REAL ESTATE

Study: This retailer will gain from Macy’s, Kmart store closings
Off-price giant TJX Cos. stands to gain traffic from the planned shutterings of select Macy’s and Kmart stores this year. A study by Foursquare indicates that T.J. Maxx will gain traffic from Kmart store closings, while Marshalls will benefit from Macy’s closings, reported Boston Business Journal. Both banners are owned by TJX Cos.
Mall of America adds to experiential lineup
This summer, Mall of America will buy into the escape fantasy craze with the addition of The Escape Game, an hour-long experience that the Nashville-based provider of the technology says presents sophisticated content designed to challenge even the most ardent gamers. In the group experience, players can choose adventures that include a Mars mission, a covert mission to intervene with terrorists, a prison break, and a museum heist. The 3,300-sq.-ft. space will be located on level 3 of the huge mall in Bloomington, Minnesota, near Sears.

Mega-mall in Florida gets preliminary approval

The largest proposed mall and entertainment center in North America has been granted its first approval. The comphrehensive master plan of the massive, 6.2 million-sq.-ft. American Dream Miami project won preliminary approval from the Miami-Dade County Commission, reported The Read Deal.
Lowe’s, seven others, sign on at Lake Nona

Lowe’s has signed on as the third anchor at Lake Nona Landing, the newly opened shopping center within the 17-square-mile Lake Nona master-planned community outside of Orlando, Fla. The 158,000-sq.-ft. home improvement store joins current anchors Walmart Supercenter and Sam’s Club. Developer Tavistock Development announced it has also executed leases for seven other retailers at the 53-acre site: TJ Maxx, Mattress One, Firehouse Subs, Anthony Jewelers, UPS, Rubio’s, and GNC.
Levin named to manage two New Jersey centers

Levin Management Corp. has been named as the exclusive managing agent for two New Jersey shopping centers — Raintree Towne Center in Freehold and Mansfield Plaza in Hackettstown. The 134,000-sq.-ft. Raintree is anchored by a Stop & Shop supermarket and includes CVS, Starbucks, and Hallmark. It is located on Route 537 near the CentraState Medical Center and Freehold Raceway Mall. Mansfield Plaza, a 156,000-sq.-ft. property, features a 14-screen Cinepolis complex and a ShopRite supermarket.
CSA to select shopping center companies for annual ranking

For the 28th consecutive year, Chain Store Age will recognize active shopping center owners, managers and acquirers for projects, contracts and transactions completed during last year. The annual “Fastest-Growing” awards measure development, acquisition and third-party management activities for full-year 2016.
JLL names new West Coast leasing VP

Kristin Grove, most recently director of leasing for GGP, has joined JLL as VP of National Retail Leasing. Grove will be based in Los Angeles and oversee leasing efforts and merchandising strategy for retail space on the West Coast.
CBRE execs are first to complete rigorous retail course at U. of Arizona

Eighty retail real estate executives from CBRE recently gained the distinction of being the first class to graduate from a course designed to give field professionals a deeper knowledge of rapidly evolving retail business models and how they influence site selection.
CSA opens up nominations for ‘10 under 40’ in retail real estate

Chain Store Age has launched our annual search for 10 individuals in retail real estate we call “retail stars;” all will be featured in the May 2017 issue of CSA with bonus distribution at the International Council of Shopping Centers’ RECon event in Las Vegas! The award recognizes people under the age of 40 who are making an impact in retail real estate – whether from the tenant (retail) or the landlord (shopping center company) side.
Mass gaming experience takes root at Garden State Plaza

Young children looking for the carousel at Westfield’s Garden State Plaza mall in Paramus, New Jersey, were disappointed this past holiday season. Their older siblings, cousins, and perhaps even parents, were not.