REAL ESTATE

Levin Management awarded trio of new shopping center assignments

BY Katherine Boccaccio

North Plainfield, N.J. — Levin Management announced it has been awarded three new leasing and management assignments totaling more than 1 million sq. ft. in New Jersey and Pennsylvania. The properties include two grocery-anchored shopping centers and a regional mall.

The latest appointments come on the heels of several new retail assignments awarded to Levin in recent months, and underscore the firm’s continued momentum in the Northeast retail marketplace, according to Joseph Lowry, the company’s director of acquisitions and business development.

In Pennsylvania, Levin was named managing agent for Cheltenham Mall, a 760,000-sq.-ft. regional shopping destination located at the intersection of Route 309 and Cheltenham Avenue in Cheltenham Township, Montgomery County. Anchor tenants Home Depot, ShopRite, Target, Burlington Coat Factory and Conway are complemented by a mix of national and regional retailers, restaurants and service providers.

In Southern New Jersey’s Burlington County, Levin has been selected as leasing agent for Bordentown Plaza, a 179,000-sq.-ft., ShopRite-anchored shopping center on Route 206 in Bordentown.

Bordentown Plaza’s ShopRite is slated to undergo a complete renovation and expansion, and the entire center will be updated and repositioned.

And in Ocean County’s Whiting Township, Levin has been retained by the new ownership of Whiting Town Center to continue its role as managing agent. The firm’s involvement with the 118,000-sq.-ft., grocery-anchored property dates as far back as 2002. Located off Route 530 at the intersection of Lacey Road and Cherry Street, the shopping center offers a mix of retail, restaurant and service tenants.

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REAL ESTATE

GBT Realty announces more Alabama retail with the Shoppes of Albertville

BY Katherine Boccaccio

Huntsville, Ala. — GBT Realty Corporation announced even more retail development in northern Alabama with The Shoppes of Albertville. Just off the heels of two similar projects recently announced in the regional market, GBT is developing an $18 million, 135,000-square foot retail center along Albertville’s primary commercial corridor. The company acquired the 13.2 acres on Dec. 29 and construction is currently underway.

The shopping center is currently 92% leased. The initial tenant line-up features PetSmart, T.J.Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports. The center is expected to be completed spring 2016.

GBT entered into a development agreement with the city whereby the city agreed to sell bonds to provide $5 million of funding to offset predevelopment and development costs. Subsequently, a portion of the sales tax generated at the shopping center will pay-off the bonds.

“The Shoppes of Albertville is situated at the intersection of the primary north/south and east/west commercial corridors through northeast Alabama, approximately half-way between Huntsville and Gadsden – ideal sites to support the expansion plans of our retail partners,” said Thom Hickman, senior VP, acquisitions and development, GBT.

The Shoppes of Albertville is the latest development added to GBT’s Alabama portfolio of community centers that also includes the most recently announced expanded Strong Station in Huntsville, Vestavia Commons and Crossings of Hoover, both in the Birmingham MSA. Currently, GBT has more than $65 million of retail development totaling over 300,000 sq. ft. planned or under development throughout Alabama, including bringing the first two Sprouts Farmers Markets to Alabama.

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REAL ESTATE

Cypress Equities breaks ground on new park project

BY Katherine Boccaccio

Spanish Fort, Ala. — Dallas-based Cypress Equities has officially broken ground on a 3.5-acre park project, at Spanish Fort Town Center, in Spanish Fort, Alabama. The park is part of a major site enhancement plan, which also comprises upgraded building facades, a freshly designed sign package, along with new store and restaurant offerings.

The Spanish Fort Town Center Park will feature a number of amenities for community use, including a pavilion area, splash pad, state-of-the-art playground, horse shoe pits, bike racks, restroom facilities, sunburst fountain pond, and a fitness area. In addition, the park will serve as a host site for signature community events at Spanish Fort Town Center. The park is centrally located within the shopping center, directly across Town Center Avenue.

“The commencement of the Spanish Fort Town Center Park construction represents a key milestone in our redevelopment timeline,” said Chris Maguire, CEO for Cypress Equities. “We look forward to continuing our enrichment of the property, and the community, as a whole.”

Spanish Fort Town Center is a 448,748-sq.-ft. mixed-use retail property that encompasses 230 acres and is anchored by Bass Pro Shops, Kohl’s and J.C. Penney with additional space for in-line shops and restaurant pads.

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