Forest City Enterprises Inc. promoted Brian Ratner to president of Forest City Texas. In his new position, Ratner will lead the company’s Texas operations from its regional office in Dallas. He previously served as president of East Coast development for Forest City’s commercial group.
In addition, Forest City Development and its partner, Ernest Mahard Jr., signed a memorandum of understanding with the city of Frisco, Texas, for the development of a 320-acre mixed-use center on the southwest corner of Dallas North Tollway and U.S. Highway 380. The project will combine retail, residential, office, entertainment and hospitality space, as well as municipal parks and services.
“We’re very excited to forge a new, public/private partnership with Forest City Development, representing the largest mixed-use project planned for Frisco in the near future,” said Mayor Maher Maso in a statement. “The caliber of this project will serve as an economic catalyst for quality development in the northern part of our city and further enhance Frisco’s ever-growing reputation as a retail and entertainment destination. This venture is the culmination of many years of visioning and hard work. We’re anxious to get started and welcome Forest City to Frisco.”
O’Connor Capital Hires Former GGP Investment Officer
O’Connor Capital Partners hired Joel Bayer as president and COO. In his new position, Bayer will be in charge of new acquisitions and business development, with a primary focus on new investments in the retail sector.
Prior to joining O’Connor Capital, Bayer served as chief investment officer with General Growth Properties. While there, he was responsible for overseeing all mergers and acquisitions, structuring joint ventures, financings, dispositions and strategic planning. He was instrumental in expediting General Growth’s acquisitions of CenterMark Properties, Homart and The Rouse Corp.
“We are delighted to have someone with Joel’s depth of experience in retail join the firm,” said William Q. O’Connor, managing partner of O’Connor Capital, in a statement. “He is a highly respected industry veteran who will be a driving force in O’Connor Capital Partner’s retail expansion.”
Marcus Corp. Developing Fashion Mall in Wisconsin
The Marcus Corp. is developing The Corners of Brookfield, a 460,000-squre-foot open-air fashion mall in Brookfield, Wis. Upscale department store Von Maur will open its first Wisconsin location at the center. The Corners of Brookfield will also incorporate high-end retail stores, restaurants and office space.
“We look forward to anchoring The Corners and are moving ahead with plans to build a 140,00-square-foot store that we expect to open in 2013,” said Jim von Maur, president of Von Maur, in a statement. “The Corners is without question the best location for our entry into Wisconsin. It has all of the key elements that are critical to us in making a major investment in a new store: excellent visibility, accessibility, convenient parking and density of households. We are excited about bringing the very special Von Maur customer experience to The Corners, which will be the most sought-after shopping destination in southeastern Wisconsin.”
Simon to Develop Premium Outlet Center in Phoenix
Simon Property Group reached an agreement with the Gila River Indian Community’s Wild Horse Pass Development Authority to develop Phoenix Premium Outlets in Chandler, Ariz. Phase I of the project will contain 360,000 square feet of space and feature designer stores and upscale brands. Simon plans to start construction on the center in the first quarter of 2012, with opening scheduled for the spring of 2013.
The center will be located adjacent to the Wild Horse Pass Hotel & Casino and will serve the greater Phoenix and Scottsdale areas.
Latitude 39 to Open in Indianapolis
Latitude 39, a luxury entertainment venue, signed a lease with the Broadbent Co., for a 700,000-square-foot facility at the site of the former Clearwater AMC Theater on East 82nd Street in Indianapolis. When completed, the facility will feature a boutique bowling alley, The Sunset 30 Tavern & Grill, a sports theater, a game room, dinner cinema and a Vegas-style live theatre. Renovation of the existing theater will begin this summer, with completion scheduled for January 2012.
Joe Kenney represented the Broadbent Co. in the lease. Duke Addison, of Addison Commercial Real Estate Inc., and Steve Tool, of Tool Commercial Realty, represented the tenant.
Developers Diversified to Redevelop Struggling Assets into Target-Anchored Centers
Developers Diversified Realty Corp. agreed to sell the Terrell Plaza shopping center in San Antonio, Texas and a two-story enclosed mall at Tamarac Square in Denver, Colo. to Target for the construction of two new stores. Developers Diversified Realty will raze the properties and redevelop adjacent retail space at both centers.
The combined gross investment for the two projects is $40 million. Net of land sales and project reimbursements, Developers Diversified’s investment is approximately $20 million. The projects will be funded with retained cash flow and recycled capital from the disposition of non-prime assets.
The company expects its returns to exceed 10 percent.
When redeveloped, Terrell Plaza will contain a 138,000-square-foot Target and 90,000 square feet of value-oriented junior anchor retail space.
Tamarac Square will contain a 135,000-square-foot Target and a renovated 33,000-square-foot convenience center.
“The redevelopment of two non-income producing assets into prime shopping centers is a perfect example of the continued execution of our redevelopment strategy,” said Paul Freddo, senior executive vice president of leasing and development with Developers Diversified, in a statement. “We anticipate many similar projects to commence as we focus on redevelopment as a driver of corporate growth.”
Acadia Realty Shuffles its Accounting Team
Acadia Realty Trust announced that Jon Grisham, senior vice president and chief accounting officer, will become its CFO, effective January 1, 2012. He will replace Michael Nelsen, the current CFO and senior vice president, who will assume the post of senior officer and senior accounting and financial principal.
Grisham joined the firm in 1993 as controller. Over the years, he has played a key role in capital markets transactions, and in overseeing the entire accounting and lease administration functions.
Nelsen has been with Acadia since 2003.
“I want to personally thank Mike Nelsen for his untiring efforts in helping build Acadia into the company it is today,” said Kenneth F. Bernstein, president and CEO of Acadia, in a statement. “He has built an excellent team and I look forward to his continued contribution to Acadia. Jon’s succession is a key indicator of the bench strength at Acadia and is part of the normal progression and maturity in senior management. I have worked with Jon since 1998 when our private company recapitalized Mark Centers. He has played a key role throughout the entire period. I look forward to continuing to work with Jon and view his promotion as extremely well deserved.”
Faris Lee to Market The District at Green Valley Ranch
LNR Partners LLC appointed Faris Lee Investments as the exclusive sales broker for The District at Green Valley Ranch, a 384,107-square-foot retail community center in Green Valley Ranch, Nev. Richard Walter, president, Donald MacLellan, senior managing director, and Rob Moore, senior managing director, will handle this assignment on behalf of Faris Less Investments.
The property is currently in foreclosure and is being marketed as two separate investment offerings. Phase I of The District contains 212,622 square feet of retail and office space. Retail tenants at the property include REI, Pottery Barn, Anthropologie and Lucille’s BBQ, among others.
Phase II contains 171,485 square feet of space and features Whole Foods, the Cheesecake Factory and West Elm, among other stores.
Trademark to Manage the Shops at Saddle Creek
Trademark Property Co. has been appointed as the leasing and managing agent for the Shops at Saddle Creek, a 148,000-square-foot lifestyle center in Germantown, Tenn. Trademark will also evaluate the feasibility of an expansion on land adjacent to the property. The Shops at Saddle Creek was one of the first lifestyle centers developed in the U.S. and features tenants including Apple, Coach, Anthropologie, Banana Republic and Ann Taylor, among others. It opened in 1987.
RHYS Commercial Gets Leasing Assignment for Horizon Commons
RHYS Commercial has been appointed as the exclusive leasing agent for Horizon Commons, a 106,785-square-foot shopping center in Rocky Hill, Conn. Kohl’s and Aldi Food Market serve as anchors for the center. Horizon Commons currently features 60,000 square feet of available space. Michael Weiner and Dominick Musilli will handle this assignment on behalf of RHYS Commercial.
General Growth Signs its First Cabela’s Lease
Cabela’s signed a deal with General Growth Properties for a 58,000-square-foot store at Gateway Mall in Springfield, Ore. The store will be the first Cabela’s in the GGP portfolio and will be located in a former Ashley Furniture Store space. Other retailers at the center include Target, Kohl’s, Sears and Cinemark 17.
In a separate deal, FRESCO World Market signed a deal with General Growth Properties to open a 34,533-square-foot store at Eastridge Mall in San Jose, Calif. The store is scheduled to open in September 2011 in a former Circuit City location. Tenants at Eastridge Mall include JC Penney, Macy’s, Sears, Barnes & Noble, Bed Bath & Beyond and AMC Theatres, among others.
Centro Signs Up DSW, Save-A-Lot as Tenants
Centro Properties Group signed new leases throughout its U.S. portfolio:
DSW signed a lease for a 24,824-square-foot lease at North Haven Crossing in North Haven, Conn. and a 20,000-square-foot store in Manchester, Conn.
Brian Katz, of Katz & Associates Corp., represented DSW in the transactions. Nick Andreadis and Charles Davis served as in-house representatives for Centro.
Save-A-Lot signed a lease for a 16,515-square-foot store at Muscle Shoals Plaza in Muscle Shoals, Ala.
Ray Jones, of Coldwell Banker-Moore Company Realty Inc., represented Save-A-Lot in the transaction. Cathy Mancari represented Centro.
Banquet Hall Arizona signed a lease for an 11,900-square-foot facility at Metro Marketplace in Phoenix. Courtney Brodie represented Centro in the transaction.
In addition, Centro signed smaller leases with Miracle Ear, Charming Charlie, Sport Clips, GameStop, LA Weight Loss, Tutti Fruitti Frozen Yogurt, Clarkson Eye Care, Golden Kitchen, Star Pizza and Pasta, MADRAG, Nail Spa, Brig Frog Custom T-Shirts, Jai-Ho, Silhouette Cleaners, David’s Party Maker, Yogurt Madness, X-treme Salon & Spa and Castillo’s Family Restaurant.
Saks, J.Crew, Under Armour Sign Up at Legends Outlets in Kansas City
Saks Fifth Avenue OFF 5TH, J. Crew Factory House and Under Armour Factory House have signed leases at the Legends Outlets Kansas City in Kansas City, Kan. Saks Fifth Avenue OFF 5 TH will take a 25,000-square-foot space, Under Armour will take a 6,049-square-foot space and J.Crew Factory House will take a 6,026-square-foot space. All three concepts are new to the Kansas market. The retailers will open at the center in the summer of 2011.
Legends Outlets Kansas City is a 1.2-million-square-foot outlet center that was recently repositioned to focus more on upscale outlet fashion brands. OTB Destination LLC was in charge of the project.
Fameco Opens Office in Downtown Philadelphia
Fameco Real Estate opened an office in Center City Philadelphia. Michael Gray, Jackie Balin, Paige Barrow and Eva Redette will move to the new location. The team will focus on expanding high profile leasing assignments. In addition, Fameco partners Jeffrey Cohen, Brandon Famous and Rich Schuch will help oversee the new initiative.
PREIT Works with Non-Retail Tenants in Florida, New Jersey
PREIT welcomed two new tenants at its center in New Jersey and Florida.
The town hall of Voorhees, N.J. relocated to a 24,300-square-foot space at Voorhees Town Center in Voorhees, N.J. PREIT recently redeveloped the two-level mall into a mixed-use center combining offices, luxury residential units and retail.
The National Entrepreneur Center opened a 22,000-square-foot location at Orlando Fashion Square in Orlando, Fla. The facility houses 11 business assistance organizations.
The National Entrepreneur Center opened a 22,000-square-foot location at Orlando Fashion Square in Orlando, Fla. The facility houses 11 business assistance organizations.
Guitar Center signed a deal with Marketplace Mortgage LLC for a 17,174-square-foot store in Emeryville, Calif. Craig Semmelmeyer and Steve Mesita, of Main Street Property Services Inc., represented the landlord in the transaction. James Chung and Patrick McGaughey, of Terranomics, represented the tenant.
Other Notable News
Barnes & Noble signed a lease renewal with Muss Development for a 22,178-square-foot store on Austin Street and 69th Road in Queens, N.Y.
Robert B. Aikens & Associates LLC signed leases with two new tenants at the Village of Rochester Hills, a 375,000-square-foot lifestyle center in Rochester Hills, Mich. Portrait Innovations signed a 2,050-square-foot lease and Flat Top Grill signed a 3,952-square-foot lease.
Kite Realty Group completed new leases at its centers in Florida, Georgia, Illinois, Indiana and Texas, with tenants including Dollar Tree, Edwin Watts Golf, Radio Shack, Florida Gulf Coast Physical Therapy, Loco Froyo, J. Razzo’s, Stacked Pickle, Asia Bistro, Starbucks and Menchie’s Frozen Yogurt.
MulvannyG2 Architecture promoted Brian Fleener to vice president of retail stores development. In his new position, Fleener will lead the development of the firm’s retail stores market sector and design strategy. He previously served as senior principal.
Edens & Avant hired Kerry Cavanaugh as vice president of marketing. In his new position, Cavanaugh will be responsible for brand building and consumer innovation in retail. Prior to joining Edens & Avant, he served as associate director of marketing with the Procter & Gamble Co.
Cushman & Wakefield hired Gary Saykaly as senior director of its Southeast capital markets group. In his new position, Saykaly will serve as the leader of the Southest retail investment sales platform outside of Florida. He has 22 years of experience in the commercial real estate industry. Prior to joining Cushman & Wakefield, he worked at BridgePointe Advisors and NewBridge Retail Advisors, among other firms.
RETS Associates appointed Amy St. Denis as managing director in its Denver office. In her new position, she will focus on executive searches in the Midwest, Mountain and Southwest markets. She has 15 years of experience in the executive search field.