Real Estate

CHATTANOOGA, Tenn. -- CBL & Associates Properties announced that construction has started  on The Crossings at Marshalls Creek, a 103,000-sq.-ft. shopping center development in Stroudsburg (Middle Smithfield), Pa.

The shopping center will be anchored by Price Chopper grocery, Rite Aid, STS Tire and Auto Centers and Family Dollar and will feature approximately 22,000 sq. ft. of stores and restaurants. The grand opening is scheduled for June 2013.
 

New York -- Walgreens has agreed to create 500 jobs in Illinois over three years and invest $75 million to expand and renovate more than two dozen of its corporate offices, according to the Chicago Tribune.

New York -- Total operating income of all shopping centers on a square-foot basis in the second quarter of 2012 rose 4.9% from the same quarter last year, while operating expenses rose by a larger 5.8%, according to a new quarterly shopping-center benchmarking report from The National Council of Real Estate Investment Fiduciaries (NCREIF) and the International Council of Shopping Centers (ICSC).

London -- New shopping center development in Europe is expected to increase by a quarter in 2012 to meet retailer demand for modern, high quality retail space, according to the latest research by global property adviser CBRE.

Turkey is the most active market, accounting for one-third of new space delivered in the first half of the year. This is some way ahead of Germany, with Italy and Poland just behind.

MATTHEWS, N.C. — Harris Teeter plans to expand its presence in existing markets, the company said in its third-quarter earnings release.

Matthews, N.C. -- Harris Teeter plans to expand its presence in existing markets, the company said in its third-quarter earnings release.

New York -- An affiliate of Manhattan-based real estate company Jemb Realty Corp. has agreed to purchase the leases and certain intellectual assets of Daffy’s Inc. for $43 million, Bloomberg reported. The deal is subject to bankruptcy court approval.

Daffy’s filed for Chapter 11 protection listing assets of $60.2 million and debt of $70.5 million as of July 1. The chain operates 19 stores, with the majority in the New York City metro area.

Jacksonville, Fla. -- Body Central Corp., which operates 258 stores under the Body Shop and Body Central banners, reported Thursday that net income for the second quarter dropped to $3.4 million, from $5.3 million in the year-ago period.

Revenues climbed 6.3% to $79.4 million, and same-store sales decreased 7.6%.

The company opened 15 new stores and closed one during the second quarter.
 

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Henri Bendel has opened a 2,300-sq.-ft. store at Cherry Hill Mall, in Cherry Hill, N.J.

Cherry Hill Mall is anchored by Nordstrom, Macy’s and J.C. Penney. Grand Lux Café recently opened its upscale restaurant concept at the mall, and Essensuals London, Pottery Barn and The North Face are all slated to open this year.
 

Lakewood, Colo. -- Indianapolis-based Simon Property Group said that Ann Taylor Loft will open a store this fall at outlet and value shopping destination Colorado Mills, located in the Denver suburb of Lakewood.

Loft will be located near Saks Fifth Avenue Off 5th, Ann Taylor Factory Outlet and Banana Republic Factory Store.