REAL ESTATE

Plaza Retail REIT plans six Canadian retail projects

BY Dan Berthiaume

Fredericton, Canada — Plaza Retail REIT plans six new Canadian retail projects: four new re-developments and two new ground-up development projects. Four projects are located in Quebec, one in Atlantic Canada and one in Ontario.

In all, Plaza will be investing approximately $24 million for its share of these six new projects and will add approximately 155,000-sq.-ft. to its portfolio of retail properties (at Plaza’s ownership percentage). The Ontario project and three Quebec projects are being developed with joint venture partners.

"We are pleased to be able to continue to grow by adding high quality development and re-development projects to our portfolio that are leased to Canada’s best retailers,” said Plaza’s president and CEO Michael Zakuta. “Our ability to develop new high quality projects distinguishes us from most other public real estate entities that are competing to acquire existing or finished properties. Upon completion, these properties will further diversify our asset base and allow us to continue to grow our cash flow and deliver reliable distributions to our unitholders."

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REAL ESTATE

Urban Outfitters set to unveil new concept, Space Ninety 8

BY Marianne Wilson

New York — Urban Outfitters will unveil a new concept, Space Ninety 8, on April 4, in the hip Willliamsburg section of Brooklyn, N.Y.

The five-level space is located in a renovated warehouse and has an industrial look, complete with exposed ceilings and brick walls. The basement will house a rotating series of pop-ups, while the first floor will showcase independent designers and vendors, according to the Village Voice. The first floor will also be home to a vintage shop, called Urban Renewal.

The second and third floors will feature Urban Outfitters’ men’s and women’s collections, along with home goods. The third floor will also feature an East Coast outpost of trendy Los Angeles restaurant Gorbals (by former Top Chef winner Ilan Hall).

The fourth level will feature an outdoor extension of the restaurant and bar space, the report said.

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Herberger’s Clearance Center to open in Maplewood, Minn.

BY Staff Writer

York, Pa. — The Bon-Ton Stores plans to open a 27,000-sq.-ft. Herberger’s Clearance Center in Maplewood, Minn. The store is scheduled to open May 2014.

“We are pleased to announce the opening of our fourth free-standing clearance center,” said Brendan Hoffman, president and CEO.

Bon-Ton Stores operates 270 department stores in 25 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.

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