Taubman Asia reconfirmed a joint venture between Taubman and Beijing Wangfujing Department Store Co. Ltd., one of China’s largest department store chains. The joint venture will own and manage a 1.46-million-sq.-ft. shopping center in Zhengzhou, China. Maple Real Estate Development Co. will own a minority interest in the property.
The center is currently under construction and is scheduled to open by the second quarter of 2015. Wangfujing Department Store will anchor the property, along with a supermarket, a movie theater, children’s play area and a mix of local and international retail brands.
This is the second retail joint venture between Taubman and Wangfujing. The first was a retail project in Xi’an, China.
“We are excited to confirm our second retail project in China with Wangfujing, not long after the announcement of our first project in Xi’an,” said Taubman Asia President Rene Tremblay in a statement. “The project in Zhengzhou signifies our commitment to the Chinese market and our long-term partnership with Wangfujing.”
Jones Lang LaSalle Appointed Leasing Agent for Centers in San Marcos, Escondido
Regency Centers, World Premier Investments and United American Properties appointed Jones Lang LaSalle as leasing agent for Grand Plaza and Nordahl Marketplace in San Marcos, Calif. and El Norte Parkway Plaza in Escondido, Calif.
Grand Plaza contains 356,600 sq. ft. of space. Tenants at the property include Nordstrom Rack, Bed, Bath & Beyond, Sport Chalet, Marshalls, Petco and Sprouts Farmers Market. A partnership of World Premier Investments and United American Properties owns the center. NewMark Merrill Cos. manages the property.
Nordahl Marketplace contains 512,860 sq. ft. of space. Walmart, Kohl’s and Guitar Center anchor the asset, which is owned by World Premier Investments and United American Properties and managed by NewMark Merrill.
El Norte Parkway Plaza contains 90,550 sq. ft. of space. Regency Centers owns and manages the center. Collectively, the properties are 95 percent occupied.
Bryan Cunningham and David Thomas will handle these assignments on behalf of Jones Lang LaSalle.
“San Diego’s retail vacancy rate is low compared to the national average, and delivery of new space is limited,” said Cunningham in a statement. “On a micro level, finding the right mix of tenants for these centers will be important for maintaining their places in their communities as go-to, diverse retail destinations with great occupancy levels. We will focus on retail, service and restaurant tenants to generate daily traffic and create a dynamic shopping experience.”
In an unrelated announcement, Jones Lang LaSalle hired Clay Smith as executive vice president and Mark Newman as senior vice president with its retail tenant brokerage services team in Dallas. Smith has 32 years of experience in retail real estate. In the past, he held leadership positions with The Staubach Co. and SRS Partners, in addition to running his own firm. Newman has 30 years of experience in the industry. Previously, he served as executive vice president with SRS Real Estate Partners.
Cassidy Turley to Manage Cosner’s Corner in Virginia
GLL Real Estate Partners appointed Cassidy Turley as property manager for Cosner’s Corner, a 185,000-sq.-ft. shopping center in Fredericksburg, Va.
Thomas Updike and Joan McCarty will handle this assignment on behalf of Cassidy Turley.
Screaming Deals, OK Beauty Sign Leases with Brixmor Property Group
Screaming Deals signed a lease with Brixmor Property Group for a 52,244-sq.-ft. store at Glendale Galleria in Glendale, Ariz. Traci Russell, of CBRE, represented the landlord in the transaction;
OK Beauty signed a 15,958-sq.-ft. lease at Brixmor’s Albany Plaza in Albany, Ga. Connie Chung, of First United Realty, represented OK Beauty, in the transaction. Alex Conner represented Brixmor in-house.
Gander Mountain Expands in North Carolina
Gander Mountain signed leases to open a 43,000-sq.-ft. store at Franklin Square III in Gastonia, N.C. and a 30,000-sq.-ft. store at Poplin Place in Monroe, N.C. Charlie Coyne and Mike Lucier, of CBRE, represented Gander Mountain in both transactions.
Other Notable News
Colliers International hired Kyle Matthews as senior vice president, and Aron Cline, Chad Kurz and Jordan Uttal as senior associates. The team will specialize in the sales of retail properties. Matthews previously worked as director in the national retail group of Marcus & Millichap Real Estate Investment Services. Along with Cline, Kurz and Uttal, he completed more than 120 sales transactions valued at over $350 million in revenue.
Irvine Company Retail Properties hired Ken Gillett as senior vice president of operations and Peter Moersch as vice president of neighborhood and community center leasing. Previously, Gillett served as vice president of property management with Macerich. Moersch was a first vice president with CBRE.
Cushman & Wakefield Inc. appointed Jennifer Sofia as associate director and Rachel Pittard as a senior associate of its New Jersey retail team. Previously, Sofia served as an asset manager in the real estate department of Toys ‘R’ Us. Pittard worked as a member of Cushman & Wakefield’s New Jersey industrial team.