DDR Corp. will launch Set Up Shop, a program designed to incubate new concepts and support the expansion of locally-owned businesses.
The program will initially launch at 24 Atlanta-area shopping centers. Participants will receive flexible lease terms designed to limit some of the barriers associated with starting a business. DDR has also partnered with SCORE, a national non-profit dedicated to educating entrepreneurs, to serve as a resource guide for its new tenants.
The program will allow DDR to reduce asset level expenses, increase recovery rates and turn vacant space into revenue-generating stores.
“The first few months of a new business venture are critical to long-term success,” said Paul Freddo, senior executive vice president of leasing and development with DDR, in a statement. “Considering how critical small business growth will be to sustainable economic recovery, DDR intends to evaluate the success of the Atlanta initiative and consider expansion of Set Up Shop in other markets throughout 2012.”
JC Penney to Take Anchor Position at Windsor Square in Charlotte
JC Penney signed a lease with Sterling Org. for an 87,000-sq.-ft. store at Windsor Square Shopping Center in Charlotte, N.Y. JC Penney will serve as one of the anchors for the center, along with Sam’s Club, Kohl’s, Ross Dress for Less and Office Depot. Opening is scheduled for November 2012.
In a separate transaction, JC Penney signed an agreement with PREIT to relocate and expand its anchor store at North Hanover Mall in Hanover, Pa. from 30,000 sq. ft. to 83,000 sq. ft. In conjunction with the relocation, PREIT will install new flooring and energy efficient lighting and update mall entrances. The project is scheduled to be completed by October 2012.
Sabre Real Estate Appointed as Marketing, Leasing Agent for Barnum Landing in New York
Barnum Land Development LLC appointed Sabre Real Estate Group LLC as the exclusive leasing and marketing agent for the under-construction Barnum Landing Shopping Center in Island Park, N.Y. When completed, the center will contain more than 85,000 sq. ft. of space. A King Kullen Supermarket will anchor the property.
Stop & Shop to Open New Store in Staten Island
Stop & Shop Supermarket Co. signed a lease with the Kalikow Group for a 60,000-sq.-ft. store at Expressway Plaza in Staten Island, N.Y. Howard Seidenfeld, of Global Realty Services LLC, is the exclusive leasing agent for the property.
American Freight Furniture Takes Over Ethan Allen Space in Indiana Town
American Freight Furniture signed a lease with Ethan Allen to occupy its 31,050-sq.-ft. store at 8000 Broadway St. in Merrillville, Ind. Joe Parrott, of CBRE, represented Ethan Allen in the transaction. The tenant represented itself.
Brixmor, Tuesday Morning Sign a Lease at Kentucky Property
Tuesday Morning signed a lease with Brixmor Property Group for a 12,840-sq.-ft. store at Florence Plaza in Florence, Ky. Richard Herman, of Capital Real Estate Advisors, represented the tenant in the transaction. Tony Michalak served as an in-house representative for Brixmor.
Other Notable News
SRS Real Estate Partners negotiated four new leases at Kings Crossing Shopping Center in Fairfield, Conn. on behalf of owner Summit Development. The leases included a 10,604-sq.-ft. store for Petco, a 4,167-sq.-ft. location for Chase Bank, a 2,275-sq.-ft. Chipotle Mexican Grill and a 2,225-sq.-ft. Five Guys Burgers and Fries. Christa Minogue and Patrick A. Smith, of SRS, negotiated these transactions. SRS also opened a new office in San Antonio, Texas. The company hired Keith McRee and Ty West as vice presidents in the new office. McRee has more than 12 years of experience in commercial real estate. Previously, he worked as vice president with NAI REOC San Antonio. West has more than 10 years of experience. Prior to joining SRS, he was also a vice president at NAI REOC.
CBRE Inc. hired Louis G. Christopher as vice chairman. In his new position, he will focus on tenant representation on a local, national and global level. Prior to joining CBRE, Christopher served as chairman of the tenant advisory group with Cushman & Wakefield.
Lowe Enterprises Investors hired William M. Cockrum IV as senior vice president in charge of marketing and capital raising efforts. In his new position, he will develop and maintain client and consultant relationships and assist with the development of new investment products and strategies. Prior to joining Lowe Enterprises, Cockrum held senior positions with Barrow Street Capital and Merrill Lynch.
Colliers International Atlanta hired Kevin Troy as senior vice president. In his new position, he will focus on loan origination for office, industrial, apartment and retail properties. Previously, Troy worked for CBRE’s investment banking division.
NAI Capital hired Marc Piron as senior vice president specializing in retail investments. Piron has more than 25 years of experience in commercial real estate.
The Robin Group promoted Yoav Sarraf to vice president and director of retail brokerage services. Sarraf specializes in retail and office leasing and investment sales. Prior to joining The Robin Group in 2008, he worked as director of acquisitions with Brighton Holdings.
Whitestone REIT hired Todd King as director of leasing for its Texas/Illinois Central division and Daniel Kovacevic as director of leasing for its Arizona Southwest division. Previously, King worked for Vantex CPG/Vantage Cos., Opus West Corp. and Equity Office Properties. Prior to joining Whitestone, Kovacevic served as partner with Mitroff Group Ltd.