Development/Redevelopment

A very tech-savvy retailer retail is expanding its fledgling physical footprint with an eye toward national expansion.    b8ta, which lets people test out products from a variety of tech companies, including many small start-up, has opened a store at University Village, Seattle, along with one at Santa Monica Place, Santa Monica, Calif. Both locations were designed by Gensler, and feature a sleek, modern design.    

After nearly 50 years of ownership, the Carl M. Freeman Companies has sold the Cabin John Shopping Center and Mall in Potomac, Maryland, to Edens for $165 million.   Freeman parted with a property that it built in 1968 in order to amass capital for other projects, according to CEO Michelle Freeman, who assumed the helm of the company after her husband, Josh, perished in a helicopter crash.  

Lifescapes International, an architectural landscape company that’s responsible for outdoor displays such as the Rockefeller Center Promenade and the Bellagio water show, is testing the boundaries of indoor greenery in the Philippines.  

Private-equity firm Warburg Pincus has agreed to acquire Gabriel Brothers (Gabe's) from Alvarez & Marsal Capital.   The terms of the transaction were not disclosed.  

With the retail environment undergoing the most complex changes in our generation, the sustainability of the current retail economic model is in question.    Historically, retail CFO’s, as the principal financial oficers, were primarily responsible for more traditional finance, treasury, regulatory, information delivery and related functions.   

Across the United States, cities have been experiencing a development resurgence. Legions of Americans are departing suburbia and returning to urban environments, with millennials leading the migration. Young adults are abandoning the suburban subdivisions they grew up in for denser, more vibrant urban settings. Consequently, once-empty lots, city blocks, and otherwise underutilized properties are being replaced with multi-use buildings that can accommodate new residences, office space, and retail.  

Amazon is continuing to build out its already expansive fulfillment network.    The online giant plans to open two new facilities in Aurora, Ill, generating more than 1,000 additional full-time jobs with benefits to the state. Amazon currently operates warehouses in Edwardsville, Joliet and three facilities in Romeoville. Another depot is currently under construction in Monee.  

Officials from the city of Troy, Michigan, made the rounds of the New York Deal Making show looking for a partner to help them erect a proposed $350 million town center.  

Mall of America is upping its entertainment quotient with a 40,000-sq.-ft. arcade imported from India.   Called Smaaash, and co-founded by an entrepreneur from India, the attraction includes a multilevel go-cart track, virtual reality and video games and a restaurant and bar, the Star Tribune reported.  

A dramatic spiral staircase highlighted by three chandeliers and a cascade of lights and crystals suspended from a 30-ft. ceiling welcomes shoppers at Shreve & Co. new flagship in San Francisco.   The two-level, 15,000-sq.-ft. store features a modern, luxurious design, with in-store boutiques, private viewing suites for personalized consultations and an entertainment room. It also houses an array of services, from a dedicated watchmaker to an estate jewelry appraiser and consultant.