REAL ESTATE

  • Report: U.S. mall vacancy rate at 9.4%

    New York City -- Vacancies at U.S. regional shopping malls rose to 9.4% in the third quarter (ended Sept. 30), according to property-research firm Reis, Reuters reported. It represents the highest level since Reis began publishing the data in 2000, and was up from 9.3% in the second quarter.

    Landlords' asking mall rents rose to $38.81 per square foot in the third quarter, up from $38.77 in the previous three months and $38.72 a year earlier, according to Reis.

  • TIAA-CREF and CBL close $1.09-billion JV

    Chattanooga, Tenn. -- TIAA-CREF and CBL & Associates Properties have announced the closing of their $1.09 billion real estate joint venture to invest in market-dominant shopping malls.

    TIAA-CREF has completed its investment in four of CBL’s market-dominant shopping malls: Oak Park Mall in Kansas City, Kan.; West County Center in St. Louis; CoolSprings Galleria in Nashville; and Pearland Town Center in Pearland, Texas.

  • Save-A-Lot to anchor Cleveland redevelopment

    Cleveland -- CenterMark Development LLC announced that Save-A-Lot Food Stores, along with the Ohio debut of discount apparel retailer Forman Mills, will anchor The Shops at Garrett Square. The 65,000-sq.-ft. project is the first phase of a neighborhood revitalization plan envisioned by city officials seven years ago, and plans call for subsequent development of up to two more retail outlots targeting much‐needed retail uses.

  • Designer Jean-Michel Cazabat opens first U.S. retail store

    New York City -- Footwear designer Jean-Michel Cazabat said he will open his first U.S. store on Oct. 8 in New York City's West Village.

  • Grocer Winn-Dixie aggressively remodels and expands

    Tampa, Fla. -- Regional grocer Winn-Dixie said it is working hard to change a tarnished image.

    The chain, fresh out of bankruptcy, is in the throes of rolling out its previously announced remodeling, expansion and new development plan that involves an investment of about $100 million.

    In Sarasota, Fla., a remodeled store will feature such upgraded features as a café with free Wi-Fi, an imported wine and craft beer section, a sushi bar, pizza bar and several stations where chefs prepare hot dinners for shoppers on the go.

  • DDR and Walmart team to open, expand four stores

    Beachwood, Ohio -- DDR Corp. announced Friday plans to redevelop four shopping centers by adding two new Walmart stores in Florida and expanding two existing stores in Ohio and Puerto Rico.

    "These projects will deliver desired growth opportunities to the world's most successful retailer and further strengthen DDR's relationship with its largest tenant," said Paul Freddo, senior executive VP leasing & development for DDR.

  • CBL and MallMerlin to roll out mobile app

    Chattanooga, Tenn. -- CBL & Associates Properties and MallMerlin, LLC, said Thursday they have launched a MallMerlin smartphone mobile application, available for download at the iTunes store for use exclusively at CBL malls across the nation.

  • Publix opens expanded store at Sarasota Village

    Sarasota, Fla. -- According to Brixmor Property Group, which owns the community shopping center, Publix is expanding from a 36,960-sq.-ft. store, open since 1972, and has redesigned and expanded in conjunction with the redevelopment of the center.

    The opening of the new Publix store marks the completion of the redevelopment at Sarasota Village, which included improvements to the building façade for the retailers surrounding Publix, along with new landscaping, lighting, and an improved parking field.
     

  • Brixmor names senior leasing and redevelopment executive

    New York City -- Brixmor Property Group announced Tuesday a series of corporate and regional enhancements to its leasing and redevelopment capabilities as it re-focuses on growing portfolio occupancy, strengthening retailer relationships and ramping-up redevelopment efforts.

    Timothy J. Bruce has been appointed executive VP, leasing and redevelopment and as a member of the company’s Management Committee.  

  • Saks to close downtown Pittsburgh store

    New York City -- Saks Fifth Avenue will close its store in downtown Pittsburgh in 2012, the Pittsburgh Tribune-Review reported. The news follows negotiations between the retailer, the store’s landlord and city officials over funding for renovations to the building.

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