Simon breaks ground on Chicago Premium Outlets expansion
Aurora, Ill. — Simon has launched construction of its expansion of Chicago Premium Outlets, adding 50 new stores, including Saks Fifth Avenue Off 5th, and including a comprehensive renovation of the Chicagoland center.
The multi-million dollar project will expand the outlet center by almost two-thirds, for a future total of more than 170 stores. Among the new retailers slated to open in late spring 2015 will be Saks Fifth Avenue Off 5th, which will join the center’s current list of designer and name brands, including Adidas, Coach, Gap Outlet, Kate Spade New York, Levi’s, Michael Kors, Polo Ralph Lauren, Theory, Vera Bradley and more.
Also announced were anticipated third-quarter 2014 openings of ASICS Outlet, The Disney Store, Hartmann Luggage, Loft Outlet and Tumi within the existing center.
Expansion plans also include amenities such as fire pits, art installations, a pond, and the addition of approximately 1,900 parking spaces. The new stores will occupy 45 acres on a vacant industrial site just east of the current Chicago Premium Outlets at Farnsworth Avenue and Bilter Road.
Simon also announced a complete renovation to the existing center, which serves as the anchor for value shopping in the Chicago region. Enhanced landscaping and newly paved sidewalks, upgraded seating and lounge areas, improved lighting, a fresh new paint color scheme, and updates to the center’s food offerings are all planned. The project will also include additional investment in the adjacent wetlands initiative.
“The expansion of Chicago Premium Outlets represents one of the largest expansions that Simon has planned to date,” said Mark Silvestri, COO, Simon Premium Outlets.
In addition to providing approximately 300 construction jobs, an estimated 500 full- and part-time workers will be employed by Chicago Premium Outlets’ new stores.
DDR announces grand opening of Seabrook Commons
Beachwood, Ohio — DDR announced the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, a northern suburb of the Boston MSA.
The 380,000-sq.-ft. power center is 96% leased, anchored by Walmart, Dick’s Sporting Goods, PetSmart, Michaels, ULTA, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company.
DDR will host a public event to commemorate the grand opening with municipal leaders and tenants on August 12.
"We are very pleased to officially open our first ground-up development project for 2014,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Consistent with our strategic initiative, Seabrook Commons enables us to assist the external growth aspirations of our retail partners, monetize another portion of our development land bank and achieve an 8% unlevered return on incremental invested capital."
Seabrook Commons features a trade area population of 251,000 people, an average household income of $90,000, and is located at the first exit north of the Massachusetts-New Hampshire border on Interstate 95.
Inland Real Estate Income Trust acquires Dogwood Festival Shopping Center
Flowood, Miss. — Inland Real Estate Income Trust, Inc. has purchased the 187,610-square-foot Dogwood Festival Shopping Center located in Flowood, Mississippi, approximately 10 miles northeast of Jackson, Mississippi.
Constructed in 2002, the center is 97.8% leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse, Hibbett Sports and several other national tenants. The property is shadow-anchored by Belk, an upscale department store, which was not acquired.