Development/Redevelopment

The Howard Hughes Corporation announced it has purchased the 11.4-acre Macy’s store and parking lot at its Landmark Mall in Alexandria, Virginia, and will set about transforming the enclosed property into an open-air center.  

The 388,000-sq.-ft. Flagstaff Mall has been acquired by Dallas-based Cypress Equities for an undisclosed sum. The single-level center opened with two anchors in 1979 and added a third anchor when it was expanded in 1987.   Cypress plans to add three outparcel pads amounting to 18,000 sq. ft. to the former Woodmont property, and is exploring the conversion of select inline retail space to new uses. “It is our goal to establish Flagstaff Mall as the dominant retail destination in northern Arizona,” said Cypress CEO Chris Maguire.

A site near the entrance to Innsbrook Office Park in Glen Allen, Virginia, north of Richmond, has been slated as the home of Dominion Shoppes at Innsbrook, a project of Dominion GA, LLC.   In a deal brokered by Cushman & Wakefield/Thalhimer, Dominion acquired the 2.4-acre tract from Doswell Properties for $2.9 million. The planned center is 100% pre-leased to tenants including Starbucks, Blaze Pizza, American Family Care, and Noodles & Company.  

Sprouts Family Market is expanding its footprint.     The Phoenix-based grocer plans to open 35 stores in 2017, with 11 of the locations opening in the second quarter of the year.     The 11 stores opening in the second quarter include three in California, two in Georgia, two in Florida locations, two in Texas locations and two in Colorado, the Phoenix Business Journal reported.  

New Yorkers will have a new way to browse Amazon’s best-selling book titles — in a physical store.   Later this year, the retail giant will open a bookstore at the Time Warner Center in Manhattan.   Also on the slate for 2017 is a location in Chicago, and the Boston suburb of Dedham, Mass.   Stores are also planned for Lynnfield, Mass., and Paramus, N.J.  

Retailers and developers looking for potential expansion spots in the coming year should bypass Gotham and head to Grand Rapids.  

Trending Stores:

PREIT CEO Joseph Coradino is pursuing a take-charge course in dealing with department store attrition, announcing that his company is actively pursuing replacements for three Sears anchors he expects to close in 2017.