J.C. Penney, Nordstrom Rack to join Willow Grove Park lineup
Philadelphia — Pennsylvania Real Estate Investment Trust announced that J.C. Penney, Nordstrom Rack, Bravo Cucina Italiana and Forever 21 will join The Cheesecake Factory in 190,000 sq. ft. of anchor space formerly occupied by Strawbridge’s at Willow Grove Park in suburban Philadelphia.
The reconfiguration of the former Strawbridge’s store sets the stage for continuing the fashion-oriented merchandising strategy that differentiates the mall and appeals to a wide range of shopping and dining tastes.
“Willow Grove Park is one of the most successful shopping centers in the Philadelphia area, with a longstanding reputation for providing quality fashion stores in combination with an exceptional and entertaining shopping experience,” said Joseph F. Coradino, president of PREIT Services LLC and
PREIT-RUBIN. “As consumers search for value by cross-shopping from luxury brands to off-price retail, these new sought-after retailers and restaurants further cement the mall’s position in the marketplace.”
The new retailers join Bloomingdale’s, Macy’s, Sears and more than 130 fashion-oriented retailers including Abercrombie & Fitch, Banana Republic, bebe, Coach, H&M, J. Crew, Jos. A. Bank, Lucky Brand Jeans, Sephora, White House/Black Market and Williams-Sonoma.
A J.C. Penney department store will occupy 114,000 sq. ft. on the first and second levels of the mall, and is slated to open in fall 2012. Nordstrom Rack will occupy 41,000 sq. ft. on the mall’s third level, adjacent to The Cheesecake Factory. When it opens in spring 2012, the Willow Grove Park store will be the third Nordstrom Rack in the Philadelphia metro.
Bravo Cucina Italiana will locate on the third level in 7,500 sq. ft. and is scheduled to open in fall 2011. A two-level Forever 21 is relocating from its current store to an expanded 17,000 sq. ft.
Willow Grove Park is a three-level, 1.2 million-sq.-ft. regional shopping mall, located north of Philadelphia in eastern Montgomery County. Anchored by Bloomingdale’s, Macy’s, Sears, and The Cheesecake Factory, Willow Grove Park features more than 130 specialty stores.
Atco acquires Austin shopping center
New York City — Manhattan-based Atco Properties & Management said it has purchased Crossroads Center, a 99,000-sq.-ft. neighborhood shopping center in Austin, for $14.25 million.
The center is currently 70% leased to a mix of national tenants such as Bennihana, Chili’s, West Marine, Cycle Gear, as well as locals Trudy’s, Plucker’s and Big Daddy’s Burgers.
Atco plans to begin a modest capital improvement program that will include parking lot resurfacing, adding locally grown, drought-resistant plants to facility landscaping and signage upgrades.
Cole Real Estate executes 278,000 sq. ft. in retail leases
Phoenix — Cole Real Estate Investments announced Monday that it has signed leases totaling approximately 278,000 sq. ft. at Cole-related retail properties through the first half of 2011.
The leases consist of approximately 129,000 sq. ft. of new leases and approximately 149,000 sq. ft. in renewals, bringing the occupancy rate for Cole’s portfolio of more than 1,450 properties to 97.3%.
Notable new leases include Bally Total Fitness for 39,500 sq. ft. at a former Circuit City in Aurora, Colo.; Ross Dress for Less for 28,000 sq. ft. at Lincoln Place in Fairview Heights, Ill.; Bassett Furniture for 7,500 sq. ft. at Manchester Highlands in Manchester, Mo.; and Men’s Wearhouse for 6,000 sq. ft. at Winter Garden Village in Winter Garden, Fla.
Key renewal leases include Bed Bath & Beyond for 36,500 sq. ft. and Beauty Brands for 8,300 sq. ft. at Barrywoods Crossing in Kansas City, Mo., as well as Marshalls for 30,000 sq. ft. at Lincoln Place in Fairview Heights, Ill.