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Gucci Owner Acquires Fifth Avenue Retail Property in New York City for $963 Million

by Katie Lee

New York City — Global luxury group Kering has acquired a multi-level retail property at 715-717 Fifth Ave. in New York City for $963 million. The Paris-based company manages the development of a number of major fashion houses including Gucci, Saint Laurent, Balenciaga and Alexander McQueen.  The 115,000-square-foot space spans multiple levels at the base of the Corning Glass Building, a 28-story office tower developed in 1959. Rival fashion houses Dolce & Gabbana and Armani currently occupy the space. The Armani lease at the property is up in a few …

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Ghirardelli’s First-Ever New York Store to Open at the Empire State Building

by Katie Lee

New York City — Empire State Realty Trust, Inc. will welcome Ghirardelli Chocolate Company in a 2,758-square-foot retail space at the base of the world-famous Empire State Building this summer. “Ghirardelli Chocolate is excited to open our first shop in New York. We are proud of our 171-year history that started in San Francisco,” says a spokesperson for Ghirardelli Chocolate Company. “We can’t wait to welcome our guests in New York to create sweet memories with friends and family for many generations to come. Our shops are designed to showcase …

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construction and designexterior services/landscapingNewsproperty managementremodelsretailers

St. John Properties to Redevelop 1 Million-Square-Foot Harrisburg Mall in Pennsylvania 

by Katie Lee

Harrisburg, Pa. — St. John Properties Inc. has unveiled plans for the redevelopment of Harrisburg Mall, a 1 million-square-foot regional mall located in the Swatara Township section of Dauphin County. The company plans to build Swatara Exchange, a mixed-use development consisting of multi-use commercial space and supporting inline retail and retail pad sites. The mall will undergo an extended demolition program that is expected to conclude in 2025. The existing Bass Pro Shops and Applebee’s Grill + Bar restaurant will remain operational, and the former Toys”R”Us building will be marketed …

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construction and designmanagementNewsproperty managementremodelsretailers

Regency Centers Begins Redevelopment of 280,000 SF Mall on Long Island

by Katie Lee

Holbrook, N.Y. — Regency Centers has begun the redevelopment of the 280,000-square-foot former SunVet Mall in the Long Island community of Holbrook. Regency has rebranded the 50-year-old property as The Shops at SunVet and plans to reposition it as a 168,000-square-foot, open-air shopping center with six outparcels. Whole Foods Market will anchor the center. Demolition of the existing structure is underway, and new construction is scheduled to begin in spring 2024. SBLM Architects is the lead architect on the project. SOURCE: www.REBusinessOnline.com

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Levin Management Hires Executive Vice President

by Katie Lee

North Plainfield, N.J. — Levin Management Corporation (LMC) has added Greg Tocco as executive vice president. He brings more than 20 years of broad industry and leadership experience to this key senior management role at the North Plainfield, N.J.-based commercial real estate services firm. Prior to joining LMC, Tocco was executive vice president of asset services at Metro Commercial. He previously held positions at Seritage Growth Properties and Rait Financial Trust. Tocco is overseeing LMC’s property operations, accounting and lease administration, and will be integral in implementing corporate growth initiatives …

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Thomas Park Management Awarded Property Maintenance Contract at Annapolis Town Center

by Katie Lee

Annapolis, Md. — Thomas Park Management, a fast-growing property management and building maintenance services firm, has been awarded a contract to provide building maintenance services at the Annapolis Town Center in Annapolis, Md. “We are thrilled to be awarded this contract to provide building maintenance services at the Annapolis Town Center,” says Mason Popham, executive vice president at Thomas Park Management. “The Annapolis Town Center is a premier shopping and dining destination, and we are committed to providing the highest level of service to build on the Class A environment …

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Vestar Names New Vice President of Property Management

by Katie Lee

Long Beach, Calif. — Vestar, one of the leading privately held shopping center owners and managers in the western United States, has appointed Eddie Ollmann as vice president of property management for its West Coast region which is comprised of over 30 properties totaling nearly 11 million square feet of space. He will be based in Vestar’s regional office located in Long Beach, Calif. Ollmann brings a wealth of experience and expertise to Vestar, having spent 16 years in leadership roles with high profile and long-standing companies such as Irvine …

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construction and designNewsproperty managementrestaurantsretailers

Tanger Opens its First U.S. Outlet Center Since 2019

by Katie Lee

Greensboro, N.C. — Tanger® Outlets, a leading operator of upscale, open-air shopping centers, will open its 37th shopping center, Tanger Outlets Nashville, on October 27. The 290,000-square-foot open-air shopping center, located in southeast Nashville, Tenn., is the first outlet center and one of the few major shopping centers in the United States to break ground and deliver to the market since 2019. The center features a transformational design intended to foster onsite experience and consumer engagement, as well as to facilitate product interaction and pickup. This consumer-informed design and an …

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Industry Voicesparking lotsproperty managementsecurity/loss prevention

A Full Plate

by Katie Lee

— By Rich McElwain — Enhancing retail security through license plate recognition (LPR). In an era of rapidly evolving technology, security is a top concern for retailers to proactively protect physical assets, employees and customers from potential threats. According to the National Retail Federation’s (NRF) 2022 Retail Security Survey, retailers attributed their greatest portion of shrink — a whopping 37% — to external theft. In addition, retailers saw a 26.5% increase in Organized Retail Crime (ORC) incidents over the past year, representing $94.5 billion in losses. The landscape of retail …

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SCHEELS Opens First Store in Arizona

by Katie Lee

Santa Monica, Calif. — Macerich, one of the nation’s leading owners, operators and developers of high-quality retail and mixed-use properties in top markets, opened Arizona’s first SCHEELS at Chandler Fashion Center in suburban Phoenix on Sept. 30, 2023. In addition to 75 specialty shops set inside the popular sporting goods retailer, Chandler SCHEELS features a wide variety of fun, family-friendly entertainment including a Ferris wheel, 16,000-gallon saltwater aquarium, a wildlife mountain, Fuzziwig’s Candy Shop, Ginna’s Café, as well as arcade games and sports simulators. “SCHEELS is a fantastic fit for …

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