Macy’s Inc. will undertake a $400 million, four-year renovation at its flagship Macy’s store at Herald Square in New York City. The project will include a 100,000-sq.-ft. expansion of the store’s sales space to 1.2 million sq. ft.; a new hall for luxury brands, with multiple level shops in the Broadway Building; the creation of a 39,000-sq.-ft. women’s shoes department including a coffee/wine/chocolate bar; the restoration of the first floor “great hall” with new presentations for cosmetics, fragrances and fine jewelry; the integration of casual dining into the Lower Level; new interactive technology distributed throughout the store and a restoration of the store’s exterior, among other things.
Work on the project will begin in early spring of 2012, with completion scheduled for the fall of 2015. The store will remain open throughout the process.
“Our design of the new Macy’s Herald Square reflects how a new generation of customers prefers to shop,” said Macy’s Inc. Chairman, President and CEO Terry J. Lundgren in a statement. “In many cases, product will be organized by lifestyle to help customers create looks and build wardrobes across categories. On every floor and across departments, our shopping environment will be new, fresh, interesting and entertaining.”
Bloomingdale’s to Open at GGP’s Glendale Galleria
Bloomingdale’s signed a lease with General Growth Properties to open a 120,000-sq.-ft. store at Glendale Galleria in Glendale, Calif. The center is scheduled to undergo a major renovation, including upgrades to both interior and exterior of the property. Bloomingdale’s will open an anchor store at Glendale Galleria in the fall of 2013.
“Bloomingdale’s business in Southern California has developed rapidly since we opened our first store in the Los Angeles area in 1996. Glendale Galleria will be our eighth store in the market,” said Bloomingdale’s Chairman and CEO Michael Gould. “Much like Bloomingdale’s stores in Soho and Santa Monica, we expect our assortment and shopping experience in Glendale will be carefully edited for the community and customer.”
In a separate announcement, Forever 21 will open a 100,000-sq.-ft. store at the General Growth-owned Galleria at Tyler in Riverside, Calif. on Nov. 5. The opening celebration will include free gift cards for the first 500 people in line to the store. Other tenants at the center include Nordstrom, Macy’s and JCPenney.
West Oaks Mall to Undergo $24M Redevelopment
Pacific Retail Capital Partners has undertaken a $24 million redevelopment of the West Oaks Mall in Houston. The project includes the construction of a new grand entrance and pedestrian plaza consisting of a 14-screen Edwards Theatre and several restaurants, as well as upgrades to the interior and exterior of the mall. Pacific Retail Capital Partners expects to complete the project over a three-year period, during which the property will remain open.
West Oaks Mall contains 1.07 million sq. ft. of space. The property was opened in 1984.
Coyote Management Launches Marketing Solutions Firm
Coyote Management L.P. formed Coyote Creative, a new marketing solutions company. Coyote Creative will provide marketing solutions for individual companies, regional malls, lifestyle projects and open-air shopping centers. Some of the services offered will include branding, event planning, media placement, public relations, website and social media management, business and marketing plan implementation, leasing material development, merchant programs, retail market share and retail sales analysis.
“We are excited to offer our extensive marketing services to companies outside of our Coyote portfolio,” said Kymberley Scalia, corporate director of marketing for Coyote Management, in a statement. “This company will be perfect for small and large companies that want to start new marketing initiatives or enhance their existing ones. We have been instrumental in creating hundreds of programs over the past 12 years and look forward to growing our services.”
Lee & Associates Merges with Sierra Realty Corp., Opens New York City Office
Lee & Associates announced a merger with Sierra Realty Corp., a New York City-based real estate services firm, forming it first office in New York City under Lee & Associates NYC LLC. The new office will be led by President and CEO James Wacht, Executive Vice President Peter Braus and COO Joel Herskowitz.
“As the largest regional economy in the U.S., New York City has unlimited potential,” said CEO of Lee & Associates Edward J. Indvik in a statement. “New York’s large and growing population and the magnitude of its economic activity translate into unequalled real estate activity. Not only does this move strengthen Lee & Associates’ national presence, it gives us a premier local office in one of the country’s most vital commercial real estate markets.”
Lee & Associates NYC LLC plans to expand its staff in the coming months.
Sperry Van Ness | RealSite Commercial Opens New York City Office
Sperry Van Ness | RealSite Commercial Group, a Baltimore expanded its operations into New York City with the opening of Sperry Van Ness | RealSite Group office on Third Avenue. The firm will provide sales, leasing and consulting services. Anthony Casalen will lead the Group as managing director.
Stirling Properties Forms an Affiliation with the Retail Brokers Network
international commercial real estate network comprising more than 60 affiliate offices throughout the U.S. and Canada. The company will benefit from RBN’s strategically developed specialty councils, which provide a single point-of-contact to professionals within specific areas of expertise.
“The affiliation with the Retail Brokers Network is an important part of our overall growth plan,” said Stirling Properties President and CEO Marty Mayer in a statement. “Through RBN we’ll have the ability to leverage relationships with owners, developers and tenants by working together on a regional and national level with other independent brokers.”
In a separate announcement, Stirling signed lease with two new retailers at its Premier Centre in Covington, La. Buckle will open a 5,000-sq.-ft. store at the center and Coldwater Creek will open a 4,833-sq.-ft. store.
Brixmor Finds Tenants for Five Vacant Borders in its Portfolio
Brixmor Property Group signed leases with four national retailers to occupy former Borders locations at its properties. Dick’s Sporting Goods will take over a 22,648-sq.-ft. store at Esplanade Shopping Center in Oxnard, Calif.; Big Lots will move into a 28,000-sq.-ft. store at Arapahoe Crossings in Aurora, Colo.; and Books-A-Million signed a 22,824-sq.-ft. lease at Waterford Commons in Waterford, Conn. and a 28,146-sq.-ft. lease at Grand Traverse in Traverse, City, Mich. REI will take over a 27,236-sq.-ft. Borders at Devonshire Place in Cary, N.C.
In separate transactions, Hobby Lobby signed a 56,491-sq.-ft. lease at Fairview Corners in Middletown, N.Y.; U.S. Furniture signed a 38,338-sq.-ft. lease at Green Acres in Saginaw, Mich.; 20 Below! Signed a 13,432-sq.-ft. lease at Atlantic Plaza in Satellite Beach, Fla.; and Hibachi Grill & Supreme Buffet signed a 13,800-sq.-ft. lease at Rollins Crossing in Round Lake Beach, Ill.
Henry S. Miller to Handle Maid-Rite Expansion in North Texas
The Lund Family, a Maid-Rite Diner franchisee, appointed Henry S. Miller Brokerage to handle its North Texas expansion plans. The Lund Family plans to open up to 50 new locations throughout the Dallas-Fort Worth and north Texas areas and is looking for spaces ranging between 3,000 and 3,500 sq. ft. Peter Kosely, senior vice president, and Thad Beckner, assistant vice president, will handle this assignment on behalf of Henry S. Miller.
Inserra to Develop New ShopRite Supermarket in Wyckoff, N.J.
Inserra Supermarkets will develop a 62,042-sq.-ft. ShopRite on a 7.6-acre site in Wyckoff, N.J. Inserra leased the site, which houses a 53,500-sq.-ft. vacant distressed supermarket structure, in 2009.
Other Notable News
The Builders and Remodelers Association of Northern New Jersey appointed William Procida as chairman of its banking and finance committee. In his new role, Procida will be responsible for drafting prominent real estate lenders to participate in the committee, with the goal of strengthening the relationship between builders and bankers. Procida currently serves as president of Procida Funding and Advisors.
Sabre Real Estate Group LLC hired Beth Lamport as executive vice president. Sabre has more than 20 years of experience in the industry. Previously, she worked as a director at Breslin Realty.
Boston-Grossman Development Group hired Mark Hebert as vice president of development. In his new position, he will be responsible for oversight of due diligence, design, development and construction of all of the company’s real estate ventures from conception to tenant delivery. Hebert has 18 years of experience in commercial real estate. Previously, he worked at W/S Development.
Menin Development Inc. hired Anthony L. Morrison as chief legal officer, Mel Valiquett as restaurant leasing consultant and Sally Cooney as retail leasing consultant. Morrison previously served as chief legal officer with the Falcone Group. Valiquett served as vice president of restaurant leasing with Simon Property Group and Sally Cooney was a regional vice president with General Growth Properties.
Sabre Real Estate Group hired Stuart Fagen as managing director. Fagen has 17 years of experience in retail real estate. Previously he operated his own retail brokerage company, the Fagen Group.