REAL ESTATE

Cirque du Soleil heading to the mall

BY Marianne Wilson

An entertainment giant is looking to expand its brand with a new concept specifically designed for retail locations.

Cirque du Soleil Entertainment Group will open its first “family entertainment centre” in September 2019, in Toronto, in partnership with real estate firm Ivanhoé Cambridge. Cirque du Soleil said it is in discussions with the Montreal-based developer for additional locations in Canada. It is also in talks with other partners to open outside of Canada.

The new concept, called Creactive, will offer a range of acrobatic, artistic and other Cirque du Soleil-inspired recreational activities, such as bungee jumping, wire and trampolines, mask design, juggling, circus track activities, dance and more. The space will average 24,000 sq. ft.

“Our fans regularly express their wish to experience Cirque du Soleil from an insider’s perspective, to peek behind the curtain and imagine themselves stepping into our artists’ shoes,” said Marie-Josée Lamy, Cirque du Soleil producer of Creative. “With Creactive, we make that possible by inviting families to jump on stage, offering them another way to explore our creativity beyond our live shows.”

Neither Ivanhoe Cambridge or Cirque du Soleil announced in which shopping mall Creactive would open. The real estate company operates several centers in the greater Toronto area, including Vaughan Mills.

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REAL ESTATE

Madison Marquette-PMRG merger confirmed

BY Al Urbanski

The $7 billion merger between Madison Marquette and PMRG is a go, both companies have confirmed.

The two real estate companies — both with major stakes in mixed-use and retail — will be headquartered in Washington, D.C., and maintain a major presence in Houston. Madison Marquette and PMRG have long shared common clients among the top institutional owners and investors. PMRG’s strong foothold in the South, meanwhile, is complementary to Madison’s presence in primary markets on both coasts.

“Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets. Merging operations with PMRG meets that demand,” said Madison Marquette chairman Amer Hammour in a released statement.

No new name has been decided upon for the combined entity, which, like Madison Marquette, will be identified as a Capital Guidance company. It will comprise more than 600 employees working out of 12 offices nationwide.

In business since 1954, PMRG leases, manages, and provides investment and development services across a portfolio of office, industrial, medical, and multi-family space in 17 states. Its holdings are valued at over $2 billion and include a landmark 40-story multi-family development in Houston and the Confluence luxury multi-family tower in Denver.

Madison Marquette manages a national portfolio of premium retail and mixed-use assets on behalf of third-party clients and manages an investment portfolio valued at $5 billion. Its projects include the new District Wharf in the nation’s capital, Seattle’s Pacific Place, and the revitalized District La Brea in Los Angeles.

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Phoenix’s Westgate center sold for $133 million

BY Al Urbanski

Scottsdale-based YAM Properties has purchased the 46-acre Westgate Entertainment District outside of Phoenix, an entertainment magnet that has proximity to University of Phoenix Stadium, the Gila River Arena, and Tanger Outlets.

Sale price was $133 million, according to CBRE’s National Retail Partners-West, which brokered the deal on behalf the both the buyer and seller, The New Westgate, LLC, formed by iStar Properties, Inc. The property, with 533,116 sq. ft. of GLA, went on the market in April.

“It was fantastic to see a local firm committed to excellent projects in Phoenix and surrounding communities prevail in this marketing process,” said CBRE executive VP Philip Voorhees. He described Westgate as a one-of-a-kind property combining internet-resistant income stability and growth from its entertainment, dining, retail, office, and residential components.

Opened in the Phoenix suburb of Glendale in 2006, the Westgate features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters, and Yard House.

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