REAL ESTATE

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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REAL ESTATE

Limited Editions For Her to open at The Shops at SkyView Center

BY Katherine Boccaccio

Queens, N.Y. — Onex Real Estate Partners announced its latest lease deal for The Shops at Sky View Center, as fashion boutique Limited Editions For Her will open a 4,000-sq.-ft. store at the Flushing, Queens center.

The store will be located across from Old Navy on Level D and is slated to open in June. “Obtaining a retail space at The Shops at SkyView Center is the perfect vehicle for Limited Editions For Her to continue its New York expansion and broaden its customer base,” said Brad Guth, VP retail for Limited Editions For Her.

Coming on the heels of Restoration Hardware Outlet’s recent opening, Limited Editions For Her will join the growing list of national brands anchoring The Shops at SkyView Center. Currently these tenants include Target, BJ’s Wholesale Club, Marshall’s, Old Navy, Carter’s, Bed Bath & Beyond, Restoration Hardware Outlet, Best Buy, and the specialty Asian supermarket Sky Foods.

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REAL ESTATE

MPI reports surge of new lease deals

BY Katherine Boccaccio

New York — MPI has reported a significant increase in leasing volume within its core retail portfolio during the first four months of 2013 vs. the same period last year.

As of May 1, MPI has executed 23 new lease deals, many with new to the market tenants, representing a total of 113,900 sq. ft. throughout its national retail portfolio.

On a year-over-year basis, the company has seen the number of new leases grow by 28%.

Leasing highlights include a 14,360-sq.-ft. New York City flagship for Texas De Brazil in MPI’s Savoy Shops, a mixed-use property comprising 52,317 sq. ft. of commercial space on three floors of a 43-story luxury residential building, which was originally developed by MPI in 1986.

Texas De Brazil’s repositioned space at The Savoy, which is also home to the flagship location of Dylan’s Candy Bar, features over 260 feet of glass frontage and 13,000 sq. ft. of ground floor and second level dining space.

Retailer C. Wonder signed a new lease for 3,299 sq. ft. at The Gate at Manhasset in Long Island; Ulta Beauty leased 10,277 sq. ft. at Bayshore Town Center in Milwaukee; and Gap Kids/Gap Baby signed a new 9,993 sq.-ft. lease at Zona Rosa Town Center, in Kansas City.

MPI said it is also actively working to enhance the current and future tenant/shopper experience with creative and strategic portfolio redevelopment initiatives. At Akers Mill Square in Atlanta, MPI recently undertook the retrofit of a single tenant, 33,000-sq.-ft. space that will soon accommodate several national retailers such as Old Navy. At The Greene Town Center in Dayton, Ohio, the company is developing up to 100,000 sq. ft. of new retail space.

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