REAL ESTATE

New retail center to be developed in prime San Francisco district

BY CSA STAFF

Dallas — The Carlyle Group and Cypress Equities announced plans to develop a 250,000-sq.-ft., multi-level retail center on Market Street in the popular shopping district of San Francisco.

The one-acre site, formerly known as CityPlace, will be rebranded Market Street Place. The project is fully entitled, groundbreaking is slated for the fall of 2012 and the grand opening is scheduled for the first quarter of 2015.

The six-level urban redevelopment project will feature an exterior facade of translucent glass, up to 270 ft. of frontage, as well as ceiling heights up to 18 ft. and large floor plates of up to 45,000 sq. ft.

Cypress will develop the project and Carlyle is the lead equity partner. SRS Real Estate Partners will serve as the retail leasing representative for Market Street Place.

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REAL ESTATE

Crosland Southeast expands project management team

BY Staff Writer

Charlotte, N.C. — Crosland Southeast announced two key hires as part of the expansion of the developer’s project management team.

Barry James has been named senior VP project management, and Mark Hebard has been named project manager.

James is charged with oversight of all design, development and construction for the company’s projects. Hebard will focus on additional single-tenant assignments and will oversee day-to-day construction of Stonebridge, a redevelopment of the former 1 million-sq.-ft. Cloverleaf Mall in Richmond, Va., anchored by Kroger’s largest store in the Southeast.

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REAL ESTATE

Neiman Marcus confirms shuttering of Minneapolis store

BY Katherine Boccaccio

Dallas — Neiman Marcus Group on Monday confirmed earlier reports that it would close its Nicollet Mall store in Minneapolis.

The 118,000-sq.-ft. store, open since 1991, has not achieved minimum company objectives and will be closed in July 2013, said Neiman Marcus.

The company said it doesn’t plan to relocate the store in Minneapolis.

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