CHATTANOOGA, TENN. — CBL & Associates Properties Inc. plans to redevelop four Macy’s anchor locations in its portfolio that will close at the end of March. The Macy’s stores were announced to be closing by Macy’s last week. The four locations include Jefferson Mall in Louisville, Ky.; Layton Hills Mall in Layton, Utah; Parkdale Mall in Beaumont, Texas; and Eastland Mall in Bloomington, Ill. CBL will replace the Macy’s at Layton Hills Mall with a new anchor retailer, which will open its new store by the end of the year. Macy’s Inc. currently owns the other three locations and will sell them to CBL for a total of $5 million. In addition to these four locations, Macy’s will close its store at River Ridge Mall in Lynchburg, Va., in which CBL holds a minority interest. The majority owner of the mall will handle the acquisition and redevelopment of this store.
ALEXANDRIA, VA. — The Howard Hughes Corp. has purchased a Macy’s store and parking field at Landmark Mall in Alexandria for an undisclosed price. The Macy’s at Landmark Mall is one of 68 stores announced to be closing by Macy’s last week. The company plans to transform the enclosed mall and the Macy’s parcel into an open-air, mixed-use community with retail, residential and entertainment components. The new Landmark will feature multiple plazas and green spaces, outdoor seating, an updated transit center, seasonal entertainment, public art, numerous full-service and fast-casual dining options and an upscale movie theater. The Howard Hughes Corp. is planning to close the interior portion of Landmark Mall at the end of January. A definitive timeline for the redevelopment has not been finalized.
COLUMBIA, S.C. — Nassimi Reatly has purchased Dutch Square Center, a 580,000-square-foot enclosed retail mall in Columbia. The three-building property is attached to a 14-screen movie theater and features a single-level Burlington Coat Factory/Office Depot building and a three-story department store that features a Planet Fitness, Ashley Stewart, West Marine, Foot Locker, Rainbow and Catherine’s. Dutch Square’s outparcels include Wells Fargo Bank, Hardee’s and G.B. Shoes. The seller and sales price were undisclosed.
FLAGSTAFF, ARIZ. — Cypress Equities has acquired Flagstaff Mall, a 388,000-square-foot enclosed regional mall located in Flagstaff for an undisclosed price. JCPenney, Dillard’s and Sears anchor the mall, which is also home to tenants including Bath & Body Works, GameStop, GNC, Victoria’s Secret and Foot Locker. The center was originally developed in 1979, and underwent renovations in 2007. Cypress is currently looking to sell or lease up three undeveloped outparcel pads totaling 18,000 square feet. The company is also considering the redevelopment of inline retail space.
SAN DIEGO — CBRE has arranged the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Blvd. in the Scripps Ranch submarket of San Diego. Shah Family Trust acquired the 25,721-square-foot property from Hendricks Commercial Properties for $11 million. The property recently underwent a $1.7 million renovation. At the time of sale, 18 tenants fully occupied the retail center. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller and buyer in the deal.
VALENCIA, CALIF. — Trion Properties has repositioned and sold Valencia Town Center Plaza, a retail strip center located at 24510 Town Center Drive in Valencia. A private real estate investor acquired the property for $9.8 million. Trion Properties originally acquired the 26,168-square-foot property in 2013. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented the seller and buyer in the deal.
SAN DIEGO — Brixton Capital has purchased a retail property, located at 14340 Penasquitos Drive in San Diego. Florida-based HH Property Holdings sold the 55,000-square-foot property for an undisclosed price. The buyer plans to renovate and reposition the former Albertson’s grocery store building, which was most recently occupied by Haggen. Brixton has already entered into a $12 million long-term lease with Floor & Décor for the entire property. Mike Moser of Retail Insite represented the buyer, while HFF represented the seller in the transaction.
To understand the state of retail in Atlanta in 2005, you first looked at where and what developers were building, then to where retailers were locating and lastly to how consumers were shopping. Simply put, if a developer built it and a retailer occupied it, the consumer was sure to shop there, but that’s no longer the case. To understand the state of retail in Atlanta today, you need to start with the Atlanta consumer. Go Big or Go Home From 2000 to 2010, the Atlanta Regional Commission reports metro Atlanta added over 1 million residents with an additional 2.5 million people projected to be added between 2015 and 2040. Further, according to a study by the University of Georgia, half the state’s population growth is concentrated in just three Atlanta metro counties — Fulton, Gwinnett and Forsyth. A big driver for the growth is jobs, especially those in high-paying sectors like information, professional services, science and technology. EMSI reports that two of the counties making up Atlanta’s metropolitan area, Forsyth and Coweta, are in the top eight of large counties for skilled job growth. Additionally, Forbes claims Atlanta is now growing its business service sector faster than New York, …
HOUSTON — Baker Katz has completed two leases for Snooze, an A.M Eatery, at Town & Country Village and Houston Heights Lowell Street Market in Houston. A 3,185-square-foot eatery is slated to open this summer at Town & Country Village, and a 3,785-square-foot second location is scheduled to open in late summer at Houston Heights Lowell Street Market. Since opening its first restaurant in 2006, the Denver-based eatery has grown to 17 locations across Arizona, California, Colorado and Texas. Snooze delivers a menu creative twists on breakfast dishes, as well as a selection of local craft beers and morning cocktails.
PASADENA, TEXAS — Colliers International has arranged the sale of a 1.8-acre land parcel located at the southwest corner of Sam Houston Parkway East and Spencer Highway in Pasadena. Frost Bank acquired the site for an undisclosed price and plans to develop a bank branch on the property. Marshall Clinkscales of Colliers represented the seller, Latour Partners, while Scott Gardner of UCR Houston Retail represented the buyer in the deal.