REAL ESTATE

Simon unveils plans to fill five vacated Sears stores

BY Al Urbanski

Food halls, fitness centers, and new shops are destined for emptied Sears spaces at five Simon malls, according to company COO Michael McCarty.

The vacated Sears at Simon’s Brea Mall in Brea, Calif., will be the site of a mini-mixed-use project with residences, restaurants, new retail brands and a three-story, 120,000-sq.-ft. Life Time Athletic center.

Plans for the Sears space at Pittsburgh’s Ross Park Mall include new dining hall, new retailers, restaurants, and entertainment on three levels. Construction is slated to start in early 2019 with completion in the summer of 2020.

At Midland Park Mall in Midland, Texas, the department store’s departure will mean two new restaurants, a remodeled and expanded Dillard’s store, and new-to-market, unnamed large-format retailer. Work is expected to start this spring and complete by summer 2020.

New shops and dining establishments will also fill former Sears spaces at Burlington Mall in Burlington, Mass., and Ocean County Mall in Toms River, N.J.

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Ross Stores signs leases at two Phillips Edison properties

BY Al Urbanski

Phillips Edison & Company, one of the nation’s largest owners and operators of grocery-anchored centers, will be adding value-fashion and home goods stores at two of its centers in Illinois.

Ross Stores has signed leases for a 30,110-sq.-ft. Ross Dress for Less location at Fresh Market Shopping Center in Normal and a 20,475-sq.-ft. dd’s Discount store at Burbank Plaza in Burbank.

“These deals help enhance our mission to provide the local communities we serve with a diverse mix of retail brands that meet their needs,” said PECO VP of redevelopment Greg Clough.

Fresh Market Shopping Center features 176,230 sq. ft. of retail space and is located in a heavily traveled corridor between U.S. Route 55 and Illinois State Highway 9. The shopping center also includes Michael’s, Petco, Office Depot, and Bed Bath & Beyond.

The 99,453 sq. ft. Burbank Plaza is anchored by Jewel-Osco and recently added a 6,000-sq.-ft. building housing Firehouse Subs and Rita’s Italian Ice.

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Hudson Yards erects West’s highest outdoor observation deck

BY Al Urbanski

Construction has begun on an outdoor observation deck that will jut out 65 ft. from 30 Hudson Yards in Manhattan at an elevation of 1,000 ft. According to Related Companies, developers of the luxe new neighborhood near the Javits Center, the attraction will be the highest outdoor human aerie in the Western Hemisphere and the fifth highest in the world.

“The Hudson Yards Observation Deck will serve as the new focal point for the west side skyline…whether you’re interested in a cocktail, a celebratory dinner, or just want to see what the city looks like from 1,000 feet up in the sky,” said Related Companies president L. Jay Cross.

The deck, which features a 10,000-sq.-ft. restaurant, bar, and event space run by the hospitality group Rhubarb, is scheduled to open in late 2019.

Hudson Yards will add more than 18 million sq. ft. of mixed-use GLA to the West Side, including more than 100 stores. Neiman Marcus will open its first New York City store there.

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