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LAS VEGAS – Walgreen Co. CEO and president Gregory Wasson gave Tuesday’s ICSC RECon attendees an insider’s perspective into one of the fastest-growing global retailers. The drugstore chain has been on fire since early 2010 when it made a few key acquisitions that threw the company’s growth initiatives into overdrive. During that buying spree, Walgreen Co. purchased New York-based Duane Reade for $1 billion; Drugstore.com for nearly $410 million; and a 45 percent share in the UK-based drugstore chain Alliance Boots for $6.7 billion. It also managed to close a 10-year deal last month with U.S. drug wholesale distributor AmerisourceBergen that will allow the company to buy generic, brand name and specialty drugs. AmerisourceBergen said the deal was worth $28 billion in revenue in fiscal 2014 alone. As the dust finally settles on all these transactions, Wasson was quick to note Walgreen Co. now maintains more than 8,000 Walgreens locations in the U.S. and Puerto Rico. It serves more than 45 million weekly customers and fills one in every five American prescriptions. With all that said, it’s no surprise that Walgreen Co. was recently ranked as the No. 9 top global retailer by the 2013 Global Powers of Retailing report. …

LAS VEGAS — Many retailer experts attending ICSC RECon in Las Vegas on Monday believed the smart stores were moving away from the suburbs and toward a more urban, tech-friendly demographic. This trend seems to have penetrated so deeply that even big box stores were adapting their strategies in the new economy in order to enter these untapped markets. Jenny Schuetz, an assistant professor and economist with the University of Southern California Lusk Center for Real Estate, argues that urbanization can often result in the perfect marriage between retailer and consumer. Discounters like Ross Dress for Less, Marshalls and T.J. Maxx appeal to the broad spectrum of residents who inhabit urban cores like downtown Los Angeles. “There is this tier of retailers that really like the urban environment,” says Schuetz. “They have a fairly low price point that attracts students and the younger residents, as well as Latino families.” Clothing stores like H&M and Urban Outfitters that target young urbanites have also found success in this environment. The latter recently announced plans to convert the 900-seat historic Rialto Theatre in downtown LA’s Broadway district into a new 10,000-square-foot outpost. “We had been looking at downtown LA for several years, watching …

LAS VEGAS — A sea of humanity will flood the Las Vegas Convention Center beginning today as more than 32,000 retail and shopping center industry professionals assemble here to do deals in the leasing mall or attend general sessions and networking events. It’s all part of RECon, the annual global retail real estate convention. Participants use this high-energy stage to plant the seeds of the next generation of dynamic retail projects. More than 1,000 companies are exhibiting at RECon, including 100-plus retailers and nearly 100 public sector companies. The Marketplace Mall, which opened Sunday, features 300 exhibitors showcasing the latest product and services for commercial properties. On Sunday, the International Council of Shopping Centers (ICSC) paid tribute to five winners of the VIVA Best-of-the-Best Awards for 2013. The VIVA awards recognize outstanding shopping center design and development, sustainability, marketing, and community service worldwide. (VIVA stands for vision, innovation, value and achievement.) “These centers are an exceptional representation of the best in the industry for state-of the-art practices, setting them apart from the rest of the retail real estate industry,” remarked Michael Kercheval, president and CEO of ICSC, in a prepared statement. The awards set a standard for what the retail …

TORONTO — Tanger Factory Outlet Centers and RioCan Real Estate Investment Trust have broken ground on a $60 million, 152,500-square-foot expansion of Tanger Outlets Cookstown, located about 30 miles north of the greater Toronto area. An official groundbreaking ceremony took place Thursday. The expansion will include more than 35 brand name and outlet stores such as Calvin Klein, American Eagle Outfitters, Gap Outlet, Banana Republic Factory Store, Nike Factory Store, Tommy Hilfiger, Aeropostale and more. The upscale outlet center currently spans 156,000 square feet. Tanger Outlets Cookstown is situated off Highway 400 at Highway 89, the gateway to the highest concentration of vacation homes in Southern Ontario's “cottage country.” The region is a well-traveled vacation area year-round where Toronto residents enjoy skiing in the winter in nearby Collingwood and lakeside activities in the summer. Cookstown, a town in Southern Ontario, shares the economic benefits of being in proximity to Toronto and its more than 7 million residents and 16 million annual tourists, say company officials. “We are very happy to begin construction on the expansion of Tanger Outlets Cookstown and increase the number of brand name and designer outlet stores available to shoppers in the area,” says Steven Tanger, president …

BEACHWOOD, OHIO — DDR Corp. has agreed to pay $1.46 billion for full control of 30 shopping centers the company owns in a joint venture. The real estate investment trust based in Beachwood, Ohio, will buy a 95 percent stake in the properties from Blackstone Real Estate Partners VII. The portfolio is primarily composed of prime power centers, such as Shoppers World in Boston, Fairfax Towne Centre in Washington, D.C., and Riverdale Village in Minneapolis. The transaction is set to close later this year and is expected to significantly boost DDR's cash flow generated by the high-quality, large-format centers. “”We are very pleased to add these outstanding assets to our wholly owned portfolio,” says Daniel Hurwitz, DDR's chief executive officer. “It was our goal to accomplish this upon the initial formation of the venture with Blackstone, and we thank them for being outstanding partners. We look forward to our continued relationship.” DDR and Blackstone formed a joint venture in 2012 and purchased 46 shopping centers across 20 states for $1.4 billion. Top tenants by base rent at the properties include TJX Cos., Kohl's, PetSmart, Dick's Sporting Goods and Best Buy. Blackstone took a 95 percent stake in the joint venture, …

MIAMI BEACH, FLA. — Bjarke Ingels Group (BIG), an international partnership of architects, designers, builders and planners, has unveiled its plans for the 52-acre convention center redevelopment in Miami Beach. BIG’s vision for the new convention center is estimated to cost $1.1 billion, as reported by the South Florida Business Journal. The existing convention center, which is widely considered outdated, was built in 1957 and underwent a $92 million renovation in 1989. The Miami Heraldreports that BIG, along with development partner Portman-CMC, a partnership between Atlanta-based Portman Holdings and Miami-based CMC Group, are competing against South Beach ACE for the contract to redevelop the convention center. South Beach ACE’s construction estimate for its plan is proposed at $1.2 billion, according to the South Florida Business Journal. The Miami Beach City Commission is expected to select the winning project team in June, according to The Miami Herald. Portman-CMC’s construction plan calls for the city to be responsible for approximately $551 million of the development cost, while South Beach ACE’s plan calls for the city to be responsible for $625 million, according to the South Florida Business Journal. BIG has decided to plan the redevelopment of the existing convention center around a …

WATERTOWN, MASS. — Athenahealth Inc. has finalized its purchase of the Arsenal on the Charles, a 760,000-square-foot office campus in Watertown for $168.5 million. The 11-building complex, whose historic buildings date back 200 years, is located about 10 miles from downtown Boston The company, which provides electronic record and billing systems to hospitals and other medical industry clients, purchased the office campus from Boston-based Harvard University. In December, Athenahealth disclosed that it had agreed to pay $168.5 million to acquire the parcel from Harvard University. The campus already serves as Athenahealth’s headquarters, but executives say buying the property will allow them to expand the business in coming years. The company moved into the property in 2005 as a tenant and occupied 133,000 square feet. Due to its rapid growth, the company sought up to 500,000 square feet for its corporate headquarters. “The Arsenal on the Charles offers Athenahealth everything we could ask for in a headquarters. Its open and expansive architecture, outdoor campus feel, strong community, and proximity to Boston fit with our culture,” says Jonathan Bush, chairman and CEO of Athenahealth. Given the lack of existing product and the high expense of new construction, the Arsenal on the Charles …

WINSTON-SALEM, N.C. — Wexford Science & Technology LLC, Wake Forest Baptist Medical Center’s development partner in the Wake Forest Innovation Quarter, is investing $150 million to renovate two former Reynolds Tobacco buildings in downtown Winston-Salem. The investment brings Wexford’s total investment in the Innovation Quarter to more than $250 million, the largest capital investment in the history of downtown Winston-Salem, according to the company. The two buildings, formerly part of the “90 Series,” will be named 525 Vine and 635 Vine to represent their locations. Together, the two buildings will contain 473,000 square feet. The 230,000-square-foot 525 Vine will be developed for multi-tenant use, including labs, offices and educational facilities. Inmar, which operates commerce networks to connect retailers, manufacturers and service providers, will establish its corporate headquarters at 635 Vine. Wexford expects to complete the 243,000-square-foot renovation during the first quarter of 2014. “This is a further significant milestone in our progress to create a dynamic hub for innovation in medical science and information technology in Winston-Salem,” says Eric Tomlinson, chief innovation officer for the Wake Forest Baptist Medical Center and president of the Wake Forest Innovation Quarter. “We are delighted by Wexford's work and look forward to them working …

CLEVELAND — KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has entered into a series of agreements that will substantially increase its commercial mortgage servicing business. KeyBank has agreed to purchase certain commercial mortgage servicing rights from Bank of America under a pact with Bank of America, N.A. As of March 31, Bank of America’s commercial mortgage servicing portfolio totaled approximately $110.5 billion. This transaction also includes a CMBS special servicing portfolio of about $14 billion. The transaction price was not disclosed. KeyBank will purchase substantially all of the third-party CMBS and special servicing rights from Bank of America's Global Mortgages & Securitized Products business. This portfolio also includes servicing for a variety of private investors and is subject to investor consent. The transaction, which is expected to close in the second quarter, does not impact Bank of America's commercial real estate banking business. Upon completion of this deal, KeyBank’s commercial mortgage servicing portfolio will be among the top three largest named servicers of commercial and multifamily loans in the U.S., with a servicing portfolio of approximately $205 billion. Simultaneously, KeyBank has entered into a long-term sub-servicing agreement with Berkadia Commercial Mortgage LLC. Under …