Development/Redevelopment

Ellicott City, Md. -- Investment Program Association announced it is honoring Daniel L. Goodwin, principal and chairman of Inland Real Estate Group with its Lifetime Achievement Award. The award was recently presented at the IPA Annual Conference.

Target Corp. is bringing its smaller-sized, urban format to one of lower Manhattan’s trendiest — and wealthiest — neighborhoods.

The retailer will open an approximately 45,000-sq.-ft. store on Greenwich Street in Tribeca, near Battery Park, a fast-growing and affluent residential area, and the Financial District.

The two-level store is scheduled to open in October 2016. It is located in a 14-story, 625,000-sq.-ft. mixed-use building, whose landlord is Jack Resnick & Sons.

Moorestown, N. J. -- PREIT announced the execution of more than 40,000 sq. ft. of new leases and the completion of its renovation to the dining court at Moorestown Mall located in Moorestown, New Jersey. The one million-sq.-ft. property is anchored by Lord & Taylor, Macy’s, Boscov’s and Sears. New retailers include: Yard House, Starbucks Coffee, Liberty Supply Co., Toy Genius, Eye Deals, Yankee Candle, Verizon Wireless and H&M.

Oak Brook, Ill. -- Inland Real Estate Acquisitions, Inc. announced it facilitated the acquisition of 13 properties purchased in October by Inland related parties. The acquisitions total more than 1.65 million sq. ft. across nine states for a total purchase price of more than $432.2 million. The properties acquired include a student housing community, six shopping centers and single-tenant retail stores.

The 13 properties consist of:

Huntsville, Ala. -- RCP Companies announced the opening of the first phase of The Shops at Merchants Walk located in Huntsville, Alabama. The property features 90,000-sq. ft. of shopping and dining experience, including the only Whole Foods Market in North Alabama along with high-end shopping options. The development extends Parkway Place retail node and connects it to the Central Business District.

Photo: left: Adam Zimel; right: Micah Kagan

Getting Dense

BJ’s Wholesale Club Inc. is preparing to open its first store in a new state.

GBT Realty Corporation, a national commercial development company headquartered in Brentwood, Tennessee, is developing the BJ’s Wholesale Club in South Carolina, in the city of Summerville. The $12 million development is situated on a 10.5-acre site. The 87,800-sq. ft. membership warehouse club that will feature a BJ’s gas station is expected to open in late 2016. Construction is set to commence immediately following the acquisition of the site in December.

Orchard Supply Hardware is still marching toward its expansion goal of 100 stores and $1 billion in sales by 2017. And the San Jose, California-based retailer with deep Golden State roots has learned a thing or two during its journey, according to president Bob Tellier.

The 76-store chain is actively upgrading its fleet into a shopper-friendly "neighborhood format" while finding a comfortable home in various urban locations.