Shopping Centers Today -> March 2004
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MID-ATLANTIC SURVEY
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| Harford Mall, Bel Air, Md. |
CBL BUYS MALLS IN MD., VA.
CBL & Associates Properties paid a total $71 million to buy the
Harford Mall and the open-air Harford Annex from Kimco Realty Corp.
Both properties are in Bel Air, Md., about 35 miles northeast of Baltimore.
Hecht’s and Sears anchor the 500,000-square-foot mall, which
was built in 1973 and reports $329 in sales per square foot, while
Best Buy anchors the 108,000-square-foot annex. CBL also bought the
627,000-square-foot Southpark Mall, Colonial Heights, Va., from Faison
Enterprises for $38 million. Dillard’s, Hecht’s, J.C. Penney
and Sears anchor Southpark, which is about 25 miles south of Richmond.
SAUL STARTS MARYLAND PROJECT
Saul Centers acquired 13 acres of undeveloped land in Frederick,
Md., about 50 miles northwest of Washington, D.C. The company intends
to build The Shops at Monocacy, to be anchored by a Giant Food grocery
store. Saul expects to complete the 102,000-square-foot center in
the fall.
D.C. CENTER ADDING TENANTS
Washington D.C.’s first Container Store is set to open in Madison
Marquette’s 200,000-square-foot mixed-use, 4500 Wisconsin Avenue
project this month. The city’s first Best Buy has already opened
in the recently redeveloped center and its 209 residential units
will go up for sale next month.
BETHESDA CENTER FILLING UP
Retail tenants are expected to open in Equity Residential’s mixed-use
Clarendon Centre, Bethesda, Md., during the second quarter. The center,
which is in the Washington, D.C., metro area, includes 14,000 square
feet of street-level retail and 260 apartments. JBG Rosenthal Retail
is leasing Clarendon. So far half the retail space is occupied.
BALTIMORE PROJECT NEARS COMPLETION
The renovation and re-leasing of Belvedere Square, a 100,000-square-foot
specialty retail center in Baltimore, is scheduled for completion
in the fall, its developers say. Belvedere Square features a mix
of local and independent restaurants and specialty retailers. Manekin
Corp., Struever Bros. Eccles & Rouse and Williams Jackson Ewing
own the center.
MAKEOVER FOR MARYLAND CENTER
Greenberg Commercial is redeveloping and renaming the grocery-anchored
Englar Shopping Center, Westminster, Md., about 35 miles northwest
of Baltimore, at a cost of $15 million. The center will reopen as
Westminster Crossing in the fall. It will feature 225,000 square
feet of big-box tenants, including Office Depot. Real estate services
firm KLNB Retail is leasing the center in partnership with Greenberg.
LEESBURG (VA.) PLAZA GETS REVAMP
Federal Realty Investment Trust will redevelop the open-air Leesburg
(Va.) Plaza, 40 miles northwest of Washington, D.C. The company
is replacing a former Kmart on the site with three stores totaling
50,000 square feet, and a Peebles store with an Office Depot. Work
on the 246,000-square-foot project begins this year for an expected
completion by the end of next year.
PRIME RETAIL TO EXPAND OUTLET
Prime Retail has broken ground on a 49,200-square-foot addition to
its Prime Outlets at Williamsburg (Va.). The center will total 324,000
square feet when the work is completed in the fall. This is Prime
Retail’s first project since 2000. The Lightstone Group acquired
Prime Retail, owner of 36 outlet centers in 23 states, last year for
$115.5 million. Aeropostale, Coldwater Creek and Polo Ralph Lauren
are among the tenants going into the expansion.
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TAUBMAN RENOVATES RICHMOND MALL
Taubman Centers completed its renovation of the 826,000-square-foot
Regency Square, Richmond, Va. The company has remodeled the
center’s food court and renovated the entrances. Taubman
also added a new children’s center and seating in the mall’s
common area. |
FUND PLANS REGIONAL PURCHASES
WP Real Estate Fund III, a joint venture of WP Realty, Charlesband
Funds and Lubert-Adler Real Estate Funds, has announced that it plans
to buy $350 million worth of East Coast shopping centers over the
next three years. A quarter of those will be located in the mid-Atlantic
region. The partners have already bought Bull Run Plaza, Manassas,
Va., and are now remodeling the 416,851-square-foot open-air center.
They say that they expect to complete the work in May. Dick’s
Sporting Goods and Ross anchor Bull Run, which is about 30 miles west
of Washington, D.C.
GROSVENOR ACQUIRES VA. CENTER
Development firm Grosvenor has acquired the 105,000-square-foot
Best Buy Metro Center, Springfield, Va., from RREEF for an undisclosed
price. Grosvenor currently owns 4.8 million square feet of retail
in the United States and Canada.
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GOODMAN PLANS VA. CENTER
The Goodman Co. will break ground in May on The Village, a 500,000-square-foot
power center with a lifestyle component in Newport News, Va., about
80 miles southeast of Richmond. The center will cost $40 million.
TENANTS OPEN IN BALLSTON COMMON
Four new in-line tenants, including a 17,000-square-foot
Bailey’s Pub & Grill, have opened at Forest City Enterprises’
578,000-square-foot Ballston Common Mall, Arlington, Va. |
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EDENS & AVANT TO GROW IN REGION
Edens & Avant is opening a series of grocery-anchored centers
in the mid-Atlantic region over the coming years. They include: The
86,459-square-foot Arundel Village, Hanover, Md., and the 96,239-square-foot
Marketplace at Potomac Station, Leesburg, Va., both opening this spring.
Two more Virginia centers are in the pipeline: The 82,600-square-foot
Center at Innovation, Manassas and the 86,512-square-foot Shoppes
at Ryan Park, Ashburn, both of which will open in 2006. The company
owns 36 centers in the region, and more than 250 centers in total.
LYNNHAVEN MALL ADDING NEW TENANTS
General Growth Properties’ is adding a Barnes & Noble and
other tenants this month to its 1.2 million-square-foot Lynnhaven
Mall, Virginia Beach, Va. It recently added an 18-screen AMC Theatre
to the mall, which it acquired in August.
