REAL ESTATE

Jones Lang LaSalle adds 600,000+ sq. ft. in third-party business

BY Katherine Boccaccio

Atlanta — Jones Lang LaSalle said Tuesday it has been named the new leasing and/or property manager for five retail properties in Arkansas, North Carolina, New York and Ohio.

The portfolio, owned by a variety of institutional investors, includes open-air shopping centers and a single-tenant property in Manhattan.

The Retail division of JLL announced it was named leasing manager for the 167,915-sq.-ft. Streets of West Chester, located in the Cincinnati suburb of West Chester, Ohio, and anchored by Barnes & Noble, Rave Motion Pictures, J. Jill, Chico’s and Joseph A. Banks Clothiers. JLL will continue to manage the open-air mall.

The company was also named leasing manager for Parkway Center South, a 130,029-sq.-ft. open-air center in Grove City, Ohio, anchored by T.J. Maxx, Bed Bath & Beyond, Staples and PetSmart. The firm will continue as the mall’s property manager.

Jones Lang LaSalle will serve as leasing manager for Mellor Park Mall, a 253,628-sq.-ft. shopping center in El Dorado, Ark., anchored by J.C. Penney. It was also named leasing manager for Southern Pines Marketplace, a 57,404-sq.-ft. shopping center in Southern Pines, N.C., featuring Stein Mart, Olive Garden and Golf Augusta.

Suburban Asset Management also awarded Jones Lang LaSalle the leasing for Hickory at Promenade, a 15,523-sq.-ft. strip center shadow anchored by Walmart Supercenter, in Hickory, N.C.

Jones Lang LaSalle was named property manager for 475 Broadway, a 8,400-sq.-ft. retail space in New York City’s SoHo neighborhood. And JLL was awarded the management of the retail component of Southside at McEwen, a new mixed-use development in Nashville’s Cool Springs submarket. Currently, the retail component consists of a 45,000-sq.-ft. Whole Foods’ freestanding building with a freestanding Bricktop’s restaurant out parcel delivering later this year.

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News

Phillips-Van Heusen expands distribution with Ram Pacific licensing deal

BY CSA STAFF

NEW YORK — Phillips-Van Heusen announced that it has entered into a licensing agreement with Ram Pacific under which Ram Pacific will market and distribute apparel and accessories under PVH’s IZOD brand in Singapore, Indonesia, and Malaysia. The initial term of the license agreement runs through December 2015 and provides for a renewal at PVH’s option.

The new IZOD line will include men’s, boys’, women’s and girls’ apparel and accessories. The first IZOD shop-in-shop opened at the Takashimaya department store on Orchard Road in Singapore in April.

“We continue to look to grow our IZOD brand on a global level and see great opportunities in the Southeast Asia market,” said Allen Sirkin, President and Chief Operating Officer of Phillips-Van Heusen. “Ram Pacific has extensive knowledge and experience in this region and we look forward to partnering with them to develop and grow the IZOD brand in an effective manner, while maintaining the brand heritage.”

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REAL ESTATE

RECon Revisited, a Series: Part 1

BY Katherine Boccaccio

As part of our ongoing coverage of RECon, the annual retail real estate convention conducted by the International Council of Shopping Centers and held May 22-25 in Las Vegas, Chain Store Age talked with Adam Ifshin, president and CEO of Tarrytown, N.Y.-based DLC Management Corp., to get his take – post-convention – about the state of the industry.

What are your key takeaways from RECon 2011?
Clearly, the mood and tenor of the industry are much improved. Tenants increasingly have open to buys. Value-oriented tenants remain our focus, and more and more of them are looking for space to open in. The continued dearth of new development is driving tenants to take a second and third look at second-generation space they might have previously passed on. Tenants remain selective, however, and rents remain in check.

Tenants still have more options than they need and it is unlikely that rents in most markets will appreciate significantly any time soon. Rent roll-downs from previous cycle highs continue in many markets although the spread is narrowing in many markets. The financing markets continue to heal but still only for A and B+ assets. The financing of B and C assets remains a challenge, and lenders are still picking and choosing assets and borrowers selectively.

Many more CMBS 2.0 programs continue to announce, but the overwhelming bulk of the originations are being done by a handful of megabanks. Construction financing remains non-existent except for the best borrowers and the most well thought-out, conservatively structured projects. Lenders are increasingly getting constructive on new loan originations but appraisals remain a major stumbling block in most financings.

Finally, the transaction market is heating up as late 2010 and early 2011 sales results prompt owners to come off the sidelines and bring product to market. The market remains awash in equity for Core assets. Will that equity venture away from core in the coming months? Many sellers and their investment sales brokers hope so because they are bringing increasing amounts of that product to market. A number of large portfolios are poised to enter the market including portfolios from several major REITs.

What about the activity in the DLC booth during the show … were you making deals?
At our booth we had over 450 leasing meetings, and over 600 meetings in all! We were quite busy in our booth, at our leasing networking events (four held over four days), and at other venues. Deals were started, advanced and made over our stay in Las Vegas. Of course, the real measure of the result is how many additional leases get made in the succeeding months as a result of those 450 meetings. Deals literally ranged in size from 1,100 sq. ft. to 158,000 sq. ft. Tenants were definitely saying, “How can we get this done?” At the same time, we concluded terms on several financings, equity commitments, and new third-party assignments. Overall, the mood was that people were there to deal.

What projects were getting the most traction?

It’s hard to say, but what was markedly different this year was how tenants were open to far more ideas in a portfolio review than they were a year ago. Many of our projects garnered increased interest from a year ago, including our current re-development projects in Garland, Texas, and Elgin, Ill. We left many meetings wishing we had more product to offer our tenant relationships.

Do you think the mood at RECon bodes well for the rest of the year? What will your priorities be between now and the end of 2011?
I do. We have been waiting for fundamentals to improve along with the capital markets. It seems like RECon set in motion a wave of new leasing momentum that should carry us into the fall. Of course, we need the economy to continue to improve to help sustain that. Our priorities are always the same: lease, lease and lease! Seriously, adding value through lease up and re-development are always priorities 1 and 1A at DLC. In addition, we continue to look for opportunities to put our equity and human capital to work on new value-added and opportunistic projects.

Finally, we remain laser focused on delivering value to our retail customers and partners. The future continues to improve in our view.

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