Marcus & Millichap announces promotion
Miami — Marcus & Millichap Real Estate Investment Services has promoted Gabriel A. Britti to associate VP investments.
Most recently, Britti was a senior associate. He is also an associate director of the firm’s National Retail Group.
Horizon Group, CBL to develop The Outlet Shoppes at Louisville
Simpsonville, Ky. — Following on the heels of successful outlet projects in Atlanta and Oklahoma City, CBL & Associates Properties and Horizon Group Properties announced another joint venture – to co-develop The Outlet Shoppes at Louisville, in Simpsonville, Ky.
The 370,000-sq.-ft. project will be the only outlet center in the state of Kentucky, and will draw residents of Louisville, Lexington, Frankfort and the surrounding area. In addition to serving those communities, The Outlet Shoppes at Louisville will provide tourists and conventioneers with a reason to shop in the state.
Construction will begin in June, with the grand opening scheduled for late summer 2014. Horizon will be responsible for leasing and management of the new center.
The Outlet Shoppes at Louisville is currently more than 75% leased or committed with outlet retailers such as Coach, Banana Republic, Brooks Brothers, Chico’s, Nike, Saks Fifth Avenue OFF 5th and more.
“We are pleased to once again partner with Horizon Group and are excited to bring outlet center shopping to the state of Kentucky,” said Stephen Lebovitz, CBL’s president and CEO.
“Louisville and Lexington are major tourist and retail markets, and we have a terrific location to develop Kentucky’s premiere outlet center,” added Gary J. Skoien, Horizon’s president and CEO.
The pair JV-developed The Outlet Shoppes at Oklahoma City and The Outlet Shoppes at Atlanta.
DDR to acquire select power enters for $1.46 billion
Beachwood, Ohio — DDR Corp. announced an agreement to acquire a portfolio of prime power centers from its existing joint venture with Blackstone Real Estate Partners VII. The acquisition is slated to close in fourth quarter 2013.
The joint venture between Blackstone and DDR currently owns 44 shopping centers, and DDR will acquire Blackstone’s 95% common equity ownership interest in 30 of the shopping centers for $1.46 billion.
The portfolio being purchased includes 10 properties that DDR has a current right-of-first-offer to acquire, such as Shoppers World in Boston, Woodfield Village Green in Chicago, Fairfax Towne Center in Washington, D.C., and Riverdale Village in Minneapolis.
The 14 properties not being acquired will remain in the venture owned 95% by Blackstone and 5% by DDR, and DDR will continue to manage and lease those properties.
"We are very pleased to add these outstanding assets to our wholly owned portfolio," said Daniel B. Hurwitz, CEO, DDR. "It was our goal to accomplish this upon the initial formation of the venture with Blackstone, and we thank them for being outstanding partners.”