REAL ESTATE

Settlers Ridge launches construction of Phase II

BY CSA STAFF

Robinson Township, Pa. Chattanooga, Tenn.-based CBL & Associates Properties announced the commencement of construction for the second phase of Settlers Ridge, a 500,000-sq.-ft. regional open-air center in metropolitan Pittsburgh (Robinson Township), Pa.

The 78,000-sq.-ft. expansion will be anchored by Ross Dress for Less and Michaels, as well as a junior anchor retailer and 18,000 sq. ft. of stores and restaurants.

The second phase of Settlers Ridge is expected to begin opening in spring 2011.

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REAL ESTATE

Von Maur to launch new retail format

BY CSA STAFF

Davenport, Iowa Von Maur has announced plans to launch a mall-based specialty concept for young women. The first store is scheduled to open this fall at Westfield Fox Valley in Aurora, Ill., under the nameplate “Dry Goods.”

The name and design of the store were inspired by Von Maur’s heritage as a dry goods store established in 1872 in downtown Davenport. Although the 4,200-sq.-ft. space will have a vintage, turn-of-the-century aesthetic, the merchandise will feature a constant flow of fashion-forward clothing and accessories targeted at young-adult females.

The company intends to open additional Dry Goods stores within the next year. Future locations will be concentrated in Midwest based shopping centers that are not already anchored by Von Maur. The retailer’s goal is to eventually expand the chain beyond the Midwest and develop a national presence.

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REAL ESTATE

RED Development acquires Woodbury Shopping Center

BY CSA STAFF

Phoenix Phoenix and Kansas City, Mo.-based RED Development said it has acquired Woodbury Lakes Shopping Center through a joint venture with an institutional partner.

The project, in Woodbury, Minn., was originally co-developed by RED. According to the company, RED and Opus Northwest built Woodbury Lakes for about $70 million in 2005 and then sold it to Hartford, Conn.-based Cornerstone Real Estate Advisors for $99 million in early 2006. When the property was recently returned to the lender, RED reacquired the open-air lifestyle center.

“This is the type of asset that exactly fits our new acquisition initiative,” said Dan Weber, principal for RED Development. “It’s a well-located core retail property with a diverse roster of quality tenants and significant upside via leasing and re-merchandising.”

The transaction is RED Development’s first acquisition as part of a new strategy to acquire completed or nearly completed core shopping centers that are either distressed or require a more hands-on approach to operations. RED Development said it will continue with its more traditional business model of ground-up development, but will take advantage of distressed opportunities in the marketplace, either as an equity owner or third-party developer/manager.

The center will be managed by RED Development’s property management division, RED Asset Management.

Woodbury Lakes is a nearly 400,000-sq.-ft. lifestyle center tenanted by H&M, Trader Joe’s, Michaels, DSW, Ann Taylor, Banana Republic, and Coldwater Creek.

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