Middlesex Commons undergoing redevelopment
Burlington, Mass. — Columbia, S.C.-based Edens & Avant announced Wednesday details of its redevelopment of Middlesex Commons retail center in Burlington, Mass.
With a relocated and expanded Market Basket, Old Navy and a new Nordstrom Rack and DSW as key anchors, Middlesex Commons has been redesigned to better connect to the local community by offering a more dynamic retail mix and a more personalized shopping environment.
“Middlesex Commons has been an important part of Burlington since the 1970s but we recognized the opportunity to create a more community focused retail experience,” said Sam Judd, VP investments, for Edens & Avant. “In considering our redevelopment options, we wanted Middlesex Commons to look and feel like a natural extension of the surrounding neighborhoods while also creating an approachably elegant and inviting atmosphere where friends and neighbors can relax and reconnect with one another.”
The redevelopment began in 2010, and when complete, Middlesex Commons will have a fresh architectural aesthetic including new storefront facades and lighting, green screening and landscaping, a repaved parking lot, along with pedestrian-friendly walkways and public gathering places.
“Along with a new exterior aesthetic, we’ve also created a new merchandising mix that is now much more reflective of the changing demographics and evolving tastes of the surrounding community,” said Elizabeth Furnelli, VP leasing, for Edens & Avant.
Middlesex Commons will feature several new restaurants and retailers, including Market Basket, which relocated from a previous storefront and has expanded to 100,000 sq. ft.; Nordstrom Rack, which is opening a 38,000-sq.-ft. store on Sept. 8; DSW, which is slated to open a 15,000-sq.-ft. junior anchor store in early 2012; Burlington Wine, which is scheduled to open in September; and restaurants Burtons Grill, Chateau Restaurant and Five Guys.
Regency acquires Calhoun Commons for $21 million
Jacksonville, Fla. — Regency Centers said Tuesday it has closed on the acquisition of Calhoun Commons, a 66,150-sq.-ft. neighborhood shopping center located in Minneapolis and anchored by Whole Foods Market.
The property was purchased in an off-market transaction on July 1 for $21 million from Calhoun Commons Shopping Center Limited Partnership, a subsidiary of Doran Cos. and the original developer of the property.
Built in 1999, Calhoun Commons is a Class A shopping center anchored by a 49,471-sq.-ft. Whole Foods Market, along with national retailers such as Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry’s and Noodles & Co. According to Regency, the fully leased center produces strong retail sales and high historical occupancy with more than 94% of the gross leasable area occupied by first-generation tenants.
With the acquisition of Calhoun Commons, Regency owns four retail centers in the Minneapolis market and has a fifth under contract. Regency’s Minneapolis portfolio totals more than 550,000 sq. ft.
Present Value Properties names VP
Tustin, Calif. — Real estate brokerage firm Present Value Properties said Tuesday that Britt Nelson has joined the company as VP.
Previously founder and president of NewCity Development, Nelson was responsible for site selection, acquisition, and procurement of development projects. Other responsibilities included coordination of the overall development teams and municipal relations.
Nelson will be working with existing Present Value Properties’ clients including Pizza Hut and Menchie’s Frozen Yogurt franchisees.