REAL ESTATE

J.Crew Mercantile to open first-to-market store in Charlotte, N.C.

BY Melonie Messina

Charlotte, N.C. — EDENS announced that J.Crew Mercantile will be joining Park Road Shopping Center located in Charlotte, North Carolina. This location will be the first in the Charlotte market and is expected to open in early 2016.

J.Crew launched J.Crew Mercantile earlier this year, featuring a collection of value-driven merchandise with the brand's classic signature style.

"We have instituted a number of changes over the past few years at Park Road and brought in a number of new names in dining and retail," said Lyle Darnall, managing director for EDENS. "Partnering with J.Crew Mercantile is an important step toward bringing in more national retailers for Park Road and the entire Charlotte market."

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Tanger closes on sale of five centers

BY CSA STAFF

Tanger Factory Outlet Centers has closed on the sale of five non-core outlet centers for a total cash sales price of $150.7 million.

The five properties sold are located in Barstow, California; Kittery, Maine (two properties); Tuscola, Illinois; and West Branch, Michigan.

“These centers have an average age of approximately 24 years, compared to our remaining portfolio average of 16 years. Because of the potential upcoming capital expenditures necessary to enhance these centers, as well as changes within each market, we no longer felt these assets could produce the growth in long-term internal cash flow and tenant sales that we are expecting within our core portfolio. While the Barstow center is performing at a very high level today, it was an outlier in our portfolio given its relatively small size and exceptionally high reliance on foreign tourism," said Steven B. Tanger, president and CEO.

Tanger Factory Outlet Centers is a publicly traded REIT headquartered in Greensboro, North Carolina, that presently operates and owns, or has an ownership interest in, a portfolio of 42 upscale outlet shopping centers in 21 states coast to coast and in Canada, totaling approximately 14.1 million square feet leased to over 3,000 stores.

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SuperTarget previews updated look

BY Marianne Wilson
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Target is showing off an updated look at its redone store in Minnetonka, Minnesota.

The remodeled SuperTarget is serving as a testing ground such overall store updates as bolder, more playful signage, and new displays and for new concepts in the grocery area.

The chain is also putting the spotlight on its “Made to Matter — Handpicked by Target” collection of healthy-living brands, with more prominent signs on the ends of aisles.

In addition, the retailer is cross-merchandising and displaying products in more intuitive ways, adding a special display of coffee makers, for example, directly in the coffee aisle.

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