REAL ESTATE

Westgate Mall announces more new tenants

BY Al Urbanski

Burlington and Planet Fitness opened new stores this month at Westgate Mall in Brockton, Massachusetts.

In the past year, the regional mall owned by New England Development has drawn a number of new retail tenants, among them Staples, Chipotle, Verizon, and Xfinity.

“With Westgate Mall’s central location and diverse mix of offerings including Market Basket, our center continues to thrive in today’s highly competitive retail environment,” said the mall’s general manager Luciano Villani.

Brockton is located within the Route 95 corridor halfway between Boston and Providence.

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Sprouts opens first Pennsylvania store at Kimco’s Lincoln Square

BY Al Urbanski

Sprouts Farmers Market chose an historic location for its first foray into the Keystone State. Its 32,000-sq.-ft. store opens this week in Philadelphia’s train shed, a stop along 1865’s Abraham Lincoln funeral tour.

Sprouts will serve as the grocery anchor for Kimco’s $150 million Lincoln Square project in Center City, a mixed-use development at the corner of Broad and Washington. It features 322 residential units atop 100,000 sq. ft. of retail plus 50,000 sq. ft. of resident amenities that include a fitness club, outdoor running track, dog run, and green roof.

“With Lincoln Square, we’re not only adding a new and vibrant housing alternative in this high-demand market, but we’re also adding much-needed retail and grocery options,” said Tom Simmons, president of Kimco’s Mid-Atlantic region.

Sprouts will be joined at Lincoln Square by Target, Starbucks, Wine & Spirits Shoppe, Chipotle, and Insomnia Cookies.

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E-coms are gobbling up the biggest U.S. warehouses

BY Al Urbanski

Fifty-six of the 100 largest warehouse leases in the first half of 2018 were signed by e-commerce and third-party logistics companies, according to CBRE.

A new report from the global real estate services company reported that 30 of the leases were for warehouses larger than 750,000 sq. ft., reflecting e-commerce users’ preference for expansive facilities with high ceiling heights and, in many cases, modern specifications for automation and rapid movement of massive inventories.

“The supply chain arms race is as competitive as it’s ever been,” said Adam Mullen, CBRE Americas leader of Industrial & Logistics. “While e-commerce is driving many new leases, there still is a solid diversity of users throughout the top 100 leases.”

The balance of the top 100 warehouse leases were signed by manufacturers (14), food and beverage providers (11), retailers (7), technology companies (4). The remaining eight leases fell into CBRE’s “other” category.

California’s Inland Empire led all U.S. metros in the top 100 with 14 leases. Other hot markets for big leases included Atlanta, Chicago, Pennsylvania’s I-78/I-81 corridor, and Dallas-Fort Worth.

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