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Development/Redevelopment

  • South Carolina center changes hands

    Patton Square Shopping Center in Woodruff, South Carolina, has been acquired by Pro Vest Properties for $7.3 million dollars. SRS Real Estate partners brokered the deal for the seller, an affiliate of Chen Development.

    “Patton Square is a solid grocery-anchored neighborhood center with minimal competition in the market,” said Pierce Mayson, VP for SRS’ Southeast Investment Sales Team. “With a long-term anchor lease and very solid sales numbers, this asset is an excellent purchase for the buyer.”

  • Ground breaks on Staten Island Mall expansion

    Construction has begun on a 240,000-sq.-ft expansion of the Staten Island Mall, the largest shopping center in the New York City borough.   The multi-phase project will take two years to complete, and will add some 75,000 sq. ft. of space to Macy’s plus 40,000 sq. ft. for a new Dave & Busters and a 12-option food court. A new wing with a three-level parking deck is destined for one side of the General Growth Properties mall.  

  • Milan’s hippest merchant to open first U.S. location

    10 Corso Como, the eternally cool Milanese retailer, is coming to the Big Apple.   The Howard Hughes Corp, announced that the Milan-based retailer will open its first U.S. store in the Seaport District of lower Manhattan as part of the development’s ongoing transformation.    

  • Gap among those unfazed by Macy’s coming store closures

    Top suppliers don’t seem very worried about Macy’s looming store closings. And neither does the CEO of Gap Inc., according to a report by CNBC.com.   Gap chief executive Art Peck told attendees at Goldman Sachs' Annual Global Retailing Conference that he sees the Macy's store closures as an opportunity to grab market share, the report said.  

  • Pet supplies chain keeps opening stores

    Petco will be busy in September.   The retailer announced it will open 13 stores in September, along with one relocation. The expansion reflects Petco’s 2016 growth plan, which includes 34 new Petco stores and one new Unleashed by Petco year-to date.  

  • Kimco announces $265 million in deals

    Kimco Realty Corp. has purchased the remaining 85% interest in a four-property joint venture portfolio, a deal that includes the assumption of $103 million in mortgage debt. The company also announced it had acquired a Whole Foods-anchored center in the D.C. area for $95 million.  

  • NRDC names Mannion chief of property operations

    Photo: Noel Mannion   Noel Mannion, who spent the bulk of his career with the National Realty & Development Corp., has been named the Purchase, New York-based company’s executive VP of property operations.   Mannion, previously managing director of operations, will be responsible for overseeing budgeting, maintenance, repair and improvement projects, billing, lease administration, and risk management for NRDC’s portfolio of more than 78 projects in 14 states.  

  • Mixed-use project slated for up-and-coming Austin ‘hood

    A newly formed developer called the Maker Bros. has announced plans to build a $150 million mixed-use project in South Austin, Texas, christened the Saint Elmo Market District.   A 40,000-sq.-ft. former school bus factory on the site will be converted into and indoor-outdoor marketplace that will serve as the new home of the Saxon Pub, a celebrated live music hall in Austin. Maker Bros. has apportioned 100,000 sq. ft. of the site for office space, a boutique hotel, and condos.  
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