DEVELOPMENT/REDEVELOPMENT

Lynnhaven Mall remerchandising and redevelopment nearly complete

BY Melonie Messina

Virginia Beach, Va. — GGP announced outdoor retailer L.L. Bean will be opening at Lynnhaven Mall in Virginia Beach, Virginia this spring.

The 16,700 sq. ft. store will join a line-up of first-to-market retail, restaurant and entertainment options including: Altar’d States, Jump Trampoline Park, Vera Bradley, Haagen Daz, Cinnabon, Oro Gold, Ooh La La Blow Out Bar and Brow Art 23, Michael Kors, White House | Black Market, Build-A-Bear, Victoria’s Secret, Bath & Body Works, Sunglass Hut, rue 21, Champs, House of Hoops by Foot Locker and Kids Foot Locker. The upgraded tenant mix is part of an ongoing remerchandising and redevelopment plan.

“L.L. Bean is a great addition to Lynnhaven Mall’s exciting retail line-up,” said Lynnhaven Mall General Manager, Michael Harris. “The addition of an outstanding brand like L.L. Bean fulfills our commitment to providing the best possible shopping experience and continues our mission to introduce the latest retail concepts to meet the needs of our community,” said Harris.

Since 2013, Lynnhaven Mall has implemented a multi-million dollar redevelopment to enhance the center environment and shopping experience, introducing a new Food Court and Café Court, a two-story “Main Street” throughout Center Court, new contemporary finishes, improved lighting and upgraded amenities. The center has also added an all-new retail and dining component with a new mall entrance. The final phase of the project, expected to be completed in fall 2016, will add an enhanced parking field, improved drive lanes and valet parking to serve the new retail and dining component.

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REAL ESTATE

CBRE leads global commercial property investment sales activity

BY Melonie Messina

Los Angeles — CBRE Group for the fifth consecutive year was the top-ranked firm for commercial real estate investment sales throughout the world during 2015, according to Real Capital Analytics (RCA). CBRE has achieved the number one position in each of the five years that RCA has published global rankings.

Real Capital Analytics credited CBRE with 21.9% of market share across all property types, office, industrial, retail, apartment and development sites, in 2015 on a global basis.

RCA — which tracks global commercial real estate sales of $10 million plus — estimates that approximately $1.21 trillion of commercial real estate, excluding entity level transactions, was sold throughout the world in 2015. According to RCA, CBRE’s investment sales volume grew at a faster pace than the market as a whole in 2015, rising by 30.7% to approximately $125.7 billion.

CBRE’s highlights from RCA’s 2015 rankings include:

• Top position in office sales in 2015, with $52.8 billion in transactions — an increase in volume of 48.3% year-over-year. CBRE increased its office sales market share by 640 basis points (bps) in 2015 to 22.3%.

• Top position in retail sales, with $16.5 billion in transactions – an increase to its retail sales market share by 370 bps in 2015 to 17.4%.

• Top firm in logistics and industrial sales, with $18.4 billion in transactions and a market share of 32.5%, an increase of 250 bps.

• Executed $26.6 billion in apartment sales, for an industry-leading market share of 23.6%.

• Development site sales totaled $7.4 billion — an increase in volume of 94.7% year-over-year. CBRE increased its development site market share to 30.3%.

• Market share has been calculated based on the dollar volume of transactions where CBRE represented the seller, divided by the total volume of seller-brokered transactions.

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REAL ESTATE

Vestar acquires retail center in Seattle area for $31.4 million

BY Melonie Messina

Tacoma, Wash. — Vestar announced that it has acquired James Center in Tacoma, Washington for $31.4 million.

James Center is a 140,240 sq. ft., situated on 15.95 acres directly across from Tacoma Community College.

The center includes anchor tenants, Fred Meyer and Rite Aid, as well as Starbucks, Subway, Verizon, Menchie’s, U.S. Bank, IHOP, FedEx Kinko’s and Ivar’s.

“James Center fits well in Vestar’s acquisition strategy of investing in grocery anchored centers with strong demographics,” said Clint Marchuk, VP of acquisitions for Vestar. “This asset offers a key location in an infill area that continues to grow in population and workforce numbers.”

Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the western states.

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