Saks to move Cincinnati store to Kenwood Collection
Cincinnati — Saks Fifth Avenue has signed a letter of intent to relocate its downtown Cincinnati store to The Kenwood Collection, which Phillips Edison & Co. is transforming from a regional destination to a super-regional destination that will draw shoppers from three states.
According to the letter of intent, Saks will lease 80,000 sq. ft. of retail space over two levels of a building that fronts I-71. Plans call for the store to open in the spring of 2016.
Phillips Edison & Co. said that The Kenwood Collection is located within 90 minutes of more than five million people with $15.5 billion in spending power.
Phillips Edison & Co.’s Strategic Investment Fund purchased The Kenwood Collection, formerly Kenwood Towne Place, in July 2012 from a banking group led by Bank of America. Adjacent to Kenwood Towne Centre in the northern Cincinnati suburbs, The Kenwood Collection consists of 300,000 sq. ft. of upscale retail and 200,000 sq. ft. of Class A office space.
Silverspot Cinema signs into University Mall
Chapel Hill, N.C. — Silverspot has signed a lease for a 52,500-sq.-ft. movie theater at University Mall in Orange County, N.C. Four new boutiques, a high end sporting goods store and a new fine dining option have also signed leases recently.
The new tenants are part of a redevelopment plan being carried out by owner Madison Marquette.
Silverspot at University Mall, a theater and casual dining concept, will be the fifth U.S. location for the company, a division of Cines Unidos, one of the largest theater companies in South America.
Other new tenants include William Travis Jewelers and TrySports, which are now open, and Fine Feathers and Peacock Alley, slated to open later this year. Plaza Azteca, a full-service Mexican restaurant, and Kidzu Children’s Museum will join the line-up in 2014. Silverspot will follow in early 2015.
Barnett Capital sells The Shoppes at Prime Village
Chicago — Barnett Capital has sold The Shoppes at Prime Village in Schaumburg, Ill., to Integris Ventures for approximately $7.25 million, according to CBRE, which represented Barnett in the transaction.
The acquisition is the first for Integris Ventures in the Chicago area.
Built in 2008, the 38,313-sq.-ft. center is anchored by Aldi. Other tenants include Chicago Prime Steakhouse and Culvers.
Barnett Capital originally purchased the loan on the property from TCF Bank and brought the property out of foreclosure. CBRE came on board to lease and manage the center for Barnett after the loan purchase. At the time of the sale, the center was 100% occupied.