Tenant Update

Every business magazine sports an “X Under 40” list celebrating precocious professionals. But, really, isn’t it almost always youthful drive and optimism that feeds the engine of progress?

The stories of Chain Store Age’s 2017 list of over-achievers under 40 abound with examples of young people from different disciplines who all discovered retail real estate as the perfect channel for their passions.

Prestige Development Group is about to break ground on a 171,027-sq.-ft. shopping center in Abilene, Texas.   Nearly 85% of The Shops at Abilene Village are pre-leased by a tenant lineup that includes Burlington, Petco, and Academy Sports + Outdoors. It will be the first store in the Abilene market for Burlington, and Academy is relocating from a 50,000-sq.-ft. location to claim 72,000 sq. ft.in of space at The Shops.  

A formerly troubled center in an affluent community south of Los Angeles has capped off an 18-month, $17 million renovation.   Just two years ago, The Vestar-owned Peninsula Center in Rolling Hills Estates was plagued by several vacancies and an image not in keeping with standards in the community, which has a median household income of $144,000.   Today Orchard Supply Hardware and Ulta Beauty occupy the made-over center, along with new dining options Chipotle and The Habit Burger Grill.  

There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors.    That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.  

Same property net operating income during the first quarter was up 3.2% at Brixmor Property Group thanks to aggressive redevelopment efforts, said the company’s CEO.    "While the overall retail environment brought an increase in announced retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand, resulting in 1.9 million sq. ft. of new and renewal leases executed in the first quarter at blended comparable rent spreads of 16.4%," said James Taylor in a statement.

The Outlet Shoppes at Oklahoma City was acquired this week by an unnamed buyer, reported CBL & Associates, which co-owned the center with Horizon Group Properties.   "The Outlet Shoppes at Oklahoma City was the first project we developed with Horizon and has been a huge success,” said Stephen Lebovitz, CBL’s president & CEO. “We are pleased to demonstrate the value of our outlet portfolio and provide additional liquidity to reduce leverage and help fund our redevelopment program."  

Target Corp. is beefing up its presence in the Big Apple — and also testing a service to give city dwellers a break from lugging their purchases home.      The discounter announced plans to a smaller-format store on the city’s Lower East Side in March 2018. The 22,500-sq.-ft. store — one-fifth the size of a regular Target — will be on the second level of the Essex Crossing development, with more than 500 rental units above it. The mixed-use building will also include a Trader Joe’s.  

A San Diego strip center that underwent a repositioning and renovation over the past two years is welcoming six new tenants.   The Presidio, which sits below the 18th Century Presidio fortress in the Linda Vista community has transformed its retail lineup with the signings of Rip Curl, Luv Bridal, Hopsy, Babe Kombucha, West Coast Veterinary Hospital, and Sharetea.