REAL ESTATE

Macy’s to anchor new mall in Hawaii

BY Marianne Wilson

Cincinnati — Macy’s announced an agreement for Macy’s to anchor the new Ka Makana Ali‘i in Kapolei in West O‘ahu, Hawaii. Current plans call for the 103,000-sq.-ft., one-level store to open in mid-2016.

Ka Makana Ali‘i, a major mixed-use project with more than 100 retail, hotel, dining, entertainment and office components, is a project of DeBartolo Development in partnership with the Department of Hawaiian Home Lands. With 1.4 million sq. ft. on 67 acres, it will be the first all-new regional shopping center to be built in Hawaii in more than 30 years. Macy’s is planned to be the largest single retail tenant in the center. When completed, Ka Makana Ali‘i will be among the largest shopping centers in Hawaii.

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REAL ESTATE

DDR launches effort to recapture anchor stores

BY Dan Berthiaume

Beachwood, Ohio – Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio. Through this initiative, DDR is collaborating with retailers in the books, electronics, toys, office and traditional department store categories to right-size their real estate footprints by regaining control of locations in advance of natural lease expiration.

DDR seeks to remerchandise its prime assets with market-share-winning tenants while realizing mark-to-market rental upside of 30%-40%. During the first phase of this initiative, DDR has identified 90 anchor locations, representing 3.3 million sq.-ft. of prime retail space. Of these leases, DDR has finalized terms to recapture 21 locations, representing 550,000 sq.-ft. primarily located in Boston; Cleveland; Denver; Orlando, Florida; Phoenix; Raleigh, North Carolina; and San Antonio.

"This initiative demonstrates our ability to create organic growth opportunities for our best-in-class retail partners regardless of current portfolio leased rate,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Recapturing below-market leases represents an incremental growth opportunity to upgrade asset-level merchandise mix and NOI growth profiles, while simultaneously expanding redevelopment opportunities that will further enhance the quality of our portfolio.”

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REAL ESTATE

& Other Stories, H&M’s sibling brand, to SoHo

BY Michael Fickes

New York — & Other Stories, a sibling brand to H&M, has leased a 10,915-sq.-ft. space at 575 Broadway in the SoHo district of Manhattan, according to RKF, which represented the landlord, 575 Broadway Associates LP, in the transaction. Cole Schotz provided legal counsel. CBRE represented & Other Stories.

Upon opening later this year, it will be & Other Stories’ first location in the United States and its eighth store worldwide. The location offers 7,215 sq. ft. of ground floor retail space and 2,750 sq. ft. on the lower level.

& Other Stories is a fashion brand offering women a wide range of shoes, bags, accessories, beauty and ready-to-wear to create a personal style or story.

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