REAL ESTATE

Community shopping centers are evolving to become more than service providers to a neighborhood or trade area.  Designed and merchandised correctly, they are fostering a sense of community and building experience.

Sophisticated—and highly detailed—master plans are an increasingly important piece of the planning process.   By Roy Higgs   With mixed-use development (and redevelopment) a continued trend, complex multi-stage projects are an increasingly common feature on the civic landscape of towns and cities across the country. Consequently, many planning authorities are asking for (and, in some cases, demanding) much more than just basic sketch plans before signing off on a project.

Las Vegas -- The Howard Hughes Corp. on Oct. 9 officially opened Downtown Summerlin in Las Vegas, the largest retail development to open in the U.S. since the economic downturn.    The destination features 125 stores, restaurants and entertainment venues located in a 106-acre expanse of prime real estate just off the 215 Beltway, between Sahara Avenue and Charleston Boulevard. The development also features a nine-story Class A office building - One Summerlin. 

New York -- Amazon plans to open its first-ever physical store, across from the Empire State Building in mid-town Manhattan, the Wall Street Journal reported. It's been rumored for years that the online giant was looking to open brick-and-mortar locations.

Chino Hills, Calif. -- PM Realty Group announced that Jeff Rieger has been named general manager for The Shoppes at Chino Hills in Chino Hills, California. PMRG has provided leasing and management services to The Shoppes at Chino Hills since 2008 and has led the repositioning efforts for the 380,000-sq.-ft. lifestyle center.

Dublin, California -- Ross Dress for Less will open a new store in the Ridgewood Court Shopping Center, in the capital city of Jackson, Mississippi, on Oct. 11. It is the retailer’s second location in the greater Jackson area.

This new opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year.  

Together, Ross Dress for Less and dd’s Discounts currently operate over 1,300 off-price apparel and home fashion stores in 33 states, the District of Columbia and Guam.

Toronto -- Slate Retail REIT announced that it has entered into a binding agreement to purchase two grocery-anchored shopping centers.

Oakland Commons, a 73,705-sq.-ft. property in Bloomington, Illinois, will be acquired for $8.2 million ($111 per square foot). The 100% occupied property is anchored by Jewel-Osco, a subsidiary of Albertsons LLC.