Watt Properties appointed Coreland Cos. as a property manager for a 1.2-million-sq.-ft. retail portfolio located across Southern California. The portfolio encompasses 12 centers in Orange, Los Angeles and Riverside counties.
The centers include 149,328-sq.-ft. Alicia Towne Plaza in Mission Viejo; 145,143-sq.-ft. Edinger Plaza in Huntington Beach, 116,371-sq.-ft. Norwalk Plaza in Norwalk; 112,441-sq.-ft. Canyon Village Plaza in Anaheim; 106,140-sq.-ft. Anaheim Towne Center in Anaheim; 92,891-sq.-ft. La Habra Towne Center in La Habra; 79,979-sq.-ft. Landmark Plaza in Huntington Beach, 59,650-sq.-ft. Magnolia Plaza in Fountain Valley; 175,364-sq.-ft. Santa Fe Springs in Whittier; 72,647-sq.-ft. Van Nuys in Van Nuys; 24,468-sq.-ft. La Verne Center in La Verne and 53,484-sq.-ft. Riverside Towne Center in Riverside.
“We have been very impressed with how quickly Coreland Companies was able to focus on the portfolio and address key issues,” said Allison Lynch, vice president of asset management with Watt Cos. in a statement. “The transition has been seamless.”
Phoenix Commercial Advisors to Handle Leasing for Metrocenter
Carlyle Development Group appointed Phoenix Commercial Advisors as the exclusive retail leasing agent for Metrocenter, a 1.3-million-sq.-ft. regional mall in Phoenix. In addition, the company appointed Brent Meszaros as general manager and Anita Blackford as senior vice president of leasing for the property.
Metrocenter was completed in 1973. Macy’s, Sears and Dillard’s Clearance Center anchor the property. In-line tenants include Aeropostale, Victoria’s Secret, Charlotte Ruse and Finish Line, among others. Carlyle Development Group bought the center out of receivership. The company plans to redevelop and reposition the property.
Shea Properties to Complete Collection at RiverPark by Year-End 2012
Shea Properties will complete construction on The Collection at RiverPark, a 600,000-sq.-ft. open-air center in West Ventura County, Calif. by the end of this year. Target, Whole Foods Market, REI and Century Theatres will anchor the property. In addition, the developer signed new leases with Starbucks Coffee, Menchies Frozen Yogurt, Five Guys Burgers and Fries, Panera Bread, Massage Envy and Color Me Mine to open stores at the center.
Joint Venture Will Develop Shopping Center for San Jose
A joint venture of PCCP LLC and Hunter Storm Properties will develop Village Oaks, a 320,000-sq.-ft. retail center in San Jose, Calif. The joint venture plans to start the project in the fourth quarter of 2012. Completion is scheduled for the fourth quarter of 2013.
Outlet Center Planned in Anchorage
Dimond Center LLC will develop The Outlets of Alaska at Dimond Center, a 150,000-sq.-ft., outlet addition to an existing 750,000-sq.-ft. retail hub in Anchorage, Alaska. Opening is scheduled for the fall of 2013.
Little Rock’s Historic Department Store Building to Become Mixed-Use Site
Doyle Rogers Co. and Moses Tucker Real Estate will redevelop a former Blass Department Stores building at 317 Main St. in Little Rock, Ark. and an adjacent annex building into a $20 million mixed-use facility. When completed, the project will include 100,000 sq. ft. of class-A office space, ground-floor retail and a residential component.
Construction is scheduled to begin in June of this year, with completion planned for mid-2013. The Blass Department Stores building was completed in 1906 and is listed in the National Register of Historic Places.
Dick’s Sporting Goods to Open at DDR Centers in Utah
Dick’s Sporting Goods signed leases with DDR Corp. for stores at The Family Center at Orem and at The Family Center at Fort Union in Utah. The retailer will open a 54,000-sq.-ft. location at The Family Center at Orem and a 49,000-sq.-ft. location at The Family Center at Fort Union in the fall of 2012. Both stores will replace former F.Y.E. spaces.
DSW Expands in New York City
DSW Inc. opened a 33,000-sq.-ft. store on 34th Street and signed a lease for a 32,000-sq.-ft. store at 79th Street and Broadway in New York City. The retailer plans to open the Upper West Side store in early summer of 2012.
Neiman Marcus Opens at Walnut Creek’s Broadway Plaza
Neiman Marcus opened an 86,000-sq.-ft. store at Broadway Plaza in Walnut Creek, Calif. The Macerich Co. owns the property.
Target First Store to Open at Maryland’s Waugh Chapel Towne Centre
Target will open a new store at Waugh Chapel Towne Centre in Gambrills, Md. When completed, the $275 million, 1.2-million-sq.-ft. open-air center will also feature Wegmans, Dick’s Sporting Goods, Petco, Panera Bread and Old Navy. The development will contain 650,000 sq. ft. of retail space and 130,000 sq. ft. of class-A office space.
Multiple New Leases Done at Centers in Orlando
Action Paintball of Orlando signed a lease for 20,000 sq. ft. of indoor space, plus half an acre of land at International Festival in Orlando, Fla. In addition, Bismillah Restaurant and Market signed a lease for 9,700 sq. ft. of space and Moto X Bike signed a lease for 2,100 sq. ft. of space at the center. CREC represented the landlord in the transactions.
Studio One Fitness signed a 6,535-sq.-ft. lease, Club Asylum a 6,000-sq.-ft. lease, and Junior’s Café and Boost Mobile 1,400-sq.-ft. leases for space at Waterbridge Downs Shopping Center in Orlando. CREC represented the landlord in the transactions.
Other Notable News
Forever 21 will open an expanded, 20,000-sq.-ft. store at Discover Mills in Lawrenceville, Ga. this summer. The relocation will more than triple Forever 21’s current space at the property.
Several new retailers opened stores at NewPark Mall in Newark, Calif. The new leases include Three Kings, which took a 1,550-sq.-ft. location, Focus, which took a 2,349-sq.-ft. space, Sprouts, which opened a 1,880-sq.-ft. store and The Humidor, which took 1,297 sq. ft. of space at the property.
Marcus & Millichap Real Estate Investment Services appointed Brandon Michaels as senior director in its national retail group. Michaels has been with Marcus & Millichap since July 2004.
Present Value Properties Inc. hired Annette Kolb as director of real estate. In her new position, Kolb will be responsible for lease extensions/renegotiations, new leases and relocations for national retailers. She has more than 15 years of experience in retail real estate. Previously, she worked as a real estate manager with JC Penney and Wal-Mart.
Newmark Knight Frank Retail promoted Ross Kaplan to senior managing director, Benjamin S. Birnbaum to managing director, Trever Gallina to director, and Kate Cohen, Hymie M. Dweck and Kenji Ota to associate directors. Kaplan previously held the position of managing director. His clients have included CVS Pharmacy, Balducci's and Aerosoles, among others. Birnbaum used to serve as director. He currently represents The Empire Hotel Group, Brause Realty Corp., SL Green Realty Corp. and Walter & Samuels Inc. Gallina was previously an associate director. He specializes in landlord and tenant representation, new construction and market analysis. Cohen, Dweck and Ota have all held associate positions with the firm.
RKF promoted Richard Gelber to managing director and Caleb Petersen, Brian Segall and Greg Covey to senior directors in its New York office. Previously, Gelber held the position of senior director. He has represented clients including Citibank, McDonald’s, Jenny Craig International and Cohen’s Fashion Optical. Petersen formerly served as director. He specializes in advising fashion and lifestyle retailers on real estate strategies. Segall, who was also previously a director, specializes in retail leasing and investment in urban markets. Covey specializes in landlord and tenant representation. He has been with RKF since 2007.
SRS Real Estate Partners appointed Todd Wallace and Robert O’Farrell as co-market leaders for the firm’s Houston office. Wallace and O’Farrell will focus on an aggressive growth strategy and building the office’s retail brokerage team. They already lead SRS’ offices in Austin and San Antonio.
CBRE hired Russell Bornstein as senior vice president. In his new position, Bornstein will be responsible for landlord and tenant representation in South Florida. He has more than 26 years of experience in commercial real estate. In the past, he represented clients including Blockbuster Video, Outback Steakhouse, Dollar General and Boston Market.
Venable LLP hired Gina Adams Zentz as counsel in its Baltimore office. Previously, she worked at Gallagher Evellus & Jones LLP. Zentz specializes in structured finance, project finance, mezzanine finance, restructurings and distressed asset financings.