Development/Redevelopment

Beachwood, Ohio -- DDR Corp. on Thursday announced the acquisition of two prime power centers for $151 million during the fourth quarter.

DDR purchased Carolina Pavilion, located in Charlotte, N.C., from Blackstone Real Estate Partners for $106 million. The 94% leased, 852,000-sq.-ft. center is anchored by Target, Kohl's, Nordstrom Rack, Ross Dress for Less, Buybuy Baby, Bed Bath & Beyond, Jo-Ann Fabric and Craft Stores and AMC Theatres.

Indianapolis -- Simon Property Group and Institutional Mall Investors (the co-investment venture owned by an affiliate of Miller Capital Advisory and The California Public Employees' Retirement System [CalPERS]), on Thursday announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, Calif., and Woodfield Mall in the Chicago suburb of Schaumburg, Ill.

Tempe, Ariz. -- Vestar, owners of the 1.3 million-sq.-ft. Tempe Marketplace, announced that it sold a 2.38-acre parcel on its southwest corner to Chicago hot dogs and beef eatery Portillo’s.

The restaurant is slated to open a 7,000-sq.-ft. location in summer 2013.

Tempe Marketplace features 1.3 million sq. ft. of retail space and more than 100 retail and restaurant tenants.

Beachwood, Ohio -- DDR Corp. announced that senior executive VP and CFO David J. Oakes has been named president of the company, effective Jan. 1.
 
Oakes will remain CFO, and will continue to report to CEO Daniel B. Hurwitz.
 
Oakes joined DDR as executive VP of finance and chief investment officer in April 2007. He was promoted to senior EVP finance and chief investment officer in December 2008, and CFO in February 2010.

Seattle -- Nordstrom plans to open a full-line store in Minnetonka, Minn., at Ridgedale Center, which is owned by General Growth Properties.

The store will be approximately 138,000 sq. ft. and will open in fall 2015. It will be Nordstrom's second full-line store in Minnesota.

Dallas -- 7-Eleven announced Thursday that it has acquired 143 Speedy Stop and Tigermarket retail locations from C. L. Thomas, of Victoria, Texas.

The acquisition, which closed Dec. 31, increases 7-Eleven stores' footprint in San Antonio, where recently the country's largest convenience retailer purchased 25 stores as part of its acquisition from TETCO. It also adds to 7-Eleven's growing fuel wholesale-delivery business because the acquisition includes gasoline distribution to approximately 150 dealer-operated sites.

Cincinnati -- Macy’s on Thursday announced what it described as “normal-course adjustments” to its portfolio of Macy’s and Bloomingdale’s stores that include shuttering six locations (all in early spring 2013) and opening nine others.

In the first installment of its new Case Study series, CSA Online offered an insider’s look at the conception and initial rollout of the southern Calif.-based fast-casual concept PizzaRev. Likened to “the Chipotle of pizza,” this innovative chain lets customers choose from an artisanal array of toppings to craft their own pizzas. Using a 900-degree, stone-hearth oven, pizzas are ready in about three minutes, all at a cost of less than $8 per pie.

CHESAPEAKE, Va. — Dollar Tree intends to expand its 603,000-sq.-ft. distribution center in Marietta, Oklahoma by an additional 400,000 sq. ft.

The leading operator of discount variety stores in North America which sells everything for no more than $1 will create more than 100 new full-time positions as a result of the expansion.

SEATTLE — Nordstrom plans to open another new Rack store this spring in Maine as the number of off price locations now exceeds the company’s full price stores.

The approximately 30,000-sq.-ft. store at Maine Crossing Shopping Center will be its first location in the state, and is scheduled to open this spring.