Tenant Update

Neptune/6th, a redevelopment of the former site of Trump Village Shopping Center and the Royal Palace Baths in Brooklyn’s Coney Island section, has secured leases from CVS and Apple Bank as it looks toward a summer 2017 opening of its first phase. Cammeby’s is the developer.   That phase will include 161,000 sq. ft. of retail, office, and parking in a standalone space across from the old Trump Village site. Three further phases will add 165,000 sq. ft. of retail and parking and a 575-unit residential tower.  

Street closings and protests related to the election of Donald Trump are severely impacting retail traffic on the priciest retail corridor in the world.   Tiffany & Co., Abercrombie & Fitch, Henri Bendel, Polo Ralph Lauren and other retailers on Fifth Avenue are all being affected, according to the Associated Press.  

The Mall at Prince Georges in suburban Washington, D.C. will welcome a 16,000-sq.-ft. DSW location and an 11,000-sq.-ft. ULTA in second quarter 2017. The signings are part of PREIT’s ongoing strategic plan to re-outfit its centers with “in-demand” retailers.   “The property has just begun its transformation into an elevated, vibrant shopping and dining destination commensurate with the development that has occurred in the surrounding area,” said Joseph F. Coradino, CEO of PREIT.  

Kenneth Cole is closing all its stores in outlet centers.   The company plans to shutter its 63 outlet stores within the next six months, Bloomberg reported. The move will leave the brand with two brick-and-mortar stores, both full priced, with one in downtown Manhattan and the other in Arlington, Va.  

The Butler North component of Butler Enterprises’ massive retail complex in Gainesville, Florida, brings itself close to 100% occupancy with next week’s opening of Total Wine & More.   The 20,000-sq.-ft store is the latest in a series of new store openings at the center. Also debuting there over the past four months were Walmart Supercenter, Aldi, Marshalls, Payless Shoe Source, and Dollar Tree.  

National Realty & Development Corp. has announced that new pad buildings will begin going up at two of its centers in New Jersey.   McDonald’s will enter Liberty Square Center in Burlington with a newly constructed 3,911-sq.-ft. store on one of the property’s outparcels. The 380,383-sq.-ft. Liberty Square is anchored by Walmart Supercenter, Acme, Marshalls, and Toys “R” Us.     

Toys “R” Us is looking to shake up its store experience.   The retailer has opened a new “experience-driven” prototype in Santa Ana, California, near South Coast Plaza, The Orange County Register reported.      

The Woodmont Company has hired Pendleton Mills real estate executive John Geddis to handle leasing at the firm’s growing outlet center portfolio. His title will be senior VP of brokerage services.   Geddis gained extensive experience on both the owner and tenant sides of the business in a 20-year career, with stints at Simon Property Group and General Growth Properties, as well as Samsonite. At Pendeton, he oversaw development for the company’s 50 owned retail and outlet locations.