REAL ESTATE

Indianapolis -- Simon Property Group said Wednesday that, in partnership with Mitsubishi Estate Co., it began construction of Shisui Premium Outlets (Shisui Town, Inba District, Chiba Prefecture), the ninth Premium Outlet Center in Japan.

Phase I, comprising 234,000 sq. ft. of GLA, is scheduled to open in spring 2013 with approximately 100 stores, including international brands, Japanese brands and restaurants. Simon owns a 40% interest in the project.
 

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Coco Fruit will open a 180-sq.-ft. kiosk in the Macy’s wing of Cherry Hill Mall, located in Cherry Hill, N.J.

The company also announced that Chicken Now has opened in the mall’s food court, in a 441-sq.-ft. location.

In 2012, Cherry Hill Mall has welcomed The Art of Shaving, Henri Bendel is opening this summer, and additional will be announced shortly, including an upscale home furnishing retailer, according to PREIT.
 

Rio de Janeiro, Brazil -- Indianapolis-based Simon Property Group and Latin American retail real estate company BR Malls Participacoes S.A. announced Tuesday that they signed a 50/50 joint venture agreement to develop and own outlet centers in Brazil.

The first outlet center of the joint venture is slated to open in Sao Paulo in 2013.
 

Dallas -- SRS Real Estate Partners announced two new hires in marketing for the Phoenix and Mobile, Ala., offices.

Susan Riddle and Kelly Anderson have joined the team as marketing coordinators and will be responsible for executing the national and local marketing strategies.

Riddle comes to SRS from Rowland Constructors where she was the marketing coordinator/executive assistant to the managing partner. Anderson joins SRS from Pilot Catastrophe where she served as an independent contractor for Allstate Insurance.
 

New York -- Uniqlo announced that it will open a 29,000-sq.-ft. flagship in San Francisco, in the fall of 2012. The store, which will be located at 111 Powell Street, close to the Union Square shopping district, marks the brands’ first location outside of New York and will act as the epicenter for expansion along the West Coast.

Virginia Beach, Va. -- Divaris Real Estate has announced several promotions within its sales and leasing divisions, as well as in its property management arm.

According to Gerald S. Divaris, president, Eric Bucklew, Krista Costa and Erica Meekins were all promoted to VP in the Virginia Beach headquarters of DRE.

Toronto -- Indianapolis-based Simon Property Group and Calloway Real Estate Investment Trust, Toronto, announced Tuesday that they will launch construction on Canada’s first upscale outlet center on April 25.

The first phase of the planned 500,000-sq.-ft. center will open in summer 2013.

Toronto Premium Outlets is a 50/50 joint venture between Calloway and Simon, and will feature more than 100 upscale outlet stores.

New York -- The average vacancy rate at strip malls across the United States edged down for the first time in nearly seven years in the first quarter, falling to 10.9% from 11% in the prior quarter, according to preliminary data by real-estate research company Reis Inc., Reuters reported. It was the first decline in nearly seven years.

But the firm warned consumer spending is still not strong enough to lift retail real estate out of its slump.