Development/Redevelopment

Washington, D.C. -- The JCR Companies has acquired Manokeek Village Shopping Center in Accokeek, Maryland, just 10 minutes from the Washington, D.C. Beltway, for $22 million. The seller was Klaff Realty.

The 90,172-sq.-ft. grocery-anchored shopping center is located at the intersection of Manny and Berry Roads in Prince George’s County.

Anchored by Giant Food, Manokeek Village is more than 90% leased to a lineup of retailers including Starbucks, Wendy’s Advance Auto, SunTrust Bank, and 7-Eleven.

Livermore, Calif. -- Simon announced that its Bay Area outlet shopping center, Livermore Premium Outlets, will be rebranded and named San Francisco Premium Outlets in conjunction with a major expansion.

The 512,000-sq.-ft. center is located in the affluent East Bay area of northern California and features 130 designer and name brand outlet stores, including Armani, Barneys New York, Bloomingdale's Outlet, Burberry, Cole Haan, DKNY, Elie Tahari, Kate Spade New York, Last Call by Neiman Marcus, Polo Ralph Lauren, Prada and Saks Fifth Avenue Off 5th.

Lakeland, Fla. -- Retail Solutions Advisors said that it has been selected as the exclusive leasing representative for Towne Square, a 126,374-sq.-ft. community shopping center located in Ocoee, Florida. Towne Square is anchored by Old Time Pottery.

The property is owned by Continental Real Estate Companies, who will continue to manage the center.
 

Lafayette, Indiana -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Lafayette Pavilions Shopping Center located in Lafayette, Indiana. The 348,531-sq.-ft. regional shopping center was acquired by a real estate investment trust sponsored and managed by Phoenix-based Cole Capital for $54 million.

Lafayette Pavilions Shopping Center is located at the southwest corner of State Road 26 and Creasy Lane; it is anchored by Gordmans, Hobby Lobby, Gander Mountain, and TJ Maxx.
 

Mississauga, Canada – Wal-Mart Stores Inc. is reportedly expanding its Canadian operation, even as chief rival Target is exiting the country after spending $4 billion in an effort to open stores there. According to the Wall Street Journal, Wal-Mart plans to spend $270 million on building 29 new Canadian supercenters and an expanded distribution network to support them.

DDR Corp.'s board of directors has promoted David Oakes to the chief executive officer post.

Oakes, the company's president and chief financial officer, fills a seat left empty by Daniel Hurwitz, who stepped down as CEO in December.

"After a thorough and robust search process, the board is confident that David is the right person to lead DDR into the future," Terry Ahern, the company's chairman, said. "I also want to thank the team for the terrific job that they have done while the board conducted the search process."

Los Angeles -- Fast-casual pizza franchise PizzaReb has entered into a financing agreement with Wintrust Franchise Services to support the restaurant company’s growth.

“We’re eager to build on the growth momentum we’re experiencing with our customers and franchise partners, and the Wintrust fund will greatly support our strategic development goals,” said Rodney Eckerman, co-CEO and founder, PizzaRev.

New York -- For the third consecutive year, Chain Store Age will select 10 individuals in retail real estate as “retail stars;” all will be featured in the May 2015 issue with bonus distribution to the International Council of Shopping Centers’ RECon show in Las Vegas in May.

The award recognizes people under the age of 40 who are making an impact in retail real estate – whether from the tenant (retail) or the landlord (shopping center company) side.

Minneapolis -- Shorenstein Properties LLC announced Sports Authority signed a lease for 21,877 sq. ft. at Minneapolis City Center.
 
Sports Authority has ten stores in the Minneapolis area but this marks the company’s first store in downtown Minneapolis.  The store is expected to open in fall 2015.

Seattle -- REI will enter two new states in the fall, opening a store at the new Christiana Fashion Center, in Christiana, Delware, and another at the new Mills Crossing, in West Des Moines, Iowa.

The outdoor gear and apparel retailer also plans to open a store in Virginia Beach, Virginia, at Pembroke Mall, in spring 2016.