Tenant Update

Photo: Andrea Olshan, CEO of Olshan Properties

The tenant mix is neighborhood shopping centers is western states is transforming as centers looking to remain relevant to shoppers and more effectively compete with other types of centers.

When the 300,000-sq.-ft. Shoppes at Mid Rivers opens in late 2017 the project will be the largest retail development the St. Louis area has seen in nearly a decade.   GBT Realty Corporation, a national commercial development company headquartered in Brentwood, Tennessee, said the $54 million project located in St. Peters, Missouri, will have three anchor tenants, five to seven junior anchors, small shop space and four, approximately one-acre outparcels.  

The Manhattan Village Shopping Center in Los Angeles County serves some of the nation’s wealthiest zip codes which explains why JLL is leading a $150 million investment in a redesign and expansion of the mixed use center. The planned multi-phased renovation will bring new life to the 573,000-sq.-ft. shopping and dining destination that occupies 44 acres and serves the South Bay cities and Silicon Beach areas of Los Angeles County, according to JLL.

Tanger Factory Outlet Centers operates, owns or has an ownership interest in 42 shopping centers nationwide that encompass 14.3 million square feet. The company’s centers are home to more than 3,000 stores operated by 470 different retailers, which affords Tanger President and CEO Steve Tanger a unique vantage point on the retail industry. He spoke recently with Chain Store Age about the outlet shopping industry his father pioneered 35 years ago.

Aéropostale is closing its 19,000-sq.-ft. flagship in Manhattan’s Times Square.

The fast-casual restaurant chain McAlister’s Deli has opened its first store in the New York City area, a market where residents know a thing or two about delis.

There is a lot of tenant activity going on at the Miracle Miles Shops in Las Vegas with several notable retailers expanding, renovating and growing new concepts.

Photo: Erik Westedt, left, and Scott Kaplan have joined JLL’s growing Southern California team.

Editor’s Note: The 27th annual survey of Fastest-Growing Managers tallies new domestic and international third-party management and leasing contracts obtained during the 2015 calendar year and ranks the top performers. As always, the measuring stick is square footage.

This year’s fastest-growing third-party managers are taking many roads to growth, from acquisition to a multidisciplinary focus.