New tenants head to East Peoria’s Levee District
Peoria, Ill. — Called The Levee District, the 86-acre new downtown going up in East Peoria, Ill., will include 500,000 sq. ft. of retail and restaurant space as well as office, hotel and civic components.
Four new retailers recently inked leases for space in The Levee District.
Construction is well underway on a 10,400-sq.-ft. space next to Gordmans to be occupied by Shoe Dept Encore. The new store plans to open in the spring of 2014.
Lane Bryant will occupy 5,000 sq. ft. on the other side of Gordmans. Site construction is underway and plans call for a late spring 2014 opening.
Diva Nails will soon join GNC and Jersey Mike’s in the multi-tenant building on W. Washington Street. Diva will occupy 1,135 sq. ft.
McDonald’s will open a new location on Spinder Drive during the summer of 2014. The restaurant will occupy 1.24 acres.
Trademark and Zapolski form JV to redo Napa Center
Fort Worth, Texas — Trademark Property Co. and Zapolski Real Estate LLC have announced a joint venture to lead the $25 million redevelopment, now underway, of Napa Center, a 153,000-sq.-ft. retail and hospitality district in the heart of downtown Napa, Calif.
Slated to open in the fall of 2015, the redevelopment envisions a pedestrian-oriented urban environment featuring more than 40 retailers and restaurants and ARCHER Napa, the previously announced, four-star luxury hotel to be developed and operated by LodgeWorks Partners. Plans call for the hotel to open in late 2015.
“Most comparable U.S. tourist markets have large fashion and specialty shopping venues, with Napa being a notable exception,” said Tommy Miller, managing director and chief investment officer for Trademark. “Our project will deliver the critical mass of upscale shopping and dining that the Napa Valley very much wants and will capture a significant portion of resident retail sales currently leaving the market, as well as unmet tourist demand.”
Devonshire buys Great Lakes in Mentor, Ohio
Whitehouse, Ohio — Devonshire REIT has announced the closing of its acquisition of the Great Lakes Plaza shopping center in Mentor, Ohio, a suburb of Cleveland. Michaels and hhgregg co-anchor the center, which is 100% leased.
Devonshire bought the 81,349-sq.-ft. center from Simon Property Group for $8 million. Goldman Sachs Mortgage Company provided financing.