Real Estate

Morrisville, N.C. -- Columbus, Ohio-based Casto announced that construction will commence on the next phases of the mixed-use lifestyle center, Park West Village, located in Morrisville, N.C.

Another 200,000 sq. ft. of retail space launches construction this month, according to Shannon Dixon, VP development, leasing and asset management for Casto’s Southeast operations.

Joining the next phase of Park West Village is a 55,000-sq.-ft. state-of-the-art 14-screen cinema, operated by Stone Theatres, formerly Consolidated Theatres.

Tucson, Ariz. -- Commercial Real Estate Advisors said that Goodwill has signed a lease for 1,500 sq. ft. at Placita de Oro Shopping Center, in the Oro Valley section of Tucson, Ariz.

This will be Goodwill’s second location in the area and will be utilized as a donation center only.
 

Moorestown, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that three stores are opening at Moorestown Mall this spring, furthering the entertainment offerings for mall shoppers and area residents.

Play N Trade, a specialty video game retailer, will open in the Sear’s wing next to GNC; Books for Less is opening in the Boscov’s wing next to Spencer’s; and a nail salon, Nailery, is opening next to the Chipotle entrance.

Philadelphia -- A Wednesday report by Reuters said that discounter Five Below is said to be considering an initial public offering. 

The report, citing unnamed sources, said that the Advent International- and LLR Partners-owned chain has hired underwriters and is in discussions with bankers.

Five Below is in a growth mode and could potentially command a market valuation of over $1 billion.

New York -- Commercial real estate firm MPI announced the promotion of Andrea Olshan to CEO.

Michael Makinen has been promoted to COO and Ryan Guheen has been named senior VP asset management.

Prior to the appointment of CEO, Olshan served as MPI's COO and was responsible for the operations of the company portfolio, investment activity and external fund investments. She replaces David Lukes, who saw MPI through the reorganization of its corporate offices and senior staff.

Hickory, N.C. -- North Plainfield, N.J.-based Levin Management Corp. announced that Lumber Liquidators will open a 6,000-sq.-ft. store at Hickory Plaza, located in Hickory, N.C.

This newest store for Lumber Liquidators represents the chain’s ninth in the state.

The 133,000-sq.-ft. Hickory Plaza is leased and managed by Levin.
 
 

Minneapolis -- Opus Development Corp. said Wednesday that it has been selected to develop, design and build a new 52,000-sq.-ft. retail store for Gander Mountain Co., located in Valdosta, Ga.

The retail building will be used as a model for future Gander Mountain stores as the retailer looks to introduce a smaller retail concept in small-to-mid-size markets across the country.

The project is scheduled for completion in late 2012.

Opus AE Group will design the building and it will be constructed by Opus Design Build.

Plymouth Meeting, Pa. -- Fameco Real Estate announced that Sports Clips has signed its sixth lease in the Philadelphia region as part of an aggressive store roll out campaign.

Sports Clips is focusing its efforts on the Philadelphia MSA and Fameco’s Jim Creed is spearheading the expansion in this market which includes southeastern Pennsylvania, southern New Jersey and Delaware.