REAL ESTATE

Pine Tree Commercial Realty acquires South Pasadena Shopping Center

BY Katherine Boccaccio

Tampa, Fla.Northbrook, Illinois-based Pine Tree Commercial Realty, LLC announced that it has acquired South Pasadena Shopping Center, a grocery-anchored community shopping center located in South Pasadena (Tampa), Florida, for $21.1 million.

The recent acquisition is Pine Tree’s 73rd and brings the company’s current portfolio to 3.5 million sq. ft. in 15 states.

Anchored by Walmart Neighborhood Market, Bealls Outlet and CVS Pharmacy, the 166,000-sq.-ft. shopping center is situated on the waterfront at the southeast corner of Gulfport Blvd South and Pasadena Ave South. The center is surrounded by mid-rise residential, single family residential, and marinas leading to the Gulf of Mexico. Acquisition financing was provided by One West Bank.

“We are currently focusing on markets in the Southeastern United States,” says Todd Zinsmaster, executive VP of acquisitions & development at Pine Tree Commercial Realty. “This grocery-anchored shopping center fits our acquisition criteria for its desirable location as well as its position as the only multi-tenant shopping center within the immediate trade area.”

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REAL ESTATE

GBT Realty adds tenants to Middletown Commons

BY Katherine Boccaccio

Louisville, Ky. —Brentwood, Tennessee-based GBT Realty Corp. announced an expanded tenant line-up that brings a Louisville, Kentucky, regional shopping center to over 90% leased.

Middletown Commons will see its first tenants opening in November; construction is currently underway.

“With exceptional visibility from and accessibility to major transportation routes, Middletown Commons is ideally situated to be a part of Louisville’s retail boom,” said George Tomlin, president and CEO of GBT Realty.

Nestled amongst a rapidly expanding residential community and PGA’s notable Valhalla Golf Club, Middletown Commons adds Academy Sports + Outdoors, Five Below, Rue 21, AT&T and Avalon Nails to its soft and hard goods and services line-up.

Chipotle, The Comfy Cow, Firehouse Subs, Boombozz Pizza and Taphouse, Blaze Pizza and Tazikis Mediterranean Café also join Chick-Fil-A and Texas Roadhouse to bring additional dining options to this 240,000-sq.-ft. neighborhood center. Previously announced tenants include: Hobby Lobby, Ross Dress for Less, Liquor Barn and Rack Room Shoes.

An additional 6,200 sq. ft. of small-shop space along Shelbyville Road (US Highway 60) and 3,200 sq. ft. of inline space adjacent to BoomBozz, is available. One outparcel is currently available adjacent to Chick-Fil-A at the ingress/egress access point on Shelbyville Road.

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MOBILITY

Forrester: 90% of mobile users are “purchase holdouts”

BY Marianne Wilson

New York Ninety percent of mobile phone users and 80% of tablet users are still “purchase holdouts” and have not made a purchase on these respective devices in the past three months, according to a Forrester survey of more than 4,000 respondents.

Some 53% of holdouts cite that they avoid "checking out" on mobile devices simply because they are either used to buying, or find it easier to buy, on a PC.

So how can brands convince holdouts to embrace buying on their mobile device? By providing the services and information the customer wants exactly when they're looking to make a purchase on their mobile device—in the mobile moment, according to Forrester.

To get there, Forrester argues firms should forget conventional wisdom and embrace responsive web design (RWD) as a perfect fit for most transactional scenarios. In fact, 63% of eBusiness professionals rank RWD as a technology investment priority for this year, compared with 40% in 2013.

"Starting an RWD project by rebuilding the most complex part of your site may not be intuitive, but RWD is a great way to develop touchpoint-optimized experiences while maintaining the consistency of complex web processes," writes Forres.

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