REAL ESTATE

Mid-America secures 2 retail leases totaling over 45,000 sq. ft.

BY Katherine Boccaccio

Chicago — Mid-America Asset Management recently secured new retail leases on behalf of two shopping centers in Chicago’s northwest suburbs. DSW Shoe Warehouse signed a lease for 23,773 sq. ft. at Village Square of Northbrook located at the southeast corner of Lake Cook Road and Skokie Boulevard in Northbrook, Ill. The 334,995-sq.-ft. center is anchored by Nordstrom Rack, Marshall’s, The Container Store, PetSmart, Cost Plus World Market, and Saks Fifth Avenue Off 5th. DSW, expected to open in spring 2015, is taking the space vacated by Loehmann’s.

Zip Fitness signed a lease for 22,002 sq. ft. at Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads in Arlington Heights, Illinois. The 295,773-sq.-ft. center is anchored by Burlington Coat Factory, Value City Furniture, and The Room Place. The location is expected to open in winter 2014.

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REAL ESTATE

JLL adds trio of retail experts in Florida

BY Katherine Boccaccio

Orlando, Fla. — JLL continues to build its retail brokerage practice in Florida with the addition of Andrew Dieringer, Terrence Hart and Brandon Delanois. The trio bring more than 40 years of retail agency leasing and tenant representation experience to the team, and will be based in the firm’s Orlando office. Together, they will partner with John Lambert, Florida Retail Market Lead for JLL, and Justin Greider, VP of JLL, to help investors achieve their asset goals and work with retailers to identify and secure optimal new locations.

Andrew Dieringer was formerly with JLL, before a brief hiatus, and prior to that served as Senior Leasing Associate at Madison Marquette Realty Services. Terrence Hart worked for Forness Properties as VP of Leasing and Sales, focusing on a portfolio of 15 retail centers throughout Florida.

Brandon Delanois previously worked for UCF Convocation Corporation as the Director of Development and Promotions where he was responsible for reviewing the financial viability of prospective tenants and providing a complementary tenant mix.

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REAL ESTATE

Halpern Enterprises breaks ground on multi-use development

BY Katherine Boccaccio

Smyrna, Ga. — A groundbreaking ceremony has officially launched construction on Belmont, a 48-acre mixed-use development that will feature restaurants, retail shops, single-family homes and luxury rental apartments on the site of the former Belmont Hills Shopping Center in Smyrna, Georgia.

The development will include a 153-home single-family residential subdivision by David Weekley Homes; a 274-unit luxury apartment community by Wood Partners; and a 47,593-sq.-ft. neighborhood retail center, which developer Halpern Enterprises will build.

The site is already the location of Smyrna Elementary School, which has more than 900 students and opened last year. It once featured Belmont Hills Shopping Center, a well-known shopping destination in Cobb County. The 480,000-sq.-ft. center, which opened in 1954 and was purchased by Halpern Enterprises in 1967, eventually became functionally obsolete and was leveled two years ago to make way for the new development.

“This location has continued to improve in recent years as high-quality projects have been built throughout Smyrna, spurred on by the city’s investment in its downtown,” said Steve West, Halpern Enterprises’ VP of Development. “And now, the planned Braves development about two miles away will only add to the area’s quality of life for people to live, work and play.”

The housing developments at Belmont, located at the intersection of Windy Hill Road and Atlanta Road, are set to take shape over the coming year.

The neighborhood retail center is slated to have the first spaces completed in the summer of 2015. Halpern expects the spaces to be primarily occupied by local retailers and restaurants that will cater to the surrounding neighborhoods.

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