Retail Traffic

Taubman Opens Country’s First New Mall Since the Downturn

Taubman Centers Inc. opened City Creek Center, a 700,000-sq.-ft. enclosed regional mall in Salt Lake City. The center is the retail component of City Creek, a 23-acre mixed-use development in the city’s downtown.

City Creek Center features a retractable roof, a 140-foot sky bridge over Main Street, a 1,200-foot re-creation of the historic City Creek, two 18-foot waterfalls and three fountains.

Nordstrom and Macy’s anchor the center. In-line tenants include Tiffany & Co., Michael Kors, Coach and Brooks Brothers/Brooks Brothers Women, among others.

“Of the 100 stores and restaurants, we are pleased to open with 92 retailers, with three more opening later this year,” said Taubman Chairman, President and CEO Robert S. Taubman in a statement. “The commitment of these retailers is a confirmation of their belief in the rebirth of downtown Salt Lake City.”

City Creek Center also received LEED Silver certification. More than 70 percent of the materials from the previous two malls that existed on the site have been recycled or reused during its construction process.

Callison provided architectural planning and design services for the center.

PREIT Appoints Joseph Coradino as CEO

PREIT appointed Joseph F. Coradino as CEO effective June 7, after the company’s annual meeting of shareholders. Coradino will succeed Ronald Rubin, who will continue to serve in the role of executive chairman.

Coradino has been with PREIT and its predecessor company for 30 years. For the past eight years he served as president of PREIT Services LLC and PREIT-Rubin Inc. He is also a member of the office of the chairman and a company trustee.

“Joe Coradino has been a highly valued member of our management team for more than 30 years and is one of the most talented and effective executives in the commercial real estate industry today,” said Ronald Rubin in a statement. “He has played an integral role in developing and executing PREIT’s strategic priorities, including driving ongoing improvement in the operating and sales performance of our mall portfolio. As we work to further build our leadership position in the shopping center industry, Joe is the ideal person to head PREIT.”

Faris Lee Appoints Rick Chichester as President

Faris Lee Investments appointed Rick Chichester as president. Previous president Rich Walter has left the firm after a 12-year tenure to join Washington, D.C.-based Promontory Financial Group.

Chichester joined Faris Lee as COO in February. He has more than 29 years of strategic and operational experience. Prior to joining Faris Lee, he served as president of the North American region with Colliers International.

Faris Lee has been in expansion mode recently and plans to open offices in 15 new markets, including Chicago, Denver, Dallas, San Francisco and Los Angeles.

Stirling Breaks Ground for New Orleans Retail Project

Stirling Properties broke ground for Mid-City Market, a 107,713-sq.-ft. shopping center in New Orleans, La. Winn-Dixie will anchor the center. Stirling plans to open the property in early 2013. The project will be among the most significant retail developments in New Orleans since Hurricane Katrina and will complement the proposed Lafitte Greenway pedestrian and bicycle pathway. The center is currently 80 percent pre-leased.

Regency Starts Work on California Shopping Center

Regency Centers started construction on South Bay Village, a 109,203-sq.-ft. neighborhood center in Torrance, Calif. The center will be built on the site of a former Kmart store. Regency will keep the existing building intact, but will renovate it with a new exterior façade, upgraded architectural components, new signage, lighting and parking lot improvements.

Orchard Supply Hardware and HomeGoods will anchor the property.

Opening is scheduled for September 2012.

Architects Orange is in charge of the design for the center. Moorefield Construction is serving as the contractor.

Dolphin Ventures, EWB Development Find New Partner for The Outlets at Corpus Christi Bay

Dolphin Ventures LLC and EWB Development LLC have partnered with Lockard Cos. for the development of The Outlets at Corpus Christi Bay in Corpus Christi, Texas. Phase I of the center will contain 281,526 sq. ft. of space. It is scheduled for completion in late 2013.

“We are delighted to have found a committed partner to help us realize our vision for this project,” said Lisa Quier Wagner, of Dolphin Ventures and EWB Development LLC, in a statement. “This center will fill a void in the Texas market and is one of the very last major tourist destinations in the U.S. without an outlet center.”

Brookfield Secures Six Restaurants for Taste FigAt7th

Brookfield Office Properties signed leases with six restaurants to serve as dining anchors at FigAt7th in Los Angeles. The retail center is currently under construction and is scheduled to open in the fall of 2012. The dining portion of the development, called Taste FigAt7th, will contain 25,000 sq. ft. of space in a café-style dining area in the landscaped courtyard level of the center.

Restaurants that have agreed to open venues at FigAt7th include Juicy Lucy, a concept created by chef Paul Shoemaker, Loteria Grill, by chef Jimmy Shaw, Lamill Coffee, Oleego by Park’s Barbeque, Indus, from chef Bhupender Singh, and Choppe Choppe, by chef Jeffrey Price.

Grocery Store to Expand at Agree Realty’s Michigan Center

Miner’s Super One Foods signed an agreement with Agree Realty Corp. to renovate and expand its existing 35,000-sq.-ft. store at Ironwood Commons in Ironwood, Mich. to 55,000 sq. ft. The project would eliminate in-line retail space, including a Sears Hardware store, to allow for the expansion.

Other Notable News

ICSC appointed Michael Weinberg as the Florida state chair for ICSC Next Generation. Weinberg will serve a one-year term. He works as a senior real estate analyst in the Orlando, Fla. office of HFF. Weinberg has seven years of experience in commercial real estate. In a separate announcement, ICSC appointed Alex Kirley as Hawaii state director. Kirley will hold the position for a one-year term. She currently serves as marketing manager for Windward Mall in Oahu on behalf of Jones Lang LaSalle Retail.

Red Mortgage Capital LLC hired Brent Wessel as managing director and commercial/multifamily loan originator in the firm’s Newport Beach, Calif. office. Wessel has more than 20 years of commercial real estate experience. Previously, he worked as regional director of real estate mortgage capital with RBC Capital Markets and as regional director for North American debt with GE Capital Real Estate.

Cushman & Wakefield hired Gabriela Iannotta as a real estate salesperson in its New Jersey office and relocated Nancy Erickson to the New Jersey office from the New York midtown office. The two will help grow the firm’s retail practice in the New Jersey market. Iannotta has experience in retail franchise sales, marketing and management. Erickson has been with Cushman & Wakefield since 2004. She serves as exclusive broker for Kool Smiles and Hess.

Colliers International hired Keith Shoup as property manager. Shoup has more than 20 years of experience in the retail real estate industry. Prior to joining Colliers International, he worked at The Stonehedge Co., Prime Retail and Glimcher Realty Trust.

Compass Commercial appointed Jennifer Ortado as marketing manager. In her new position, Ortado will help promote listings and identify and publicize company activities. She has 16 years of marketing and public relations experience. Previously, she managed public relations and advertising for NAI Capital.

SRS Real Estate Partners hired Scott Poehler as an associate in its Newport Beach, Calif. office, Alexandra Hilker as marketing coordinator in its Denver office and Kyle West as research consultant in its Orlando, Calif. office. In his new position, Poehler will focus on tenant representation. Previously, he worked as a real estate advisor with Keller Williams Realty. Hiler was previously a public relations manager for Beautystreams, a trend forecasting and brand identity firm. West is a graduate of Rollins College.

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