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.
FORT LAUDERDALE AND MIAMI, FLA. — Alliance Residential Co. plans to open two of its Broadstone properties in South Florida. The projects include the 394-unit Broadstone Harbor Beach located at 1721 S.E. 17th St. in Fort Lauderdale and the 372-unit Broadstone at Brickell located at 255 S.W. 11th St. in Miami’s Brickell district. Broadstone Harbor Beach’s studio, one- and two-bedroom units are currently pre-leasing, with leases starting from $1,650 to $3,875, and feature open nine-foot ceilings, private balconies and patios and chef-quality kitchens. Units at the 24-story Broadstone at Brickell range from studios to two-bed, two-and-a-half-bath townhomes, which are now pre-leasing at rates ranging from $1,759 to $3,760, and feature well-equipped kitchens, custom cabinets, tile flooring throughout common living spaces and upscale bathrooms. Both properties feature a private movie theater, fitness center with a yoga studio and boxing ring and a resort-style pool with an outdoor lounge and cabanas. Additional amenities at the Fort Lauderdale property include a courtyard with outdoor games, outdoor shower, dog park and a massage room, and the Miami property features bike repair and storage, a pet spa, 24-hour business center and a cyber café.
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.
ROCKVILLE, MD. — BioMed Realty has sold the GSK Global Vaccine Centre, a three-building, 635,058-square-foot vaccine research and development facility in the Washington, D.C. suburb of Rockville, for $337.5 million. The buyer was not disclosed. Originally built in 2003, the facility is situated on a 28-acre site in the heart of the Interstate 270 corridor, known as “DNA Alley” for its high density of biotech companies. The location is near the National Institutes of Health, the National Cancer Institute Headquarters, the U.S. Food and Drug Administration, the University of Maryland Shady Grove Life Sciences Center and Johns Hopkins University Belward Campus. The GSK Global Vaccine Centre is fully leased to GSK, a subsidiary of British pharmaceutical company GlaxoSmithKline, which announced its move into the property in December 2016. The campus will house up to 450 scientists and support staff working on 12 vaccine development programs, including potential vaccines for shingles, dengue fever, respiratory syncytial virus and Group B Streptococcus. The property is GSK’s third global vaccine center, following its existing facilities in Italy and Belgium. HFF’s Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson represented BioMed in the sale. Kevin MacKenzie, Cary Abod and Lee Redmond, also …
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, …
MIAMI — Related Development LLC, a Miami-based mixed-use and multifamily developer and affiliate of The Related Group, has six projects set to begin construction in Tampa, Orlando, Palm Beach County and Atlanta. The Florida projects include the 399-unit Tampa Tribune, a waterfront apartment community located at 202 S. Parker St. in Tampa; Town at Westshore Marina District, a 396-unit mid-rise apartment community located in Tampa’s Westshore district; Town Maitland at Trelago, a 350-unit townhome and Big House multifamily development located in Orlando; and Town Southern, a 392-unit garden-style apartment community located on Southern Boulevard in Royal Palm Beach. In Atlanta, Related Development has two projects planned in Atlanta’s Midtown and Buckhead districts. The developments include a 77,000-square-foot Whole Foods Market, which is Phase II of Related’s 390-unit Apogee Midtown development; and Apogee Buckhead, a 35-story high-rise comprising 362 residential units above three levels of retail and office space.
ORLANDO, FLA. — Jacksonville, Fla.-based Regency Centers Corp. and its co-investment partner have purchased Plaza Venezia, a 201,000-square-foot, Publix-anchored shopping center in Orlando. The seller and sales price were undisclosed, but Orlando Business Journal reports that U.S. Cities Fund Operating LP, an affiliate of New York-based Team Core Property Funding Operating LP, sold the asset to Regency Centers for $92.5 million. Plaza Venezia is situated along Orlando’s “Restaurant Row,” one of the top trade areas in the market for investors. Plaza Venezia serves the nearby Doctor Phillips and Bay Hill submarkets. In addition to Publix, existing tenants at Plaza Venezia include Eddie V’s Prime Seafood, Starbucks Coffee, Tijuana Flats, Sylvan Learning Center, Majestic Cleaners, State Farm Insurance, Supercuts, Scottrade, T-Mobile and Orlando Family Dentistry.
DORAL, FLA. — Publix Super Market has broken ground on a new location at Downtown Doral, a mixed-use development by master developer Codina Partners located roughly 15 miles outside Miami in Doral. The Downtown Doral location will feature an enhanced selection of freshly prepared foods, as well as a large selection of natural and organic food. The new store will be designed with LED lighting technology and energy-efficient refrigeration and air conditioning. An expected opening has yet to be announced. Upon completion, Downtown Doral will feature 70 retail stores and restaurants, 400,000 square feet of Class A office space, 2,840 residential units, a charter elementary school and public green space.
HENDERSONVILLE, N.C. AND SPARTANBURG, S.C. — Greystone Real Estate Advisors has closed the sale of Brookdale Hendersonville in North Carolina and Brookdale Skylyn in South Carolina. A private equity group purchased both properties from Brookdale Senior Living Inc., the largest owner and operator of seniors housing communities in the United States, for $33 million. Brookdale Hendersonville, located in the Asheville suburb of Hendersonville, offers independent living cottages, an independent living clubhouse, an administrative office building and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.4 acres of land. Brookdale Skylyn, located in Spartanburg, is an independent living, assisted living, memory care and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.6 acres of land. Mike Garbers and Cody Tremper of Greystone represented Brookdale Senior Living in the transaction.