REAL ESTATE

Redeveloped Florida center reaches capacity

BY Jennifer Setteducato

Branch Properties announced that its Island Walk at Palm Coast in Florida is now 100% leased following a $40 million redevelopment.

Prior to the re-do, the 200,000 sq. ft. center had minimal visibility from Palm Coast Parkway. It now features an open concept and a new façade. Publix added 56,000 sq. ft. to its supermarket there, and two outparcels were added for Chase Bank and IHOP.

“We pursued unique concepts such as Painting with a Twist and Big Frog custom T-shirts, along with regionally based Metro Diner, to create the unique vibe,” said Kelly Pulignano of The Shopping Center Group, which handled leasing at the center.

Publix, Hobby Lobby, Petco, and Tuesday Morning anchor Island Walk. Other tenants include Starbucks Great Clips, Leslie’s Pool Supplies, and West Marine.

PT Solutions Physical Therapy signing of a lease for a 2,444-sq.-ft. space made Island Walk 100% occupied.

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Von Maur still growing

BY Marianne Wilson

Von Maur Department Store, 145 years young, is expanding its footprint in Illinois.

The retailer announced plans to open a 130,000-sq.-ft. store at Orland Square in Orland Park, Ill. The location, scheduled to open fall 2019, will be the company’s seventh in Illinois. It will feature Von Maur’s signature open floor plan and contemporary residential ambiance and aesthetics.

The upcoming store continues to build upon the family-owned company’s targeted national growth strategy. Von Maur plans to open its second Minnesota location next month, along with its third location in Michigan, in fall 2019.

“We are thrilled to expand our presence in Illinois, especially at one of the premier shopping destinations in the Chicago suburbs,” said Jim von Maur, president of Von Maur, which operates 33 stores in 15 states. “Orland Square’s convenient location and high-volume of shoppers makes this a fantastic fit for Von Maur. We look forward to continuing to deliver our superior customer service, unparalleled shopping experience and high-quality merchandise to customers for years to come.”

Orland Square is a Simon property.

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Belk opens third Maryland location at Valley Mall

BY Al Urbanski

In the three years since New York-based Sycamore Partners bought the Belk department store chain from the Belk family, the new owner focused on cuts. It trimmed staff by 200 members at chain headquarters in Charlotte and closed poor-performing stores, including one in Atlanta’s affluent Buckhead neighborhood.

But Sycamore is also aggressively seeking new markets for the 130-year-old retail brand, and this week opened its third Maryland location at Valley Mall in Hagerstown. Belk operates more than 200 stores, largely in North Carolina, Virginia, and West Virginia.

“The opening of Belk at Valley Mall will bring an elevated shopping experience to our customers as we continually refresh and curate a mix of offerings appropriate for today’s consumer,” said Joseph Coradino, CEO of PREIT, which owns the Hagerstown center.

Sycamore is pursuing a private label strategy to infuse new revenue into the old chain. It has launched three new brands — Wonderly, Madison, and Lightning bug — to bring the size of its own-brand roster to 14. Valley Mall will be part of its current launch of the Belk Beauty line. Sycamore has also invested some $40 million into store remodels.

Belk is one of several new tenants at the property. Recent additions include Tilt Studio and BJ’s Restaurant and Brewhouse. Later this year, Tilt will be joined by Onelife Fitness in occupying the 118,000 sq. ft. box vacated by Macy’s.

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