Fashion Outlets of Chicago gets green light to expand
Macerich will soon be contacting potential retail tenants to fill an additional 225,000 sq. ft. of space proposed for the Fashion Outlets of Chicago in Rosemont. The new GLA would increase the size of the center by 50%.
Officials of the town near O’Hare Airport approved the expansion, which would entail demolishing the Rosemont Theatre, a 4,200-seat venue that was hailed as a “first-rate arts center” by the Chicago Tribune when it opened in 1995, featuring Barry Manilow on opening night.
“They have the green light,” Rosemont Mayor Brad Stephens told the Tribune. “They have to give us a year’s notice before they start construction so we can wind down the theater. We’ve got certain salvage rights to property inside the theater before it gets demolished.”
Stephens added that the redevelopment agreement with Rosemont was essentially a “glorified letter of intent” allowing Macerich to gauge interest from prospective new tenants.
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Yetter re-joins CBRE in San Diego
Joe Yetter, a player in the San Diego retail real estate market for three decades, has returned to the CBRE office there where he started in 1986.
Yetter had been with Cushman & Wakefield’s in the city, specializing in leasing, investments and land acquisition in San Diego and Imperial counties. He has completed some 1,100 transactions with an aggregate consideration exceeding $600 million and was named a “Power Broker” by CoStar five times.
“Joe Yetter’s strong retail background, leasing expertise, and in-depth retail knowledge of the San Diego market will make him a great addition to our firm,” said CBRE-San Diego executive managing director John Frager.
GBT expands project on Florida’s West Coast
GBT Realty Corp. announced a further 58,000-sq.-ft. addition to the center it has under redevelopment in Port Charlotte, Fla.
About half of that space will accommodate a Lucky’s Market at Port Charlotte Marketplace, situated on the West Coast between Naples and Sarasota, an area prime for expansion of national retail brands, according to GBT.
“The demand for premium space along Tamiami Trail is insatiable,” said GBT director of leasing Fraser Schaufele, who called the Port Charlotte Marketplace site “some of the most sought-after dirt in Charlotte County.”
Currently exceeding 166,000 sq. ft., the center incorporates a Burlington (40,000 sq. ft.), a HomeGoods (20,000 sq. ft.), and a 7,500-sq.-ft. national shoe store inside a former Kmart building.