REAL ESTATE

Quality Trumps Quantity
Shopping center owners added fewer centers in 2016, but demonstrated that less is more
As physical shopping centers battle furiously for customer share, more developers are realizing that bells and whistles aren’t just optional; they’re essential. No matter the size or scope, new shopping centers have to offer something extra to an increasingly discerning consumer — and the group of owners highlighted here is doing just that.
Local chef to curate Gainesville food hall
Deborah Butler’s vision to remake her family’s Gainesville, Florida, retail complex into a unique, local phenomenon got a little clearer this week. Butler has put noted local chef and restaurateur Bert Gill in charge of curating the dining establishments at the Stengel Field Food Hall at Butler Town Center, scheduled to open in 2018. It takes its name from the aviation school run on the site in the 1940s and ‘50s by pioneering pilot Carl Stengel.

The Best at Managing Change

Opportunistic acquirers continue retail’s reinvention, making business good for creative management companies
Unusual circumstances are forging the best of times for third-party shopping center managers. Rampant store closings, after-effects of the commercial mortgage backed securities crash, and opportunistic buyers are creating opportunities for innovative managers to reinvent properties for their clients.
Wegman’s to anchor new NRDC center

National Realty & Development Corp. landed the first anchor for its new project in Middletown, New Jersey, and it’s a whopper.
Abilene to get largest shopping center in a decade

Prestige Development Group is about to break ground on a 171,027-sq.-ft. shopping center in Abilene, Texas. Nearly 85% of The Shops at Abilene Village are pre-leased by a tenant lineup that includes Burlington, Petco, and Academy Sports + Outdoors. It will be the first store in the Abilene market for Burlington, and Academy is relocating from a 50,000-sq.-ft. location to claim 72,000 sq. ft.in of space at The Shops.
Big-box bonanza is destined for Staten Island

Joshua Weinkranz
Actress opening second store

Sarah Jessica Parker is expanding her brick-and-mortar retail business. The actress, producer, and designer will open her second freestanding store, in Las Vegas. The SJP by Sarah Jessica Parker store will be located at the Bellagio Resort & Casino and open this summer.
Makeover complete at L.A. area center

A formerly troubled center in an affluent community south of Los Angeles has capped off an 18-month, $17 million renovation. Just two years ago, The Vestar-owned Peninsula Center in Rolling Hills Estates was plagued by several vacancies and an image not in keeping with standards in the community, which has a median household income of $144,000. Today Orchard Supply Hardware and Ulta Beauty occupy the made-over center, along with new dining options Chipotle and The Habit Burger Grill.
PREIT issues State of Repositioning report

There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors. That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.
Amazon continues brick-and-mortar push

The nation’s capital has been added to the list of cities that will soon feature an Amazon Books store. The newest Amazon Books location will reside in a 10,000-sq.-ft. space in the Georgetown section of Washington, D.C., The Washington Post reported. The store, which was formerly occupied by Barneys New York, will be Amazon’s 13th bookstore.