REAL ESTATE

Meijer joins Winston Plaza

BY CSA STAFF

Meijer joins Winston Plaza NewMark Merrill Cos. and local partner GMX Real Estate Group announced that Meijer Super Markets will open at regional power center Winston Plaza, located in Melrose Park, Ill.

Scheduled to begin construction this fall, the Grand Rapids, Mich.-based grocery retailer will redevelop the former Cub Foods space, which closed after its merger with Jewel. The planned expansion will increase the square footage of the building by approximately 23,000 sq. ft., making the Meijer store over 90,000 sq. ft. in total.

The 374,527-sq.-ft. Winston Plaza features Bally’s, Party City, O’Reilly Auto Parts, Dollar Tree, Best Buy, Marshall’s and Office Max, and is about 95% leased.

With Meijer now committed, the redevelopment plans, which have been approved by the Village of Melrose Park will also be launched, including new signage and extensive exterior facade improvements.

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REAL ESTATE

Silverspot Cinema opens at The Mercato

BY CSA STAFF

Naples, Fla. The Lutgert Cos. announced Friday the grand opening of Silverspot Cinema at The Mercato in Naples, Fla.

The 11-screen, 1,300-seat movie theater is the first multiplex of its kind in the United States, said Lutgert, and is a major component of the mixed-use, urban lifestyle project.

Silverspot offers a 65-seat restaurant in addition to upscale and traditional movie snacks. A lounge with floor-to-ceiling windows overlooks the Mercato shopping complex.

“We are very excited to unveil the very first Silverspot Cinema at The Mercato,” said Dougall McCorkle, senior VP commercial real estate for Lutgert Cos. “The combination of its modern, immaculate setting, its selection of films, and its luxury amenities distinguishes Silverspot from the standard U.S. multiplex.”

The Mercato is a premier lifestyle community that will offer condominium living together with shopping, dining and entertainment. The project is a joint venture of Lutgert and the Barron Collier Cos.

When completed, The Mercato will provide nearly 330,000 sq. ft. of Main Street-style retail and restaurants, 140,000 sq. ft. of Class A office space and 175 luxury residential units.

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REAL ESTATE

Developers Diversified announces resignation of director, election of new director

BY CSA STAFF

Cleveland Developers Diversified Realty announced that James C. Boland has been appointed to serve as a new director on the company’s board of directors and Dean S. Adler has resigned from the board.

Boland’s initial term will end at the company’s 2010 Annual Meeting of Shareholders. He will serve on the Audit Committee.

Boland serves on the boards of The Sherwin-Williams Co., Invacare Corp., and The Goodyear Tire & Rubber Co.

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