LOS ANGELES — The Finish Line Inc. has opened its revamped Los Angeles flagship store in the Del Amo Fashion Center. The updated retail space features a new design concept and digital display integrations. The Del Amo store — the third Finish Line location to receive these updates alongside Woodfield Mall in Chicago and Roosevelt Field in New York — puts technology at the center of the store’s total experience. The Finish Line, Inc. is a retailer that carries shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line runs approximately 950 branded locations in U.S. malls and shops inside Macy’s department stores.
SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …
MADISON, N.J. — Although the retail landscape has faced disruption in recent years, nearly half of U.S. adults prefer to make purchases in-store rather than online, according to a new survey conducted by Madison-based Coldwell Banker Commercial Affiliates. “Despite doomsday headlines about the retail industry and how e-commerce has taken over, our survey has found that Americans still enjoy and remain loyal to in-store shopping, regardless of the retail climate,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. Working on behalf of Coldwell Banker, Harris Poll surveyed 2,001 adults from Aug. 15-17 as part of an online study. The participating cohorts included 194 younger Millennials (age 18-29), 160 older Millennials (age 30-34), 479 Gen Xers (age 35-49) and 884 Baby Boomers (age 50-69), to reveal Americans’ shopping preferences and determine the steps retailers can take to remain relevant in today’s competitive retail industry. Overall, the survey found that 47 percent of U.S. adults prefer to shop in-store rather than online. More than half of Baby Boomers (51 percent) prefer the in-store experience, followed by younger Millennials (50 percent), Gen Xers (42 percent) and older Millennials (27 percent). When asked a similar question in 2016, 43 percent of …
UPLAND, CALIF. — Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot shopping center in the Inland Empire community of Upland, for $31.7 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the transaction on behalf of the seller, IRA Capital. Sprouts Farmers Market anchors Upland Town Square, which was 88 percent occupied at the time of sale by 19 retail and restaurant tenants.
SPANISH FORK, UTAH — Englewood Construction has been tapped to work on three food-related projects in the Western U.S. The firm recently completed a 7,794-square-foot Olive Garden Italian Restaurant in Spanish Fork. It is one of more than 800 Olive Gardens in 49 states for Orlando, Fla.-based Darden Restaurants Inc., a national client of Englewood Construction. Tustin, Calif.-based CRHO Architects was the project architect. The national general contractor has also started interior remodeling projects for two test kitchens and training facilities for US Foods in California and Arizona. Englewood additionally commenced construction on two food-service projects in La Mirada, Calif., and Phoenix. Rosemont, Ill.-based US Foods Inc., a food company and distributor to restaurants, healthcare, hospitality, government and educational facilities, hired Englewood Construction to remodel two of its Western test kitchen and training facilities. Scheduled to be complete early next year, the interior remodels will accommodate the latest kitchen and training equipment. Hartland, Wis.-based ESI Design Services is the project architect for both locations. Englewood will build a classroom-style arrangement around a condensed version of the standard cook line, with a ventilation hood over open flames, a fryer, skillet and griddle. Englewood will remodel each of US Foods locations’ existing 6,775-square-foot …
VISTA, CALIF. — Retail Insite has inked deals with two tenants at Vista Terrace Marketplace, a retail redevelopment project in Vista, 40 miles north of San Diego. Brian Pyke and Don Moser of Retail Insite signed a 15-year lease with Sprouts Farmers Market, which will anchor the development, and a 20-year lease with Dunkin’ Donuts. Black Lion Investment Group, the project developer, acquired the existing 48,000-square-foot retail center and an adjacent 2.5-acre parcel of land in 2016 with plans to reposition the property. The redevelopment will reface inline and end-cap shop space, create restaurant-ready suites with patios and build the Sprouts anchor building on the 2.5-acre land parcel. The first phase of Vista Terrace Marketplace is slated for completion in early 2018, and Sprouts is expected to open in the fourth quarter of 2018.
BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.
VESTAVIA HILLS, ALA. — New York-based Katz Properties has acquired Vestavia Hills City Center, a 392,000-square-foot shopping center in Vestavia Hills, roughly six miles south of Birmingham, for $60.3 million. HFF arranged mortgage financing for the acquisition. The seller was not disclosed. Vestavia Hills City Center is home to anchor tenant Publix, AMC Vestavia Hills 10, Planet Fitness, Starbucks Coffee, Rite Aid, Stein Mart and various restaurant tenants. In addition, the center is home to a variety of office users. Katz Properties has hired Fairway Management Group LLC to manage the property.
CLARKSVILLE, TENN. — Atlanta-based RCG Ventures has sold Hampton Plaza, a 124,260-square-foot shopping center in Clarksville, for $17.8 million. Fain Hicks of Cushman & Wakefield arranged the transaction on behalf of RCG Ventures. An affiliate of White Plains, N.Y.-based Yale Realty Services acquired the asset. Kohl’s anchors Hampton Plaza, which is also home to Michaels, Party City, Ulta Beauty, Kirklands, Books-A-Million, CATO, Mattress Firm, Lane Bryant, It’s Fashion and Sally Beauty Supply.
CHICAGO — Brookfield Property Partners LP (NYSE: BPY) has made an unsolicited proposal to acquire GGP Inc. (NYSE: GGP) for $14.8 billion. The offer is made up of $7.4 billion in direct share purchases at $23 per share, as well as $7.4 billion in shares in the combined company post-acquisition. Brookfield already owns approximately 34 percent of GGP. Existing GGP shareholders would own approximately 30 percent of the combined company. The transaction is subject to the negotiation and execution of transaction documents, as well as customary approvals. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to GGP. The transaction would boost BPY’s portfolio to almost $100 billion of real estate assets globally and an annual net operating income of approximately $5 billion, according to BPY. “Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP’s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,” says Brian Kingston, CEO of Brookfield Property Group. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would …