REAL ESTATE

J.C. Penney opens new store, Cinemark Theatre starts construction at Monroeville Mall

BY Staff Writer

Monroeville, Pa. — Chattanooga, Tenn.-based CBL & Associates Properties announced that, on the heels of the grand opening of a 110,000-sq.-ft. J.C. Penney store, construction has commenced on a state-of-the-art 12-screen Cinemark Theatre. Both are part of CBL’s redevelopment of Monroeville Mall, located near Pittsburgh in Monroeville, Pa.

The grand opening for Cinemark Theatre is anticipated for late 2013.

“It is exciting to complete the first phase of our redevelopment of Monroeville Mall with the opening of the new J.C Penney store,” said Stephen Lebovitz, president and CEO, CBL & Associates Properties. “We have already started work on the next phase with construction underway on the new Cinemark Theatre location.”

J.C. Penney has been a key department-store anchor at Monroeville Mall since 1969, and it has been re-engineered to introduce the new Shops format that transforms the sales floor into a collection of 100 Shops showcasing apparel and home brands.

The new 48,000-sq.-ft. Cinemark movie theatre will feature 12 screens, all stadium seating, enhanced digital sound systems and include a Cinemark XD: Extreme Digital Cinema auditorium. It joins the new J.C. Penney and Macy’s as a Monroeville Mall anchor.

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G.Han says:
Mar-27-2013 06:49 pm

I guess they would need wholesale welding supplies in order to hurry the construction of the 110,000-sq ft. J.C. Penney store, my nephew works in the construction industry and in his opinion this is the best choice. I am very curious how Cinemark Theatre will look like when it will be ready, they invested a lot of money in this.

G.Han says:
Mar-27-2013 06:49 pm

I guess they would need wholesale welding supplies in order to hurry the construction of the 110,000-sq ft. J.C. Penney store, my nephew works in the construction industry and in his opinion this is the best choice. I am very curious how Cinemark Theatre will look like when it will be ready, they invested a lot of money in this.

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Feb-03-2013 08:04 pm

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R.Ponting says:
Feb-03-2013 08:04 pm

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REAL ESTATE

DDR completes $2.1 billion of strategic transactions year to date

BY Staff Writer

Beachwood, Ohio — DDR Corp. announced Monday the acquisition of $328 million of prime assets and the disposition of $12 million of non-prime assets during the quarter.

Year to date, the company closed $2 billion of acquisitions, including the joint venture with Blackstone’s flagship real estate fund, and disposed of $137 million of non-prime assets.

As of the third quarter, DDR said it has raised gross common equity capital of $435 million through the issuance of 31.7 million new common shares to fund investments and lower leverage.

During the third quarter, DDR purchased its partner’s ownership interest in two shopping centers for $118 million: Ahwatukee Foothills, located in Phoenix, and Independence Commons, in Kansas City, Mo.

Ahwatukee Foothills, a 682,000-sq.-ft. power center, is tenanted by Ross Dress for Less, Petco, Jo-Ann Fabric and Craft Stores, Babies "R" Us, AMC Theatres and Old Navy. DDR recently executed a lease with Sprouts Farmers Market to occupy 27,000 sq. ft.

Independence Commons, a 403,000-sq.-ft. power center, is anchored by Kohl’s, Ross Dress for Less, Marshalls, Best Buy and AMC Theatres.

Also during the quarter, DDR acquired Tucson Spectrum, a 1 million-sq.-ft. power center located in Tucson, Ariz., for $125 million. The 95% leased shopping center is anchored by Target, Home Depot, Ross Dress for Less, Marshalls, PetSmart, Sports Authority and Bed Bath & Beyond.

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REAL ESTATE

Planet Fitness to open at Mayfair Shopping Center

BY Staff Writer

Philadelphia — Charter Realty & Development said that it has arranged for a 9,887-sq.-ft. lease for Planet Fitness in the Mayfair Shopping Center in Philadelphia.

The shopping center is anchored by, Shop N Bag, Dollar Tree and Wells Fargo.

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