REAL ESTATE

Urban Retail acquires Indian Wells Crossing

BY CSA STAFF

Chicago Urban Retail Properties said Tuesday it has formed a joint venture with Miles Crossing Retail on the acquisition of Indian Wells Crossing.

The mixed-use ground-up development on about 18 acres in Indian Wells, Calif. is slated to open in fall 2011.

The purchase of Indian Wells Crossing is Urban Retail’s third acquisition in two years, and its most recent ground-up project since the grand opening of Branson Landing in Branson, Mo.

Urban’s other recent acquisitions include Oakland Mall in Troy, Mich., and Manhattan Town Center in Manhattan, Kan.

Miles Crossing Retail, LLC is an entity controlled by real estate developer Jerry Fogelson of Chicago and architect Michael Kiner of the Kiner Group in Palm Springs, Calif.

 

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REAL ESTATE

New tenants to open at La Palmera

BY CSA STAFF

Corpus Christi, Texas Trademark Property, owner of La Palmera shopping center in Corpus Christi, Texas, said Thursday that a lineup of new tenants will be opening at the 1.02-million-sq.-ft. mall.

P.F. Chang’s China Bistro, Grimaldi’s Coal Brick-Oven Pizzeria and Charming Charlie will open in spring 2010, with Vans, Verizon Wireless, MTV Nails, Sarku Japan, Subway, Coffee Beanery, H.J. Smoothies & Creamery and Pretzel Maker opening this fall.

Also opening this fall will be the new 1,100-sq.-ft. community room, according to Trademark Property founding partner Terry Montesi.

“With the renovations underway, La Palmera continues to evolve into a first-class regional shopping destination,” said Montesi. “Additions such as P.F. Chang’s, Grimaldi’s, Vans and Charming Charlie are examples of the strong response to the new La Palmera as a desired location, about which we are quite pleased considering the difficult retail climate.”

The $50 million renovation is currently in the works, including the new La Palmera Cafes food court, children’s play area and expanded retail space, will begin opening this fall.

Since acquiring the mall in July 2008, 53,808 sq. ft. of space has been in play; 12 new deals (26,405 sq. ft.) have been signed including the Dallas Cowboys Pro Shop, which opened in June. An additional 16 stores have relocated or remodeled (27,403 sq. ft.) including Spencer’s, Footaction USA, Sunglass Hut, MasterCuts, EyeMasters, Kay Jewelers and Gordon’s Jewelers.

Several new restaurants and retailers will line the new outdoor Lifestyle Court, which will serve as the new main entrance, currently under construction and opening this fall.

Department stores Macy’s and Dillard’s are renovating, and J.C. Penney will launch its renovation — complete with an in-store Sephora — 2010.

 

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REAL ESTATE

Groundbreaking slated for Livonia Marketplace

BY CSA STAFF

Livonia, Mich. Livonia Phoenix LLC, an entity consisting of real estate companies Grand/Sakwa Properties, Lormax Stern Development and Konover South, said Monday it has scheduled the groundbreaking for the new Livonia Marketplace retail center.

The former Livonia Mall site is set to be transformed into a state-of-the-art open-air retail center, anchored by Wal-Mart and featuring more than 325,000 sq. ft. of retail space.

The groundbreaking ceremony is set for Aug. 27 at 11 a.m. in Livonia.

Livonia Marketplace will include a new Wal-Mart Supercenter accompanied by five additional multi-tenant buildings. Set on more than 40 acres, the project will feature architectural amenities with plentiful landscaping, designed to be harmonious with the area’s surroundings.

Wal-Mart construction is scheduled to start later this year, with all work set to finish in 12 to 18 months.

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