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Westroads Mall begins mall-wide renovation
Omaha, Neb. — Westroads Mall has begun work on a major, two-phase renovation and remodeling of the three-level, enclosed, 1.2-million-sq.-ft. super-regional shopping center in Omaha, Neb.
Phase I is underway with mall-wide painting plus interior and exterior LED lighting installation. Phase I will also upgrade the malls energy management system. Plans call for Phase I to finish before the holiday season.
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Phillips Edison buys grocery-anchored center
Cincinnati — Phillips Edison-ARC Shopping Center REIT has acquired Paradise Crossing, a 67,470-sq.-ft. shopping center anchored by a Publix grocery store.
Located in Lithia Springs, Ga., a suburb of Atlanta, Paradise Crossing is 93.7% occupied. When combined with the Publix lease, 64% of the rents for the center derive from national tenants.
The acquisition brings the REIT’s portfolio to 50 grocery-anchored properties, with an aggregate portfolio purchase price of approximately $729.6 million.