Tenant Update

Pacific Place, a 20-year-old luxury retail center in downtown Seattle, will be undergoing an extensive re-do beginning the fourth quarter of this year.   The 330,000-sq.-ft. home to Nordstrom’s flagship store, Barneys New York, and Tiffany & Co. will get a new South Lake-facing grand entrance to make way for added space that will accommodate upgraded restaurant tenants.  

Jones Lang LaSalle has announced the hiring of two new vice presidents to handle leasing of third-party-managed retail properties in West Coast markets.  

The ax has fallen: J.C. Penney has released the list of 138 stores it plans to close.   

The 800,000-sq.-ft. Northwest Mall in Houston, a fixture in the northwest section of town since 1968, will close all interior stores on March 31. Tenants include Champs Sports, Factory Show Warehouse, Royal Tea Café, and the Flame & Sizzle Grill.   Only stores with outdoor entrances will remain in business. These include Thompson Antique Center, Palais Royal, and The College of Healthcare Professionals.  

Malls and shopping centers are not endangered, but evolving species, International Council of Shopping Centers CEO Thomas McGee told the Miami Herald this week.   “There is stress in the department store segment and closures. When you look at those stores as a percentage of retail square footage, it’s small,” McGee said in a wide-ranging interview with the paper. “But those spaces are big and prominent and they need to be handled in a systematic way.”  

Nordstrom Rack will open a store at Cascade Station in Portland, Oregon.    The approximately 28,000-sq.-ft. store is scheduled to open in fall 2017.   This will be the fifth Nordstrom Rack store in the Portland area. Portland is also home to the first stand-alone Nordstrom Rack store, which opened in 1983. The company also operates a full line stores at downtown Portland and Clackamas Town Center.  

Brixmor Property Group has purchased Arborland Center, a 404,000-sq.-ft. center in Ann Arbor, Michigan, for $102 million. The center is anchored by Kroger and Nordstrom Rack and is situated between the University of Michigan and Eastern Michigan University.

Brixmor Property Group has purchased Arborland Center, a 404,000-sq.-ft. center in Ann Arbor, Michigan, for $102 million. The center is anchored by Kroger and Nordstrom Rack and is situated between the University of Michigan and Eastern Michigan University.