Microsoft

NewMark Merrill’s decade-long quest to open a shopping center outside of San Bernardino became reality with the opening of its Walmart Supercenter anchor.   The 239,552-sq.-ft. Rialto Marketplace is due to be fully operational in June, when the doors will open for tenants including Starbuck’s, Sprint, Chipotle, Les Schwab Tires, Carl’s Jr., and Ono Hawaiian BBQ.  

Rouse properties has announced plans to enter into a joint venture agreement with Devonwood Investors in the transformation of an outdated Burlington, Vermont, mall into a mixed-use center. The deal is expected to be closed in the coming weeks.   Burlington Town Center, a traditional enclosed mall in the center of the state’s largest city, is to be converted into a modern apartment block including restaurants and an upgraded retail component.  

Regency Center has announced the start of a ground-up addition to a center in an affluent section of Miami.   The nation’s largest retail REIT will add 70,000 sq. ft. of retail to an existing 173,000-sq.-ft. Target on US- 1 to create the new center, called Pinecrest place. The bulk of the addition will be occupied by a 46,000-sq.-ft. Whole Foods Market.   Construction is expected to be completed in second quarter 2018.  

Shelby Crossings, a 76,390-sq.-ft. power center in the Detroit suburb of Utica, has been acquired by Beverly Hills, Michigan-based Grand Management & Development.   Mid-America Real Estate Corp., which represented the seller in the transaction, could not disclose the price.   The property features the Bed Bath & Beyond subsidiaries Christmas Tree Shops and BuyBuy Baby, and is surrounded by a larger regional center anchored by Target and Planet Fitness.

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Joe Coradino’s experience-driven rebuilding of PREIT malls has given kids in Pennsylvania something new to build on — or, more like, in.   The state’s first Legoland Discovery Center has opened in the Plymouth Meeting Mall, north of Philadelphia, pushing the percentage of the property’s dining and entertainment space above 45%, compared to an average of 17% at other PREIT malls.  

It’s a new day at Starbucks Corp.   Kevin Johnson officially took over as CEO of Starbucks on Monday, April 3. Outgoing CEO Howard Schultz continues on at the company as executive chairman, and will focus on the development of  Starbucks’ new formats, Reserve Roasteries and Starbucks Reserve,  and the company’s social impact initiatives.   

Officials in New Rochelle, New York, want the right kind of retail partners for an aggressive redevelopment of its downtown, and it’s counting on big data to ferret them out.

The town has engaged Fort Worth-based Buxton to employ its Scout real estate analytics platform to identify restaurants and stores that will best synch with the dining and shopping habits of its residents.

Going local is the big trend in retail center food and beverage options, so why not for retail brokerage houses?   That’s the tack CBRE is taking in its Seattle office with the hiring of two long-time leasing pros from Washington State-based Wallace Properties, which lays claim to scouting out the best locations from “Olympia to Bellingham and from Seattle to Spokane.”