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.

Oklahoma City -- Sonic Drive-In announced two new agreements for franchise development in Rhode Island, the 45th state for the expanding brand. A mainstay in the South and Central Plains, the chain is aggressively expanding in the Northeast.

The first new Sonic franchisee for Rhode Island will bring the state its first location in the Providence, Rhode Island, market in mid-2015, with plans for more down the line.

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

The 512,000-sq.-ft. center opened in 2012 and is currently undergoing a significant expansion to add 185,000 sq. ft. to be populated by leading designer brands, opening on August 13, 2015.

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.

One of the interesting retail real estate trends I’ve been seeing pick up steam in the last couple of years is the willingness of many retailers to look beyond the traditional mall locations. Many are choosing locations on “hot streets,” bustling avenues within major communities that happen to be the retail hub, or in the downtown/village center area of the market.

Chattanooga, Tenn. -- CBL & Associates Properties, Inc. announced the promotions of Andrew Cobb to senior VP and director of accounting, Stuart Smith to senior VP - planning/redevelopment, Jennifer Cope to VP - shared services, Jon Meshel to VP - development/redevelopment, and Ken Wittler to VP - development.

Andy Cobb joined CBL in June 2002, as VP - accounting. In February 2007, he was promoted to VP and director of accounting. Prior to joining CBL, Cobb was an audit manager for Arthur Andersen.

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.

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.