ground leasing or selling the development pads.”

Tryperion has engaged San Antonio-based Endura Advisors to market the existing vacancies and future development sites.

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REAL ESTATE

Four tenants join Shoppes at Susquehanna Marketplace

BY Katherine Boccaccio

Harrisburg, Pa. — The Shoppes at Susquehanna Marketplace, in Susquehanna Township, Pennsylvania, is celebrating its 10th anniversary by adding dining, spa services and two in-demand retailers, announced The Shoppes’ owner and developer, Stanbery Development.

J. Crew Factory, Athleta, Harvest Seasonal Grill & Wine Bar, and Hand & Stone Massage and Facial Spa all will join The Shoppes in time for the holiday selling season. They join Banana Republic, Chico’s, Francesca’s, J. Jill, Jos. A. Bank, LOFT, Plum Bottom, Romano’s Macaroni Grill, Starbucks, White House Black Market, and Williams-Sonoma at the 110,384-sq.-ft. open-air center.

Harvest Seasonal Grill & Wine Bar, part of the Dave Magrogan Restaurant Group, has opened at the former site of Fox & Hound.

Hand & Stone Massage and Facial Spa, opening in the former Bath & Body Works space in September, will make its Harrisburg debut. Athleta is expected to open by the holidays in the former Justice location. And J. Crew is slated to open prior to the holidays in Coldwater Creek’s former space.

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