REAL ESTATE

Lumber Liquidators opens 300th store

BY Dan Berthiaume

Toano Va. – Lumber Liquidators has opened its 300th store. The store, located in Las Vegas, is the company’s third in Nevada and second in Las Vegas. It also features the retailer’s new “store of the future” format that offers an expanded store showroom of approximately 1,600 sq. ft., including a broader assortment of flooring options, moldings and accessories.

"My vision for Lumber Liquidators has always been to offer customers a better quality floor at a lower price," said Tom Sullivan, chairman and founder of Lumber Liquidators. "That sounds simple but required a lot of hard work to get right. We removed the middleman from our business model, went direct to mills to source our flooring and today are able to offer our customers a product assortment of more than 300 flooring varieties. I am humbled by what Lumber Liquidators has become and thank every one of our employees who have helped the company grow into the business it is today and who continue to be focused on delivering the best service and product possible to our customers."

To date in 2013, Lumber Liquidators has opened 12 new stores and expects to open a total of 25 to 35 stores by year-end, all in its "store of the future" format.

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REAL ESTATE

CBL in partnership with Tesla Motors

BY Marianne Wilson

Chattanooga, Tenn. — CBL & Associates Properties announced the launch of a partnership with Tesla Motors to install Tesla Supercharging stations at several CBL Malls across the country. Tesla is building a network of stations that will eventually enable Tesla owners to drive coast to coast in their electric vehicles.

The initial cooperation will place Tesla Superchargers at five CBL Malls to include Gulf Coast Town Center in Fort Myers, FL; The Pavilion at Port Orange in Port Orange, Fla.; Alamance Crossing in Burlington, N.C.; CherryVale Mall in Rockford, Ill., and Imperial Valley in El Centro, Calif.

Tesla Superchargers allow Tesla owners to travel for free between cities along well-traveled highways in North America. Superchargers provide half a charge in about 20 minutes and are strategically placed to allow owners to drive from station to station with minimal stops. By the end of the summer, Tesla will have two dozen stations to support long-distance driving along the most popular routes in North America and where customers want to stop, such as cafes, restaurants, and shopping areas. By the end of the year, Model S drivers will be able to travel coast to coast for free charging along the Supercharging network.

“CBL is pleased to be one of the first national mall developers to enter into a long-term partnership with Tesla,” said Jim Ward, VP of brand development for CBL. “We are confident that Tesla owners will appreciate the convenience of charging their vehicles at our well-located shopping centers that serve as the hub for shopping, dining, and entertainment in their communities.”

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REAL ESTATE

The Terraces acquired by joint venture

BY Michael Fickes

Washington, D.C. — Combined Properties and its joint venture partner Saban Capital Group have acquired The Terraces, a 173,000-sq.-ft. community shopping center in Rancho Palos Verdes, a suburb of Los Angeles. Spread across three terraced levels, center retailers include Trader Joe’s, Marshalls, LA Fitness and Starlight Cinemas.

The joint venture between Combined Properties and Saban Capital Group is assembling a $200 million portfolio of value-add retail centers in Southern California and the Washington, D.C., metro market.

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