Real Estate

Chattanooga, Tenn. — CBL & Associates Properties has announced its newest community center development, Parkway Plaza, a 134,100-sq.-ft. project in Fort Oglethorpe, Ga. Construction will begin in June, with the grand opening scheduled for spring 2015. Once complete, the 16+-acre site will offer several national retailers new to the area including anchor stores Hobby Lobby, Marshalls and Petco.

New York -- Aeropostale on Thursday announced it has signed an agreement with private equity firm Sycamore Partners for $150 million in financing and a strategic partnership. The teen retailer also reported its fifth straight quarterly loss amid a 15% decline in same-store sales, and announced it will close 50 stores in 2014.

Sycamore will provide Aeropostale with a five-year $100 million term loan facility, and a ten-year $50 million term loan facility that includes a sourcing arrangement with MGF Sourcing, an affiliate of Sycamore.

Oakbrook Terrace, Ill. — Mid-America Real Estate Corp.’s investment sales team has brokered the sale of Shadeland Station. Time Equities purchased the 104,906-sq.-ft. grocery-anchored shopping center. Marsh Supermarkets and Dollar Tree anchor the center.

Mid-America Real Estate Corp. in cooperation with Mid-America Real Estate – Indiana LLC brokered the transaction exclusively on behalf of the seller, a joint venture between Tri-Land Developments and an affiliate of Equity Group Investments.

Seattle -- Starbucks has opened up its first company-operated store on a Disney property, at Downtown Disney in Anaheim, Calif. The 5,600-sq.-ft. store is the first of several company-operated locations that are scheduled open across Disney properties in the United States.

Birmingham, Ala. — Bayer Properties has appointed Brad Bailey VP of business development. With more than 20 years of experience in the commercial real estate and retail industry, Bailey comes to Bayer from The Weitzman Group, where he held the position of senior VP and director of investment sales. His responsibilities there included consulting on acquisitions, dispositions, operations, leasing and financing.

Virginia Beach, Va. — Two new tenants have signed into Warrenton Towne Center in Warrenton, Va., according to Divaris Real Estate, the broker representing Kalis Holdings, the landlord, in the transactions.

Regis Corporation leased 2,502 sq. ft. in the center for a beauty salon. The company owns, franchises or holds ownership interests in 9,763 locations worldwide.

Tampa, Fla. — RMC Property Group has earned two exclusive leasing assignments on Florida’s southern West Coast.

First is Fountain Court, a 180,420-sq.-ft. community shopping center in Bradenton’s Highway 64 retail corridor near the beaches and Anna Maria Island. Anchor tenants include Bealls Department Store and Planet Fitness.

Yonkers, N.Y. — Forest City Ratner Cos. has joined Yonkers Partners in Education to create Ridge Hill Academy, a pilot program in which local businesses teach local students about the “behind the scenes” operations of retail management.

Twenty-five students selected from local high schools have just begun the pilot’s third of five 10-week sessions, which take place at Westchester’s Ridge Hill shopping, dining and entertainment center.