Development/Redevelopment

St. Petersburg, Fla. -- Josh Beyer, P.E., has been promoted to senior VP of Development at The Sembler Company, overseeing all shopping center development in Florida, the Gulf Coast, and the southeastern U.S.

Beyer has been with the company for 12 years and, in that time, has been involved with more than 1.5 million sq. ft. of development, including Colony Plaza (The Villages, Florida), Park Street Retail Center (St. Petersburg, Florida) and Cross Creek Village (St. Cloud, Florida).

Washington, D.C. -- Retail Properties of America, Inc., has it closed on its $162.8-million acquisition of the retail portion of Downtown Crown, a class A mixed-use project located in Gaithersburg, Maryland (Washington, D.C. MSA). RPAI acquired the project from The JBG Companies and JBGR Retail.

Huntsville, Ala. -- GBT Realty Corporation announced even more retail development in northern Alabama with The Shoppes of Albertville.  Just off the heels of two similar projects recently announced in the regional market, GBT is developing an $18 million, 135,000-square foot retail center along Albertville’s primary commercial corridor.  The company acquired the 13.2 acres on Dec. 29 and construction is currently underway.

St. Paul, Minn. -- Paster Properties announced that Northway Center is undergoing major interior and exterior renovations, scheduled to be completed summer 2015. The 92,197-sq.-ft. center is located in Lexington, Minnesota.

Spanish Fort, Ala. -- Dallas-based Cypress Equities has officially broken ground on a 3.5-acre park project, at Spanish Fort Town Center, in Spanish Fort, Alabama.  The park is part of a major site enhancement plan, which also comprises upgraded building facades, a freshly designed sign package, along with new store and restaurant offerings.

Glendale, Calif. -- Cypress Equities companies announced that LA Fitness, Buffalo Wild Wings and AT&T will open at Glendale Marketplace in 2015.

"This collection of synergistic new offerings will begin transforming the tenant mix at Glendale Marketplace," said Todd Minnis, chief investment officer.  "This is the first step toward our redevelopment process."

Bethesda, Md. -- Washington Prime Group Inc. has completed its previously announced acquisition of Glimcher Realty Trust, created a new company WP Glimcher, based in Columbus, Ohio.

Mark S. Ordan will serve as executive chairman of the combined company’s board of directors and Michael P. Glimcher will serve as the combined company’s CEO and Vice Chairman, reporting to Ordan.

Manchester, Conn. -- Bob’s Discount Furniture has leased a 751,966-sq.-ft. warehouse and distribution building in Shorewood, Illinois, as it prepares to expand its growing retail furniture business into the Chicago area.

Bob’s, the 14th-largest U.S. furniture chain, has opened nearly a dozen new stores across the East Coast and Mid-Atlantic regions during the past two years. But this new facility marks its first move into the Midwest.