REAL ESTATE

Regal Cinemas comes to Celebration Pointe in Florida

BY Dan Berthiaume

Gainesville, Fla. – Regal Entertainment Group (NYSE:RGC) will open a 10-screen reserved-seating luxury theater at Celebration Pointe, a 225-acre, mixed-use regional development located in Gainesville, Florida. Celebration Pointe partner Ralph Conti made the announcement.

The theater will include king-sized reclining chairs, a full bar with adjacent lounge seating, and the Regal Crown Club to reward frequent customers. Members can access their card through their mobile device by downloading the Regal Movies app. Users can program their favorite theater, gather movie information, select showtimes and purchase tickets.

The $200 million, 1 million-sq.-ft. Celebration Pointe will feature a mix of approximately 400,000-sq. ft. of entertainment, outlet retail and restaurants uses. Anchored by Bass Pro Shops and Regal Theatre, the project will also contain approximately 350,000 sq. ft. of Class-A office space including the new home of transportation software provider Info Tech and a new 137-room Hotel Indigo. When completed, the project will contain a mix of approximately 1,000 first-to-market residential units.

Site clearing began in August 2014 and public infrastructure work commenced in April 2015. Phase I of Celebration Pointe is slated to open in fall 2016.

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REAL ESTATE

Ikea to test new ‘pick-up-point’ store format in Canada as part of global pilot

BY Marianne Wilson

Burlington, Ontario — Ikea is thinking small in Canada. Ikea Canada is testing a new concept, a “pick-up-point” store, in London, Ontario, and Quebec City. The two locations, slated to open in late 2015, will allow customers who have shopped online or at an Ikea store some distance away to pick up their products closer to where they live. Customers will also be able to buy services to support their purchases, sit at a computer station to browse the retailer’s web site, and also select among 99 of the company’s top-selling products available for immediate takeaway.

In addition, the locations will feature a home furnishing inspiration as well as stations to support customers with their planning process.

The pick-up store concept is part of an Ikea pilot for secondary markets where it currently has no stores, and where customers often must drive long distances or have their items shipped to their homes. The home furnishings giant currently has pick-up stores in Spain and Greece, with one due to open in Thailand this summer.

Ikea, which currently has 12 stores across Canada, said it sees a great growth potential in opening pick-up-points in markets where there are currently no stores.

"The ambition is to make Ikea more accessible to the many Canadians." said Stefan Sjöstrand, president, Ikea Canada. "The Pick-Up-Points allow Ikea to expand quickly into markets that have been identified as having potential, resulting in consumers having easier access to our products."

The new stores will feature Ikea’s signature blue and yellow signage. But they will be vastly smaller. Ikea Canada’s stores average about 323,000 sq. ft. By comparison, the new pick-up stores will average 20,000 sq. ft. to 40,000 sq. ft.

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REAL ESTATE

Simon Property opens expansion of Las Vegas North Premium Outlets

BY Staff Writer

Las Vegas — Simon Property Group, a global leader in retail real estate, announced that it has opened a 25-store expansion of Las Vegas North Premium Outlets.

The center is now one of the largest in the country with 175 stores. The expansion features designer and name brands, including Neiman Marcus Last Call Studio, Saks Fifth Avenue Off 5th, AG Adriano Goldschmied, AllSaints, Bally, Canali, Catimini, CH Carolina Herrera, Citizen, Helmut Lang, John Varvatos, Rag & Bone, Under Armour, and Vera Bradley.

The Cheesecake Factory is also opening in the expansion area of Las Vegas North Premium Outlets with an 8,200-sq.-ft. restaurant that will augment the already significant food offerings available at the property.

In addition to stores and restaurants, the expansion also includes amenities that positively impact the shopping experience. The center's two parking garages, including the newly completed 782-space parking garage, featuring Park Assist, a technology that helps motorists know the number and location of available spaces. The center now totals 685,000 sq. ft. and is 100% leased.

Phases one and two have also been renovated as well with new paint, additional landscaping, renovation to the lounge areas, and new carts and kiosks providing an enhanced look and feel to the existing center.

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