DEVELOPMENT/REDEVELOPMENT

Chain Store Age’s “Fastest-Growing Acquirer” for 2016 continues to be hard at it in 2017.   Phillips Edison has purchased Sierra Del Oro Towne Center in Corona, California, about midway between Los Angeles and Palm Springs, for $28.6 million, it was announced this week.  

One of the nation’s largest outdoor markets is making room for some brick-and-mortar retail.   Berryessa Properties, a family-owned company that runs the San Jose Flea Market has sold a 6.5-acre parcel adjoining the open-air bazaar to Western National Group. The Irvine, California-based company plans to erect an apartment building with 560 residences in the space, including 37,000 sq. ft. of ground-floor retail in the fifth phase of its Market Park San Jose property.  

Camping World Holdings has given an update on its plans for Gander Mountain.   Camping World, which acquired the assets of Gander Mountain and boating division Overton's in a bankruptcy auction in May, said it plans to operate 57 locations — assuming details can be worked out with landlords and final acceptable leases agreed to. Liquidation sales started in May at all 160 Gander stores.   

The nation’s fastest-growing planned community keeps speeding along.   The Tavistock development, which already has 12,000 permanent residents, will add another thousand visitors a week thanks to a KPMG training facility that broke ground this week. In addition, the $400 million facility will house an employee staff of 330.  

The J.C. Penney store in Edina, Minnesota, with little movement in the aisles is about to see a lot more action.    Simon has announced that the 120,000-sq.-ft. space at its Southdale Center will close and be replaced by a Life Time ‘athletic resort.’ The company runs 123 centers in the U.S. promoting healthy eating and exercise regimens. Centers are one-stop fitness shops offering tennis, swimming, basketball, and yoga along with weight loss and nutrition education.  

Six blocks of manufacturing operations, auto body shops, art galleries in Denver are about to be redeveloped and outfitted with the fitting Renaissance-like name of Giambrocco.   The co-venture of Tributary Real Estate and Charles Street Partners is an extension of the wildly popular RiNo District and will include 500,000-sq.-ft. of office space, 350 market-rate and affordable apartments, art studios, and retail “strategically located in hot spots,” according to a press release.  

In reaction to changes that have transpired in the adjoining East Cambridge and Kendall Square neighborhoods since it debuted in 1990, CambridgeSide Galleria outside of Boston is undergoing a $30 million makeover.   Owner New England Development calls it a “repositioning” that will see the “Galleria” tag dropped from the title of the center, one of the first regional enclosed malls erected in an urban setting. It is the centerpiece of a 1.2-million-sq.-ft. mixed-use project that includes office space and a hotel.

The vacated Whispering Pines Mobile Home Park in North Attleboro, Massachusetts, will be filled with retail by a local developer building centers large and small along the Rhode Island border.   The still nameless project makes the fifth center that Johnston, Rhode Island-based Carpionato Group has under development in the area. They range in size from 53,000 sq. ft. of GLA at the Shoppes at Mayfaire in Attleboro to 830,000 sq. ft. at the Stonehill Marketplace power center in Johnston.