Development/Redevelopment

Chicago -- A recent report from Jones Lang LaSalle showed that the current state of real estate markets suggests a temporary deceleration in the on-going global real estate market recovery.

According to JLL’s latest Global Market Perspective report, sentiment is, however, recovering and full-year 2012 commercial real estate volumes are expected to match the robust levels seen in 2011.

Purchase, N.Y. -- National Realty & Development Corp. said it has been chosen to receive the New Jersey Future 2012 Smart Growth Award for the redevelopment of CooperTowne Center in Somerdale, N.J.

The award recognizes the best development or redevelopment projects around the state that embrace sustainable growth and environmental preservation. CooperTowne Center was classified as a greyfields project, one of the first in the state, by the New Jersey Office of Smart Growth.

New York -- RKF announced the opening of a Chicago office as part of its ongoing expansion into key urban markets nationwide. This is the firm’s seventh office; others include its New York headquarters, Las Vegas, Los Angeles, Miami, Northern New Jersey, and San Francisco.

“The opening of our Chicago office is a crucial part of our national strategy to expand RKF’s on-the-ground presence in key urban markets in the U.S.,” said RKF chairman & CEO Robert Futterman.

New York -- Manhattan-based ATCO Properties & Management said it has acquired a Whole Foods retail location in Mill Valley, Calif., for $17.3 million.

Situated within the Alto Shopping Center on Mill Valley’s North side, the 23,200-sq.-ft. store opened a year ago and has established itself as one of the chain’s best performers, according to ATCO senior VP Damon Hemmerdinger.

As retail real estate professionals from around the world prepare for the annual RECon convention in Las Vegas, it seems pretty clear to me that the anticipation for this year’s event is on the rise. This is a noticeable change from some recent years, where the recession eliminated any enthusiasm we once saw in the “glory days.”

Houston -- Discount supermarket operator Aldi announced it is preparing to enter the Houston market with 30 new stores over the next three years. The expansion will begin in spring of 2013, with the opening of more than 10 new locations.

With this expanded Texas footprint, Aldi is expected to bring 400 jobs and an investment of over $100 million of capital expenditures to the local community. The first Aldi stores in Houston will open in the spring of 2013, with more than 10 new locations.

Las Vegas -- Irvine, Calif.-based Passco Cos., said it has negotiated a $25.8 million loan to refinance Silver City Plaza, a 41,583-sq.-ft. neighborhood shopping center in Las Vegas.

The new loan was arranged with Cantor Commercial Real Estate, an affiliate of Cantor Fitzgerald, and was uniquely structured to accommodate a challenged market.

Dallas -- Restaurant chain Seasons 52 said it has selected NorthPark Center for its first location in Dallas. The new Seasons 52 restaurant at NorthPark Center is expected to open this fall.

The restaurant will be located between Neiman Marcus and Dillard's, with entrances from both inside the mall and street side.