REAL ESTATE

Karlin Real Estate acquires two Phoenix-area centers

BY Staff Writer

Phoenix — Karlin Real Estate has acquired through foreclosure two Phoenix, AZ-area shopping centers totaling nearly 220,000 sq. ft., following the firm’s purchase of a non performing loan portfolio with an aggregate unpaid principal of approximately $65.5 million.

The centers include The Boulevard at Surprise Pointe is a 201,223 sq.-ft. lifestyle center in Surprise, AZ. Anchored by a Walgreens and UltraStar Cinemas, the center also includes a partially completed 60,000-sq.-ft. bowling center and more than 125,000 square feet of in-line retail space and pads. Built in 2009, The Boulevard at Surprise Pointe is the retail component of Surprise Pointe, a 290-acre master planned commercial business park, in Surprise, Ariz., 45 miles northwest of downtown Phoenix.

The other center is Thunderbird Marketplace is an 18,711-sq.-ft. strip center located at West Thunderbird Road at Interstate 17. Karlin subsequently sold Thunderbird Marketplace to a buyer in an off-market transaction.

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REAL ESTATE

Landlords and retailers gather to discuss greening

BY CSA STAFF

Washington, D.C. — The Retail Industry Leaders Association, the International Council of Shopping Centers and Paladino and Co., announced Tuesday a collaborative discussion among retailers and commercial shopping center developers to bridge the current landlord and tenant divide that exists around creating sustainable, energy-efficient retail stores in the United States.

Participants in the June 9 roundtable included Wal-Mart, Petco, Ann Taylor, Target, VF Corp., Best Buy, Westfield, Vornado and Kimco, among others.

The forum, held in Washington, D.C., was the first step in an initial six-month collaboration to identify adoptable industry solutions to tackle current barriers and issues around investing in sustainable and energy-efficient stores and retail centers.

The goal of the collaboration is to explore solutions to the “landlord/tenant divide” specifically for retail, in which progress toward more sustainable lease agreements is limited by market conditions and practices that make it difficult to align return with initial investment in green practices or technologies.

“It is clear that both retailers and landlords are making significant investments in environmental sustainability independently, but ultimately, we will have more success working together,” said Hugh Cherne, senior manager of environmental sustainability for Best Buy Co. and chair of RILA’s Energy and GHG Emissions Committee. “This meeting was a great opportunity to get the conversation started and take a look at how best to team up and work on reducing our environmental impact.”

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REAL ESTATE

REI to open first Indiana store

BY Staff Writer

Seattle — REI (Recreational Equipment, Inc.) will open a store in Indianapolis, Ind. at the Plaza at Castleton next spring.

The approximately 23,800-sq.-ft, store will be the outdoor goods and apparel retailer’s first location in Indiana, and will include a bike shop for quick assemblies and repairs, a seasonal gear rental department, and a community space that will allow REI and its local partners to host classes, presentations and events to educate customers and members on a variety of outdoor topics.

REI currently operates 117 retail stores in 28 states.

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