REAL ESTATE

Westfield to manage new shopping precinct at New York World Trade Center site

BY Staff Writer

Los Angeles — Westfield Group shopping center owner said in a statement that it has agreed in principle to joint-venture with the Port Authority of New York and New Jersey the new retail precinct at the site of the New York World Trade Center.

Westfield, upon completion of the deal, would manage and lease out the retail space expected to open in early 2015.

“After being initially involved in the World Trade Center prior to September 11, 2001, and working with the Port over the past 10 years, we are excited about our partnership to rebuild the World Trade Center retail,” Westfield joint CEO Peter Lowy said in a statement.

“We will be creating a world-class, iconic shopping experience for Lower Manhattan and the City of New York,” he said.

Westfield will invest $612.5 million for a 50% share in the joint venture. Westfield said it could invest up to a further $37.5 million on achieving agreed yield targets.

Plans for the retail premises include about 365,000 sq. ft. of leasable space. A further 90,000 sq. ft. may be added later.

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REAL ESTATE

The Outlet Shoppes at Oklahoma City to open Aug. 5

BY Staff Writer

Chattanooga, Tenn. — CBL & Associates Properties and Horizon Group Properties announced Friday that they will open The Outlet Shoppes at Oklahoma City on Aug. 5, fully leased with 83 stores.

Half the stores are new to Oklahoma City.

The center is scheduled to open to the public with such designer outlets as Nike, Saks Fifth Avenue Off 5th, Polo Ralph Lauren, Brooks Brothers, Guess, Chico’s, Coach, Banana Republic, DKNY, J. Crew, Michael Kors, Tommy Hilfiger, Under Armour, Levi’s and Carters.

The Outlet Shoppes at Oklahoma City is the only outlet center in the state.

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OPERATIONS

Borders to sell name, website

BY Katherine Boccaccio

New York City — According to court papers filed with the U.S. Bankruptcy Court in Manhattan, Borders Group is planning to auction off its intellectual property, including the Borders brand name and the Borders.com website, in a move that will enable the brand to live on after liquidation in a limited fashion.

The Sept. 14 auction, which will sell off the logo, trademarks, website, customer lists and other intellectual property, is expected to draw millions of dollars worth of offers.

A bankruptcy judge is slated to rule on the proposed auction on Aug. 10.

The team of liquidators is led by Gordon Brothers Group and Hilco Merchant Resources, who have a Nov. 13 deadline to empty the stores of all merchandise and fixtures.

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