REAL ESTATE

Pinecrest, Orange Village, Ohio

BY CSA STAFF

The return of LeBron James and much-anticipated Republican National Convention are not the only good news items about Cleveland, Ohio, and the entire northeast part of the State, home to over 4 million people.

With an unparalleled collection of cultural destinations in the Midwest (Playhouse Square live theater collection – the largest outside NYC), Cleveland Orchestra, Cleveland Museum of Art, Rock and Roll Hall of Fame, and a new aquarium, national sports teams, world-class hospitals (Cleveland Clinic among others), and a growing list of national-caliber restaurants, this 18-county region is the 12th biggest economy in the nation at $170 billion annually and has seen $19 billion in new development in the last five years, including the new Global Center for Health Innovation along with the new Cleveland Convention Center.

Only 25 minutes from downtown Cleveland on the east side of the metro is a collection of successful upscale shopping centers (combined at 1.8 million sq. ft.) to which will be added the 440,000 sq.-ft. retail portion of the Pinecrest mixed-use development, at Interstate 271 and Harvard Road, as a jewel that not only accesses Ohio’s wealthiest residential customers, but a thriving office market that is second in size only to downtown, and medical, hotel, food and other services that are expanding at this interchange. The project opens in 2016.

Pinecrest will bring an upscale cinema with wide, plush seating; food and drink at the seat; and a roster of foreign, independent, and cultural films and simulcasts along with commercial films. A new boutique hotel will take advantage of the stores and restaurants within a short walk. Office space will be available in the first phase and condos in the second. Architecture reflects a rustic mountain and prairie aesthetic, and a Town Center will provide a gathering place for events and for the village itself.

Most of the tenants at Pinecrest will be making their regional debut in northeast Ohio (Cleveland, Akron, Canton, Youngstown, etc.). They are responding positively to the combination of an established upscale market with a new retail venue that has the best access, freeway visibility, and parking scheme for such a venue in all of northeast Ohio.


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REAL ESTATE

Fashion Outlets of Niagara Falls USA expansion set to open

BY Katherine Boccaccio

Niagara Falls, N.Y. — Macerich announced that its outlet property Fashion Outlets of Niagara Falls USA will open the doors of its planned expansion on Oct. 23. The new expansion delivers nearly 175,000 sq. ft. and opens with 35 new tenants, and more to come in 2015.

The outlet center will grow to approximately 700,000 sq. ft. and more than 200 retailers, making Fashion Outlets of Niagara Falls USA one of the largest outlet malls in the country. Anchored by Saks Fifth Avenue Off Fifth, over 75% of the expansion is leased to a mix of new outlet brands that includes Disney, Talbots, Vera Bradley, Forever 21, Kenneth Cole, Steve Madden, Swarovski, White House | Black Market and many others. Current tenants include Kate Spade, Barbour, Michael Kors, J. Crew, Hugo Boss, Brooks Brothers, Cole Haan and many more.

“This significant new expansion of Fashion Outlets of Niagara Falls arrives just in time for the holiday season and further positions this exceptional property as the dominant outlet attraction in the region,” said Randy Brant, executive VP – real estate, Macerich.

Macerich also owns and operates the Fashion Outlets of Chicago, which opened in August 2013. This property features more than 100 designer outlet brands and is located just minutes from O’Hare International Airport.

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REAL ESTATE

JLL continues expansion of Houston retail platform with retail tenant rep add

BY Katherine Boccaccio

Houston — JLL announced it has expanded its retail tenant representation capabilities in Houston with the addition of Matt Parsons. In his new role, Parsons will be responsible for identifying and securing new space for expanding retailers in the market, and will partner with Mark Raines, who joined JLL in July to lead the firm’s Houston retail brokerage practice.



Parsons joins JLL from a competing global commercial real estate brokerage firm where he specialized in retail tenant representation in the greater Houston area. Prior to that, he spent four years as a leasing agent with Phillips Edison & Company.

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