Pine Tree announces expansion, new leases
Northbrook, Ill. Pine Tree Commercial Realty has announced a completed expansion and new retail leases for shopping centers it develops and manages in Colorado and California.
In Westminster, Colo., a suburb of Denver, Pine Tree recently completed construction of 32,200 sq. ft. of new retail space at the Shops at Walnut Creek, a 410,860-sq.-ft. shopping center that the firm acquired in partnership with Newport, Calif.-based Buchanan Street Partners when the center was nearing completion in 2007.
New retailers that opened in April in the expanded space include Dollar Tree, Famous Footwear and Pacific Dental. The center is anchored by TJ Maxx, HomeGoods, OfficeMax, PetSmart, Golf Galaxy and shadow-anchored by a separately owned Super Target.
In San Ramon, Calif., on San Francisco’s East Bay, Pine Tree signed two new leases to Gateway Center, a 110,440-sq.-ft. community center it co-owns and leases/manages for a state pension fund being advised by Henderson Global Investors of London. The new leases include Papa John’s Pizza for 1,069 sq. ft. and Medifast Weight Control Centers for 918 sq. ft.
Office Depot unveils new format
Albuquerque, N.M. Office Depot unveiled on Tuesday its remodeled store in the Towne Park Plaza Shopping Center in Albuquerque, N.M., according to the New Mexico Business Weekly.
Office Depot converted its Duke City flagship to its M2 retail format where products are grouped in strategically located “pods,” with core supplies at the outer perimeter of the store. Furniture and technology have been moved to the store’s center to better support consultant sales. Bold signage, updated colors and new flooring are part of the package.
Company officials did not release the cost of the remodel.
ICSC announces “hot retailer” winners
Las Vegas The International Council of Shopping Centers revealed its four 2009 “Hot Retailer” award winners, at its RECon event in Las Vegas.
The annual award recognizes innovative retail concepts that are appearing in shopping centers around the world.
“ICSC is pleased to announce and award its ‘Hot Retailer Award’ to retailers that have worked hard to create products and services that drive customers to shopping centers around the world,” said Michael P. Kercheval, ICSC’s president and CEO. “These four retailers create exciting and interesting shopping experiences that contribute to the success of the shopping centers that have these stores as tenants.”
This year’s Hot Retailer awards went to Blue Jeans Bar; Edward Beiner — Purveyor of Fine Eyewear; Fashionlogy; and OrangeCup.
Blues Jean Bar, with stores in San Francisco, Santa Monica, San Jose, Dallas, Denver and Chicago, repeats the neighborhood pub concept, featuring bars and barstools tended by “jean-tenders” who help customers find the perfect pair of jeans.
Edward Beiner is a Miami-based eyewear designer and retailer of celebrated brands and has nine locations in Florida.
Fashionology’s single store in Beverly Hills targets tweens, offering an interactive retail experience where tween girls can design and make their own clothes and accessories.
OrangeCup, founded by a group of University of Texas graduates, serves frozen yogurt in an environmentally sound and eco-friendly operation.