Development/Redevelopment

A formerly troubled center in an affluent community south of Los Angeles has capped off an 18-month, $17 million renovation.   Just two years ago, The Vestar-owned Peninsula Center in Rolling Hills Estates was plagued by several vacancies and an image not in keeping with standards in the community, which has a median household income of $144,000.   Today Orchard Supply Hardware and Ulta Beauty occupy the made-over center, along with new dining options Chipotle and The Habit Burger Grill.  

There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors.    That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.  

Four more and he’ll match his age.   Twenty-four-year old Joel J. Gorjian, a VP at Great Neck, New York-based Namdar Realty Group, has made his 20th retail center purchase in the past 12 months, this time a mall in suburban Chicago.  

Online plus-size fast-fashion retailer Eloquii is testing its first physical location, a pop-up shop in the Washington, D.C. area.  

Gymboree Corp. is planning a significant reduction in its store fleet.   The retailer is looking to close hundreds of stores part of a restructuring under bankruptcy court protection, The Wall Street Journal reported. The final number of stores, however, has yet to be determined.  

Maus, Warwick, Matthews & Company have released the names of the first six tenants for a Walmart-shadowed center in Leland, North Carolina, just outside of Wilmington.   Petsense, Cricket Wireless, Miyabi Junior Express Japanese Hibachi, Complete Coastal Dentistry, Charlie Graingers barbecue, and Ganey, Byrd & Dunn Insurance will be the first to inhabit Westgate Marketplace. The 31,600-sq.-ft. center is 50% leased.  

PEBB Enterprises has acquired Germantown Village Square in Memphis, its second property in Tennessee.   The Boca Raton-based REIT paid $28 million for the 199,629-sq.-ft. mixed-use power center, which houses TJ Maxx, DSW, and Petco alongside office space predominantly occupied The West Clinic, a subsidiary of Baptist Memorial Health Services.  

The fast-growing Floor & Decor Holdings announced the closing of its initial public offering.   The company’s shares are now trading on the New York Stock Exchange under the symbol “FND.” Founded in 2000, Floor & Decor is a multichannel specialty retailer of hard surface flooring and related accessories. It offers a broad in-stock assortment of tile, wood, laminate and natural stone flooring along with decorative and installation accessories.   

A men’s grooming shop that provides hand and foot care, haircuts and shaves in a “man cave nirvana” has ambitious designs for expansion.   

The Lone Star state is set to get a big dose of Crayola color.    The iconic brand will open a Crayola Experience at The Shops at Willow Bend, Plano, Texas, in spring 2018. This is the fourth location for the attraction, which also has locations in Orlando, Fla., Bloomington, Minn. (at Mall of America), and its hometown of Easton, Pa.