Development/Redevelopment

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.  

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.  

CBL & Associates and High Real Estate Group has the sold their joint interest in High Pointe Commons in Harrisburg, Pennsylvania, to Unison Realty Partners for $33.8 million.    The proceeds will be used by the sellers to retire secured loans totaling $17.4 million, and CBL will use its net proceeds to reduce outstanding balances on its lines of credit.  

Casey’s General’s Stores on Tuesday detailed an aggressive store expansion and renovation schedule along with record earnings for its first quarter.   The Iowa-based chain expects to build or acquire 77 to 116 stores, replace 35 existing locations, and complete 100 major remodels in its current fiscal year. Currently, it has 39 new stores under construction, including its first store in the state of Ohio.  

Swiss watchmaker Breitling opened its boutique at Westfield World Trade Center in New York and promises to make it an all-senses experience for shoppers.  

A new beauty format aimed at men is expanding through franchising.   Hammer & Nails | Grooming Shop for Guys announced it has sold franchise rights for 27 locations in Sacramento, California and in the San Francisco Bay Area, and for 55 franchises in Texas and New Mexico.  

Lululemon Athletica Inc. revealed that it plans to open smaller, “local” stores amid results that disappointed Wall Street.   Net revenue for the quarter ended July 31 increased 14% to $514.5 million, just shy of projections, from $453.0 million in the year ago period. Total comparable sales rose 4%, with in-store sales up 3% and direct to consumer sales up 6%.   Net income increased 12.5% to $53.6 million.  

It was already generating $700 per square foot in revenue, but Broadway Plaza in San Francisco’s East Bay got a complete makeover from owner Macerich that was unveiled last week. Fireworks and a performance by Mark McGrath of Sugar Ray accompanied the ribbon-cutting.   Gross leasing area was expanded to beyond 900,000 sq. ft. and more than 50 new stores inhabit the open-air center that debuted in 1951. Nordstrom, Neiman-Marcus, and Macy’s anchor the plaza that Macerich has owned for the last 30 years.