Real Estate

Liberty Center is Greater Cincinnati’s something-for-everyone development

There are mixed-use developments, town centers, and then there are PLACES, and Liberty Center is being designed to be just that when it brings 1.2 million sq. ft. of retail, restaurant, offices, residences, a hotel and three parks — including one inside the enclosed mall — to a young and affluent area of North Cincinnati.

Liberty Center, opening Oct.

Florida’s first transit-oriented development opens fall 2016

It may be hard to imagine that the home to one of the largest public universities in the United States is somewhat undersung. But that’s exactly what the developers of the 1 million-sq.-ft.

Downtown LA’s South Park will emerge as a new retail district

It’s rare enough for any developer — or group of developers and brokers — to plan an entirely new retail district almost literally from the ground up. It’s utterly unique to do so in one of the largest cities in the world.

Yet, that’s exactly what’s happening in Downtown Los Angeles’ South Park neighborhood.

Cincinnati – The Kroger Co. plans to build 11 new stores and remodel 22 existing stores in the Indianapolis area. Kroger will spend $464.6 million in a four-year plan that actually started in 2014.

The plan includes constructing seven 125,000-sq.-ft. Kroger Marketplace stores in Fishers, Franklin and Indianapolis counties. Those stores will cost $141 million and create 1,350 permanent jobs.

Industry insiders are the best trend-watchers. Here’s what the experts are seeing.

“There is more selectivity in the site selection process. There is a trend toward downsizing, and more non-retail tenants are taking interest. There is also a growing divide between A-plus real estate and everything else in the market. Everyone wants the best properties.” — Mark Dufton, CEO of DJM Real Estate, a Gordon Brothers Group company

“Retailers are thinking about a smaller footprint, but in most cases not significantly smaller.

Apple will open its highly anticipated new campus in April. Dubbed Apple Park, the site is located on a 175-acre site in Cupertino, Calif.

The heart of the campus is a futuristic, ring-shaped, 2.8 million-sq.-ft. headquarters building that’s clad entirely in panels of curved glass. Designed in collaboration with Foster + Partners, Apple Park is powered by 100% renewable energy. With 17 megawatts of rooftop solar, the campus will run one of the largest on-site solar energy installations in the world.

Hoffman Estates, Ill. – Sears Holding Corp. and Santa Monica, California-based shopping mall operator The Macerich Co. are forming a 50/50 joint venture that will purchase nine Sears stores located in Macerich malls for $150 million. The venture will then lease the stores back to Sears or to other retailers.

Sears has entered two other similar leaseback joint ventures during April 2015, including deals with General Growth Properties and Simon Property Group. According to Macerich, the stores have average in-line sales of $680 per square foot.

Whether local or global, growth has been robust for 2014’s top third-party managers

The 26th annual survey of Fastest-Growing Managers surveys new domestic and international third-party management and leasing contracts obtained during the 2014 calendar year and ranks the top performers.