REAL ESTATE

Woonsocket, R.I. — CVS Caremark has opened a 150,000-sq.-ft. fulfillment center in Mt. Prospect, Ill. It will support the CVS Caremark Pharmacy Benefit Management book of business. The $67 million facility can fill 50 million prescriptions annually. Proprietary technology at the facility automates 90% of the dispensed prescriptions and 80% of the prescriptions packaged for mailing. On-site pharmacists visually check all of the prescriptions.

New York -- CBL & Associates Properties has announced the appointment of A. Larry Chapman to its board of directors.

Chapman is a retired 37-year veteran of Wells Fargo. He most recently served as group head of the bank’s commercial real estate lending business, responsible for the group’s 75 nationally located real estate loan production offices and 1,500 full time employees.

Greenwood Village, Colo. — Red Robin Gourmet Burgers will open its first location in Peoria, Ill., on Sept. 2. To help celebrate the grand opening, Red Robin will donate the new restaurant’s sales of Freckled Lemonade for the first week of operations to Alex’s Lemonade Stand Foundation, a non-profit organization dedicated to finding cures for all kids with cancer.

Pomona, Calif. — The Cal Poly Pomona Foundation plans to open a Shop24 automated convenience store at California State Polytechnic University, Pomona, in September.

The store will serve residents at the University Village, a student housing facility with more than 1,300 residents. Shop24 is a totally automated and refrigerated convenience store designed for 24/7 access.

New York — CBRE Group announced today that Patrick Arangio, co-leader of CBRE’s Capital Markets’ National Loan Sale Advisory Group, has been promoted to vice chairman. The 13-year industry veteran has participated in the advisory and placement of more than $18 billion in loan sales during his career. At age 34, he will become Capital markets’ youngest vice chairman.

In 2012, Arangio earned a spot on The Mortgage Observer’s Top 20 Under 35.

Omaha, Neb. — Westroads Mall has begun work on a major, two-phase renovation and remodeling of the three-level, enclosed, 1.2-million-sq.-ft. super-regional shopping center in Omaha, Neb.

Phase I is underway with mall-wide painting plus interior and exterior LED lighting installation. Phase I will also upgrade the malls energy management system. Plans call for Phase I to finish before the holiday season.

Cincinnati — Phillips Edison-ARC Shopping Center REIT has acquired Paradise Crossing, a 67,470-sq.-ft. shopping center anchored by a Publix grocery store.

Located in Lithia Springs, Ga., a suburb of Atlanta, Paradise Crossing is 93.7% occupied. When combined with the Publix lease, 64% of the rents for the center derive from national tenants.

The acquisition brings the REIT’s portfolio to 50 grocery-anchored properties, with an aggregate portfolio purchase price of approximately $729.6 million.

Los Angeles — Hong Kong is by far the world’s most expensive city for global retailers, but prime rents in New York City, London, Tokyo and Zurich are on the rise, according to research from CBRE Group, Inc.

CBRE’s second quarter 2013 ranking of the top 10 prime global retail markets saw little change relative to previous quarters; however, four of the top 10 markets — New York City, London, Zurich and Tokyo — saw quarterly increases in prime retail rents. Only one market saw a quarterly increase in the first quarter.