Raleigh, N.C. — Pacific Retail Capital Partners (PRCP) has been hired to take over the management and leasing of the popular 1.3 million-square-foot Crabtree Valley Mall in Raleigh, N.C. In the midst of the national coronavirus pandemic that caused shopping centers to shut down all over the country, Pacific Retail Capital Partners has well prepared and helped its clients, like Crabtree Valley Mall, to not only endure but also to thrive. “Amidst this unprecedented time when shopping centers across the country are closed due to COVID-19, we are adapting, leading …
management
Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …
Cincinnati — Phillips Edison & Company (PECO), an internally-managed real estate investment trust (REIT) and one of the nation’s largest owners and operators of grocery-anchored shopping centers, has released its insights on the top shopping center trends to watch in 2020 as part of ICSC’s New York Deal Making event. As experience continues to drive success, retailers are finding new and innovative ways to make it more fun to shop in-store. Moreover, the increasing demand for custom experiences is leading to a rise in the number of boutique specialty concepts …
Chester, N.J. — Levin Management Corporation (LMC) of North Plainfield, N.J., has added another quality Garden State assignment to its retail portfolio. The commercial real estate services firm has been named exclusive managing agent for Chester Springs, an approximately 226,000-square-foot, grocery-anchored shopping center in Chester. Anchored by a 62,000-square-foot ShopRite supermarket, the center’s co-tenancy includes CVS Pharmacy, Marshalls, Panera Bread and independently owned/operated gym NitroFlex. Chester Springs soon will welcome off-price home decor and furniture brand HomeGoods to its lineup, which also features a complementary mix of retailers, restaurants and …
Beverly Hills, Calif. — Kennedy Wilson Brokerage, a division of Kennedy Wilson, a global real estate investment and services firm, has hired Scott Gordon as a senior vice president of property services in its Los Angeles office. Gordon will provide full-service consultation and brokerage services to investors, landlords, tenants, and emerging retail and food-and-beverage concepts. Gordon brings more than 30 years of national retail experience in development, leasing and management of specialized retail, entertainment and food and beverage projects of scale. Throughout his career, Gordon has overseen the creation of …
Arlington, Texas — Weitzman’s management division will soon begin the redevelopment of Fielder Plaza, a 157,575-square-foot retail center in Arlington, Texas. The project will include a remodeling of the interior of the 52,000-square-foot anchor space occupied by grocer Tom Thumb, as well as a complete remodeling of the property’s exterior elements. The center, which is home to other tenants such as CVS, Starbucks, Pet Supermarket, Mathnasium, Edible Arrangements and Batteries Plus, opened in 1978. The architect for the remodel is Hodges & Associates. — Taylor Williams
North Plainfield, N.J. — Levin Management Corporation (LMC) has appointed Stephanie Harris as vice president of leasing, according to Matthew K. Harding, president. This key addition augments LMC’s executive leadership team during a period of strong growth and transactional volume for the commercial real estate services firm.
Cleveland — Forest City Realty Trust, Inc. has earned three significant sustainability recognitions from prominent organizations. Along with other real estate companies committed to green development and management, Forest City was named a: LEED Power Builder by the U.S. Green Building Council; Green Lease Leader by The Institute for Market Transformation (IMT) and The DOE’s Better Buildings Alliance; and ENERGY STAR Charter Tenant Space recognition by the U.S. Department of Energy (DOE).
New York City — Safari Energy, a leading commercial and industrial solar developer, has inaugurated its solar rooftop system at Francis Scott Key Mall in Frederick, Md. The 2,056 kilowatt capacity project, which is now operational, is currently providing clean energy to power the Class A shopping destination, owned by PREIT, a leading real estate investment trust.