REAL ESTATE

Napa Center is transforming downtown Napa, Calif.

BY Michael Fickes

Fort Worth, Texas and Napa, Calif. — A joint venture of Trademark Property Co. and Zapolski Real Estate LLC, the $30 million Napa Center transformation started in September 2013 with upgrades to common areas. Changes include new energy-efficient roofing, paint and façade upgrades, new architectural elements, expanded and updated walkways, new seating areas, landscaping, ambient lighting and signage.

The 153,000-sq.-ft. Napa Center will also showcase specialty features and public art by local craftspeople and artists, curated to highlight Napa Valley’s rich cultural heritage.

As Phase I approaches completion this summer, pre-leasing is ramping up. The new Napa Center will offer fashion, specialty shops, restaurants and the Archer Napa, a 186-room four-star boutique hotel to be developed and operated by LodgeWorks Partners, scheduled to open in late 2015.

Once completed, Napa Center will offer more than 40 retailers and restaurants in the heart of downtown Napa.

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REAL ESTATE

DSW to open new store in Ponce, Puerto Rico

BY Michael Fickes

Columbus, Ohio — DSW Inc., Designer Shoe Warehouse has announced the opening of a new store in Ponce, Puerto Rico, on April 10. As of April 10, DSW will operate 407 stores in 43 states, the District of Columbia and Puerto Rico.

DSW also operates an e-commerce site at DSW.com. In addition, the company supplies footwear to 357 leased locations in the United States under the Affiliated Business Group.

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REAL ESTATE

Cypress Equities buys Alabama mixed-use center

BY Michael Fickes

DallasCypress Equities has acquired Brookwood Village, a mixed-use development in the affluent Mountain Brook area of Birmingham, Ala. A fund managed by Cypress’s real estate investment management group carried out the transaction.

The 816,000-sq.-ft. center consists of a 604,000-sq.-ft., two-level enclosed mall, a 41,900-sq.-ft. grocery-anchored retail component and a nine-story 170,000-sq.-ft. Class A office building.

Macy’s, Belk and Books-A-Million anchors the retail portion of the project. Top inline brands include Banana Republic, Brookstone, Jos. A. Bank, Loft, Victoria’s Secret and Z Gallerie. In addition, leading branded footwear and accessories retailer DSW Designer Shoe Warehouse opened an 18,000-sq.-ft. location at Brookwood Village adjacent to The Fresh Market on March 13. The office building is 98% leased and features widely recognized tenants including Kinder Morgan, Merrill Lynch and PWC.

Historically, Cypress has developed and acquired more than 17 million square feet and currently is developing and managing a portfolio of more than 9.4 million sq. ft. of retail, office, residential and automotive real estate. Today, there are five Cypress Equities offices throughout the U.S., including Dallas (headquarters), New York, San Francisco, Atlanta and Fort Lauderdale.

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