Rappaport and Principal form JV partnership to acquire Mid-Atlantic assets
Washington, D.C. — The Rappaport Cos. and Principal Real Estate Investors announced a joint venture to acquire retail assets throughout the Mid-Atlantic region.
The program launched with the recapitalization of approximately 1 million sq. ft. of retail space in four retail centers located in Northern Virginia.
"The synergies and capacities of TRC and Principal Real Estate Investors will enable the partnership to aggressively acquire, develop, lease and manage quality retail assets across the risk spectrum," said Patti Earnest, managing director of PRC and a member of the team advising TRC in the transaction.
Rappaport will provide property management, leasing, marketing and renovation/construction management services for centers the partnership acquires or develops.
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Cullinan grand-opens The Levee District
Peoria, Ill. — Cullinan Properties announced it has officially opened its Levee District at East Peoria Downtown, in Peoria, Ill.
Joining anchor stores Costco, Target, Gordmans, ULTA Beauty and Ross Dress for Less at the shopping center are Red Robin Gourmet Burgers and Potbelly Sandwich Shop, both slated to open this summer.
GNC will open a new store on May 8 at The Levee District, which encompasses over 86 acres that will include 500,000 sq. ft. of retail and restaurant space, as well as office, hotel and civic components.
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Marble Slab Creamery set to open first Pakistan store
Atlanta — Global Franchise Group announced Tuesday a master franchise agreement with Western Brands PVT for the opening of the first Marble Slab Creamery locations in the country of Pakistan.
The deal calls for the development of 10 Marble Slab Creamery stores in Pakistan over a 10-year period, with the 5,000 sq. ft. flagship store opening up in the major city of Lahore, Pakistan.
Marble Slab Creamery is managed by GFG Management, a subsidiary of Global Franchise Group.