Real Estate

Two long-tenured retail real estate veterans have joined CBRE Group’s retail services teams in key Ohio markets.    New to CBRE’s Cincinnati office is Melissa Ruther, whose 15-year career has included stints in both leasing and tenant representation at Anchor Associates, Edge Real Estate Group, and most recently JLL. A CBRE press release made note of her strong relationships with retailers, developers, and the brokerage community.  

Tanger Factory Outlet Centers, Inc., acquired 100% ownership of Tanger Outlets Savannah, adjacent to the Savannah International Airport. The deal it made with its lone partner in the 420,000-sq.-ft. center included a $15 million cash payment and assignment of all outparcels on the property.   "The center is currently 99% occupied and is undergoing a second expansion to accommodate retailer demand for space," said Steven B. Tanger, president and CEO.   

Schimenti Construction will play a major role in the opening of the Westfield World Trade Center retail center and transportation hub in downtown Manhattan on Aug. 16.    The Ridgefield, Conn.-based firm served as the general contractor for nine stores in the new retail and center, developing spaces for Banana Republic, H&M, Fossil, Victoria’s Secret, Under Armour, COS, Breitling, & Other Stories, and Cole Haan.  

Crosslands Shopping Center, a joint development of Tupperware Brands and O’Connor Capital Partners, has been sold for $121 million just two years after opening in Kissimmee, Florida, according to a report in the Orlando Business Sentinel.   The Hampshire Companies, a New Jersey-based real estate firm, announced that it had acquired the center on behalf of an unnamed foreign investor. Crosslands is located within the Osceola Corporate Center, not far from Tupperware headquarters in Orlando.  

Chicago-based Newport Capital Partners purchased a 69,749-sq.-ft. center anchored by Pick ‘n Save the Milwaukee area. Terms of the deal, brokered by Mid-American Real Estate Corp., were not disclosed.    Other tenants in the center at the Intersection of I-41/45 and Mayfair Road in Wauwatosa include Firehouse Subs, Mattress Firm, and Supercuts. The sellers were New York-based DRA Advisors and Atlanta-based RCG Partners.  

Nordstrom Rack has announced a fourth location as it makes preparations to drop anchor north of the border.   Nordstrom announced that Nordstrom Rack will open a 35,000-sq.-ft. store at South Edmonton Common in Edmonton, Alberta, in fall 2018.     The property is owned and managed by Cameron Corporation and CREIT.    

Target Corp. has brought its new flexible-format store model to Chicago’s Lincoln Park North.   The 33,000-sq.-ft. store, which features Target’s first Freshii café, has been carefully curated for the neighborhood, and includes home items sized for condos and small space living and artwork that reflects the local culture and community. The creative force behind the bold art installations was hometown artist Cody Hudson and his team at Struggle Inc.