REAL ESTATE

Lucescu Realty opens Phoenix office, sells The Promenade in Scottsdale

BY Katherine Boccaccio

Newport Beach, Calif. — Lucescu Realty said it has opened a new regional office in Phoenix, its second office outside its California headquarters. The company recently opened a Las Vegas office and plans to open a San Francisco presence by year-end 2011.

In other company news, Lucescu Realty said it completed the sale of The Promenade in Scottsdale, for $110 million. Lucescu Realty represented the seller, a local private investor, and procured the buyer, Excel Trust of San Diego.

The retail component of the mixed-use project comprises a 730,000-sq.-ft. power center, 433,533 sq. ft. of which was included in the sale, and is anchored by Lowe’s Home Improvement (not part of the sale), The Great Indoors (not part of the sale), Nordstrom Rack, Office Max, PetSmart, Old Navy, Michaels, SteinMart, Trader Joe’s, Cost Plus World Market and Pier One Imports.

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REAL ESTATE

Ivanka Trump Collection to open in Soho

BY Katherine Boccaccio

New York City —Prudential Douglas Elliman’s Retail Group announced that the Ivanka Trump Fine Jewelry Collection, a Madison Avenue destination, has moved to Soho at 109 Mercer Street, between Prince and Spring Streets. The store will feature a full collection including jewelry, footwear, handbags and apparel.

Ivanka Trump has leased 3,100 sq. ft. of multi-level space on one of downtown’s most fashionable streets in Soho, surrounded by Balenciaga, YSL, Agent Provocateur, Hugo Boss and 3.1 Phillip Lim.

Ivanka still has her boutique at 725 Fifth Avenue in Trump Tower.

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REAL ESTATE

CBL announces anchor redevelopments, expansion at Monroeville Mall

BY Katherine Boccaccio

Monroeville, Pa. —Chattanooga, Tenn.-based CBL & Associates Properties Inc. has announced a series of anchor redevelopments at Monroeville Mall in Monroeville, Pa., including the relocation of J.C. Penney to a new 110,000-sq.-ft. store on the upper level of the former Boscov’s location.

Additionally, the current J.C. Penney location will be redeveloped into a new state-of-the-art 12-screen Cinemark Theatre.

Construction on the new J.C. Penney store is slated to begin shortly and is scheduled for completion in fall 2012, with the opening of the new Cinemark Theatre anticipated in late 2013.

“These improvements represent another step in our ongoing commitment to enhancing Monroeville Mall and furthering its long-term success,” said Stephen Lebovitz, president and CEO, CBL & Associates Properties.

“Our new location offers us the best of both worlds – a brand-new store in a shopping center where we’ve had success for many years,” said Mike Theilmann, group executive VP, J.C. Penney.

J.C. Penney has been a key department-store anchor at Monroeville Mall since 1969. With approximately 110,000 sq. ft. on a single level, the new store will be designed in the company’s latest format.

The new 48,000-sq.-ft. theatre will feature 12 screens, all stadium seating, digital surround sound and include a Cinemark XD: Extreme Digital Cinema auditorium. The 12-screen Cinemark Theater will join J.C. Penney and Macy’s as a mall anchor.

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