Shopping Center Digest by shoppingcenterdigest

ICSC DEALMAKING ISSUE Box 837 Nyack, NY 10960

"The Locations Newsletter" Published Twice Each Month

Murray Shor - Editor & Publisher

Vol. 38, Nos. 3 & 4

(845) 348-7000, (800) 211-6858

February 16, 2009

$349 per year

NEW AND EXPANDING CENTERS OVER 501,000 SQ. FT. (Unless mentioned otherwise, all are enclosed, air-conditioned malls)

ALABAMA Birmingham: Third phase of construction to include more retail and a hotel at 506,527 sq. ft. The Village at Lee Branch at on U.S. 280 in Shelby County (See SCD, P. J123); anchors Publix Supermarkets, Academy Sports + Outdoors, Rave Motion Pictures, and Hobby Lobby; 23 stores; opened ‘03; population 70,000 within five miles; average household income $118,989; developer AIG Baker Shopping Center Properties LLC, 1701 Lee Branch Ln, Birmingham, AL

35242-4218, (205) 969-1000, www. aigbaker.com. Hoover: Construction has begun on 600,000 sq. ft. The Grove on 180 acres

didja hear...??? In an effort to remain competitive over the long term, Target Corp will cut 9% of its headquarters staff, close a distribution center in Little Rock, AR, and reduce planned store openings; staff cuts include 600 employ-

Strolling the AGORA By Murray Shor This is a time of paradoxes. You have dealmakers working harder than ever before, and relatively few leases being signed. According to one research maven: “There aren’t that many retailers out there interested in expansion.” Says ICSC: About 105,000 to 110,000 new stores will probably open in the US this year. You have new construction and expansions coming in under the origi-

TABLE OF CONTENTS New and Expanding Shopping Centers Over 501,000 Sq. Ft. ............................. Strolling the Agora ................................... Didja Hear??? ............................................ Financial/Sales Results ........................... New And Expanding Shopping Centers 201,000-500,000 Sq. Ft. ....................... New And Expanding Shopping Centers Up to 200,000 Sq. Ft. ........................... Upscale, Specialty, Urban Mixed-Use ... Centers With Lease Space Available .................................... Retailers Seeking Space .......................... Classifieds .................................................

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at I-459 and Hwy 150 (See SCD, P. I843); anchors Target 186,000 sq. ft., Lowe’s, Kohl’s, Books-A-Million and (continued on P. J308)

nal estimates, and yet fewer projects being built; in fact, more are being delayed or cancelled. You have a rising number of vacancies in shopping centers across the board, and yet landlords are cutting back on marketing them. Said one national retailer: “We need a realistic marketing partnership between retailers and developers to build stronger traffic generators.” He pointed out that some landlords have used these dollars “to promote their own ego…by thinking they are creating their name as a Brand—Simon, Macerich, Tanger, Westfield, etc. Do they really think they drive people into their malls because it has their name on it???”

We Created A Monster You have retailers in all categories cutting the prices of merchandise to the bone, running door-buster sales, yet customers are refusing to open their wallets and purses. One national tenant said “we create a Monster of a Sales Event only to learn we created a (continued)

©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960

(845) 348-7000

ees, 400 open positions, and 500 distribution center employees; Macy's is laying off 7,000, 4% of its workforce...Because of an increase in capitalization rates, Westfield Group Ltd said shares were down more than 6% after the retail property investor reported that its shopping center assets would depreciate by $3 billion for the full year of ‘08...Peter Sharpe, chairman and CEO of Cadillac Fairview Corp, has been nominated as the chairman at ICSC for the ‘09-‘10 term; he is expected to be elected at the trade association’s convention in Las Vegas in May…Macquarie Country Wide Trust will sell 30 U.S. shopping cen(continued on P. J304) RETAILERS SEEKING SPACE Page J320-J321 • Aaron Rents, Inc • Aldi and Spartan • Anytime Fitness • Bed Bath & Beyond Inc, Harmon Stores,Christmas Tree Shops, and buy buy Baby • Burger King Restaurants of Canada • Coach Inc • Donatos Pizzeria • Einstein Bros. Bagels, Noah's New York Bagels, and Manhattan Bagel • Firestone Complete Auto Care • Lime Fresh Mexican Grill • McDonalds • Muscle Maker Grill • Olive Garden, Red Lobster, Bahama Breeze, Capital Grille, LongHorn Steakhouse, and Seasons 52 • Pizza Patron • Teavana • Uno Chicago Grill, Une Due Go, and Uno Express • UPS Stores and Mailboxes Etc. • Wireless Wave

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Strolling the AGORA

(continued) Monster that needs to be fed a similar meal next season…customers are more knowledgeable regarding markups retailers charge after seeing almost everyone operate with deep, deep discounts…we need to get more realistic with fair market pricing.” You have both landlords and tenants focusing on doing deals, yet the greater effort and time are spent on renegotiating down lease and rental terms. One landlord took issue with retailers “making some ludicrous requests for unwarranted concessions” and warned it good seriously impact on future relationships. A national tenant conceded the point has some validity, but reasoned that with the severe cutbacks of budgets, personnel at all levels, increased operational costs, “there is immense pressure to produce savings that may force us to demand things we don’t believe in. Maybe it’s the mafia cliché: ‘It’s nothing personal—just business.’”

Less Than Replacement Cost The “value” of shopping centers is dropping as store vacancies increase, yet more companies are being financed and formed to acquire these troubled properties. One national dealmaker noted he had been speaking to several owners “who still want to get out of the center the dollars they had invested in it. But with a large amount of store vacancies, and increased number of properties becoming available, these projects have a market value less than their replacement cost in land, brick and mortar.” Said another: “All sellers on the market now are distressed and need to raise cash so this is a brilliant time to buy; you just name your price.” How to get this wounded shopping center/retail chain industry moving again? That’s the bold mission that many of the leading dealmakers are now embarking on. We’ve been speaking to a number of top dealmakers around the country and one thing they are in agreement on is that we have to begin a new, concerted effort to cooperate. “We need to go back to understanding that both

groups [tenants and landlords] need to work together to get back to regain normalcy.” “We must all agree to establish a new consensus for our mutual benefit,” said another. One national retailer emphasized “we need creative ways to manage expenses to establish a New Norm in terms of the levels of sales we are able to achieve and total occupancy costs that are in line with those sales.” As an industry, he continued, “we should reduce hours of operation, agree to open and close an hour or two later, and closing specific evenings and maybe Sundays. This would save everyone not only on operational cost but it could have a significant impact with energy savings (Think Green).”

Get Out Of Our Comfort Zone One major owner-developer stressed the need to “get out of our comfort zone, go back to cold-calling, pounding on doors, cultivate new relationships and strengthen old ones.” He pointed out that his company was making a concerted effort to reach out to foreign retailers, to seek alternative tenants other than retailers such as schools, libraries, churches, municipal offices, medical and dental facilities. Another major landlord agreed with this, but also “We should redouble our efforts to find new small operations, moms and pops if you will, who could be encouraged to expand into our malls, even if it means assisting in financing and discounting rents. One of the most heard criticisms we’ve been hearing for years is about the sameness of our centers. This type of effort would bring in a new vitality and freshness and help our centers to differentiate themselves.”

Now Is The Time to Deal Several retail dealmakers expanded on these suggestions by stressing their own specialties and their view regarding these categories. From a national consultant to the restaurant industry: “Despite the doom and gloom, I haven’t found anyone who has given up eating. So I believe that

©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960

(845) 348-7000

my segment of the market still has some hope…Is there anyone who does not believe that during the next decade we will enjoy years and years of prosperity? NOW is the time to lock in long-term deals.” A broker with varied clients echoed this, pointing out that the increased vacancies, especially in markets with good demographics, offer “ideal expansion opportunities” for national retailers and restaurant/fast food chains, “even in malls that once had a long waiting list for potential tenants. The recession will not change these numbers.” A real estate executive with a discount chain noted that the quality of apparel merchandise his company is now selling has improved because it has acquired overstock vendors could not sell to high-end merchants. “This is only one of the reasons we are now being courted by some fashion-oriented malls as a replacement for some of their vacant big-box stores or tenants specializing in designer labels.”

Uncertainty In Many Areas The uncertainty in the marketplace is still impacting on much of the shopping center industry, especially in those locales suffering the strongest downturn in real estate values. One small Florida developer has his eye on a location to be anchored by a specific big-boxer user. “Nothing [leasing and dealmaking] is happening now in the immediate area with so many homes going into foreclosure and driving down prices. I expect the area to recover by the end of the year or early 2010. The demographics on this site are ideal, but I can’t market it to [the retailer] until I control the site. And then, there’s competing against hundreds of proposals to be one of the handful of new stores it will commit to for expansion.” Regarding new development and relationships, a leading tenant stressed the need for landlords to improve their knowledge of Retailers Arithmetic, i.e. cost of operation and how it relates to the rent and charges. “Not all retailers (continued) 2/16/09

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(continued) operate with High Gross Margins which permit them [landlords] to recreate new higher levels of unrealistic rents, etc.”

We’ve Become Too Greedy On the tenant side, he conceded, “we have all become too greedy with ROI’s and Market Share Dominance. This will correct itself in the coming years with lower land cost and a more rational real estate expansion process by retailers…and gone will be the philosophy of a defensive real estate site selection methodology. Enter a more realistic expansion criteria that will not permit building stores 2 miles or 2 blocks from existing stores. Just ask Target and Wal Mart in Phoenix or Starbucks anywhere USA.” The theme of this column, though, is not on the problems inherent in the industry caused by the recession, but on how we can begin to heal ourselves. Back, therefore, to the one point that everyone we’ve spoken to agrees strongly with: Cooperation. "The Locations Newsletter"

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Editor-Publisher ................................. Murray Shor, Ext. 201 .................. scdigest@shoppingcenters.com Managing Editor ............................ Jennifer O'Neill, Ext. 250 ........ jenniferoneill@shoppingcenters.com Circulation... .................................. Ext. 201 Shopping Center Digest (ISSN 0885-209X, USPS 112-750) is published twice monthly --except for double issues in February, April, September and December--by Jomurpa Publishing Inc at 20 N. Broadway, Nyack, NY 10960—Telephone (845) 348-7000, Fax (845) 348-7011, (800) 211-6858. Subscription is $349 per year. Periodical postage paid at Nyack, NY, and additional mailing offices. Our e-mail address is scdigestshopping centers.com. Visit our home page at www.shoppingcenters.com. Postmaster: Send address changes to Shopping Center Digest, PO Box 837, Nyack, NY 10960. Copyright © Jomurpa Publishing Inc 2002. All rights reserved. To protect its copyright, Shopping Center Digest requires subscribers to obtain written permission to reprint, not photocopy, any part of its issues. For written permission to reprint published material, contact the editor at (845) 348-7000. Legal photocopies may be made only through the Copyright Clearance Center (CCC) at 222 Rosewood Dr, Danvers, MA 01923, USA, (508) 750-8400, Fax (508) 750-4744.

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As one leading landlord emphasized: “The road to success is never flat nor straight but has many turnings …many, many hills going up and down, sometimes drastically. We must maintain focus on understanding each other, knowing what makes us tick, and begin working together, for he

who eats alone eventually starves.” (This and future Strolling the Agora columns may be read on the internet at Shoppingcenterdigestblog .blog.com and Shoppingcenterdigest blog@blogspot.com. Comments are welcome).

didja hear...??? (continued) ter assets for about $427 million to Inland Real Estate Acquisitions...As part of a cost-cutting strategy, Canadian Tire Co has stopped selling merchandise on its eight-year-old website and is no longer offering home delivery from the web NRDC Equity Partners has put $60 million into its Lord & Taylor subsidiary to keep the upscale department store in business; it also pumped $70 million into its Canadian department store, Hudson’s Bay...The Yankee Candle Co has announced a restructuring plan involving the closing of the Company's 28 Illuminations retail stores and the closing of an underperforming Yankee Candle retail store, which will result in the termination of 330 employees...Craig Spinks and Josh Veentjer have joined the Portland, OR, office of GVA Kidder Mathews; Spinks has been in commercial real estate for 21 years and was with Elliott Associates...Bethesda, MD-based Brownstone Capital, LLC has launched a "distressed debt restructuring group" and has landed about $100 million in assignments dealing with distressed commercial real estate debt and equity workouts...An unnamed buyer has bought two General Growth Properties’ loans valued at $386.2 million; they are on 900,000 sq. ft. Oaks Mall in Gainesville, FL, and 1.2 million sq. ft. Westroads Mall in Omaha, NE...Having filed Chapter 11, Fresno, CA-based Gottschalks will continue to pursue the option of a sale of its business or other transaction with third-party investors within 60 days...In addition, Knoxville, TNbased Goody's, which had exited Chapter 11 in Oct 2008, said it will liquidate all 282 stores...Boston, MAbased optical retailer Birkshire Part-

ners, which acquired the 500-unit National Vision Inc chain in ‘05, announced it aquisition of the 64-unit Eyeglass World chain from Vision Care Holdings LLC...The Home Depot has announced that over the next two months the company will be closing its 34 EXPO Design Center stores, five YardBIRDS stores, two Design Center stores and a seven-unit bath remodeliing business know as HD Bath; these steps will impact about 2% of the companies workforce or approximately 7,000 employees...New York-based owner of the Calvin Klein, Izod, and Van Heusen trademarks – Phillips-Van Heusen – is restructuring and will eliminate about 400 jobs, close about 175 stores, and shutdown its domestic production of men's neckwear....Investment banker Eric H. Better is heading the new division, Sperry Van Ness/Better Capital Partners; he had been with George Smith Partners... Raving Brands will sell its 80-unit Shane's Rib Shack chain and its 125-unit Planet Smoothie chain to Edmonds Capital LLC; both concepts will operate under the newly created holding company Petrus Brands, Inc., based in Atlanta, GA...Thompson National Properties is looking to raise up to $1 billion for a REIT to purchase retail properties that could be purchased at 'historically low prices'; its newly formed property management subsidiary, TNP Property Management LLC will manage and lease the REIT's pur-chases...Four malls owned by The Lightstone Group have gone into receivership when a mortgage payment was missed and are now being managed by Jones Lang LaSalle: Bradley Square, Martinsburg Mall, Shenango Valley Mall and Mount Berry Square

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"EXPANDING RETAILERS" 2009 From ERSn) TAIL E Editio R h REL INGjor Malls 28t D APPA A LE ry of Ma

15th n Editio The 2009, 15th edition of Expanding Retailers contains all the information you need to make contacts and close deals. FILL THOSE VACANT STORES! •

Profiles the leading and expanding chains reported on the previous year

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Contains Contact Names, Addresses, Telephone Numbers, Fax Numbers, and Email Addresses

• EsWith REW tate/ two indexes to make contact J. C Cohen Real n f o y l l t Ho den ctioeasier -- Alphabetically by store Presi nstru y Vice ng & Co 2th Fl name amil ’S F Y s 4 and by retail category i D ’ 1 y -100 Plann roadway G O O f: Good 0003 1 o B Y . . 0 v c 77 In , N Di ing, Yor k then 2719 S N ew 1 2 ) 2 0 9 - •4 7 0 5Lists the number of new stores R C l o t h n D . C a u Estate E L e 2 l AI P h : ( 2 1 2 ) 2 0 9 ew. c o m S t e p h or of Rea n e es RET ( r sought, their space requirements, r t a c c o : j L t e x G s r Fa 22 dy’s hen@ uper o a d , Di NDIN ly. c o w.com the nn S a r r ow R b - 4 0 0 G o o , T N 3 7 9 l A A o P h 158type of centers, and o E X FTS 000 5 D n Fa ville .jcr e nd J tion: fts a c o f 5 5 5 4 2 J o - A n a n t o K n o x 5 ) 9 6 6 - 2 2 1 0 w w w of Opera geographic areas for expansion A a r R C C n 6 l I 6 8 -4 IC / res, ting tes; p s and t. P h : ( 6 5 ) 7 7 7 m Units ; FABR n Fabric -Ann Sto tly opera in 47 sta 000 sq. f il : (8 gdys.co com x , a n o n 5 R e t a ctory s e F J p 3 r e A of Johe@ s o n l i n e . 83 ; cur uperstor and five f Store O Fa t 6 u div. 3 5 a 2 4 c y s • The prime o o d ration: 3 H 44 nd 172 S nn store VP o 3 3 0 ) 4 6 3 g Co. source of information . O E w , , n g e w ( a r o -A ss & w auowner-developers, f Op r S t o Huds d Crafts sq. ft. Jo d Holmbe 600, Fax ’ I S s for leasing t V . s evi om an LE 0 -2 vi Uni rics 25,00 year. Da 330) 656 n s t o r e s . c of: L heeler tail e . e v n R i o ( t n D managers, brokers -W agents, jo-a open tores nex l Estate, rd M dith nager t a rs berg@ M e r e state Ma o . H & . S h e p h e ger, Eas Supe s a n d R e v i d . h o l m DEALMAKERS!!! a L C E n l i a a n a Re ss & 3 ; L o n state M eratio E m a i l : d Strau y S t r e e t M P 3V lE 111 , Levi REA er N L 3 a n a d a ; Rea t t C O a t A 94ONLY $75 to paid 6660 , E B ham hout C co C 5 0 2 1 2 ) 155 t C o a s t 4th Str ee s k Y, IC 1 i o r c D a h n N g , M 3 s A Fra -12 throu salad y N, D, C r 47 W. or San ) 5 0 1subscribers to Shopping FOO Canada o t t e n Wa s t a u r a n t s ion rings, s i t e s p e (415 Flo : d h e 4 r o n r P 2 3 o Center Digest –pre-paid en A & W o f 3 5 W i n g 6 7 0 h fries, to op p e r a t ers, frenc e s ; p l a n o y l rg nt ch c u r r e ns sell bu n s a n d w i e io locat n d c h i c k a Mail or Fax d o g s to: JOMURPA Publishing Inc., PO Box 837, 20 N. Broadway, Nyack, NY 10960 800-211-6858 FAX 845-348-7011 cto

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Financial/Sales Results (Figures are compared to previous year’s unless stated otherwise)

For the quarter ended Dec 31, ‘08, Simon Property Group reported Funds From Operations (FFO) were up 6.5% to $540.5 million from $507.7 million and net income available to common stockholders increased 28.6% to $145.2 million; occupancy at Simon's Regional Malls and Premium Outlet Centers were 92.4% and 98.9%, respectively...Farm and ranch store chain, Tractor Supply Co announced net sales for the fourth quarter ‘08 were up 10.5% to $799.5 million and comparable store sales increased 1.3%...Orlando, FL-based real estate investment trust National Retail Properties, Inc announced operating results for the quarter ended Dec 31, ‘08, including an 11.6% in revenues to $57.2 million and FFO was up 8.9% and its investment portfolio occupancy was 96.7%... Louisville, KY-based Yum! Brands Inc, parent company of A&W, KFC, Taco Bell, Pizza Hut, and Long John Silvers reported worldwide sales were up 7% and same-store sales rose 3%...For the fouth quarter ‘08, Haverty's Furniture Companies, Inc reported sales fell 21.3% to $161.9 million and comparable store sales fell 22.6%. The full-service home furnishings retailer operates 122 showrooms in 17 Midwestern states...Framingham, MA-based TJX Companies, Inc announced sales for the five-weeks ended Jan. 3 were down 3% to $2.37 billion and comparable store sales were flat. TJX's off-price concepts include T.J. Maxx, Marshalls, HomeGoods, and A.J. Wright in the U.S., Winners and HomeSense in Canada...For the five weeks ended Jan. 3, Gap Inc reported net sales of $1.93 billion, which represents a 12% decrease compared to net sales of 2.2 billion and same-store sales were down 14% including decreases of 12%, 15% and 16% for Gap, Banana Republic, and Old Navy, respectively...Menomonee Falls, WIbased Kohl's Corp reported total sales for the month ended Jan 3 were up 3.6% to 2.76 billion and same-store sales fell 1.4%. The company operates 1,004 stores in 48 states...For the month ended Dec 29, CVS Caremark Corp

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reported same-store sales were up 1.8% including pharmacy same-store sales increased 2.4% and front-end samestore sales were up 0.6%. The Woonsocket, RI-based company operates 6,245 stores in 40 states and DC ...Tiffany & Co reported sales for Nov and Dec at stores open at least a year dropped 24%, 35% in the U.S., as total sales declined 21% to $687.4 million; it expects sales to decline 3% to $2.85 billion...For the fourth quarter, McDonald's Corp reported sales fell 23% to $985.3 million and same-store sales rose 7.2% ...Brinker International, parent of Chili’s, On The Border, and Mag-giano's Little Italy restaurants said net loss for the last quarter was $21.8 million on sales of $949.4 million, down 7.8%; same-store sales fell 5.4%...Destination Maternity reported net sales for the first quarter dropped 5.6% to $134.8 million and comparable store sales were down 0.5%…Landry’s Restaurants said it will report its fiscal ‘08 results in March, but that it expects total revenues to be $1.1 billion, compared with $1.17 billion, and that same-store sales will decline by 2%…Eddie Bauer Holdings announced EBITDA for the fourth quarter will range from $53-$58 million, up $8-$13 million; comparable store sales for the quarter fell 5.7%...The Sherwin-Williams Co reported consolidated net sales for the quarter dropped 8.3% to $1.7 billion; in the Paint Stores Group, sales for the quarter decreased 8.8% to $1.04 billion...Orlando, FL-based Darden Restaurants stated that it expected combined U.S. same-restaurant sales declines in fiscal ‘09 of approximately -1.25% to -2.25% for Red Lobster, Olive Garden and LongHorn Steakhouse....For the fourth quarter ‘08, Pizza Patron saw comparable store sales increased 3.29%. The company currently operates 90 Latino-Hispano pizza locations in six states... Sonic Corp announced net income for the first quarter dropped 47.5% to $7.1 million on revenues of $184.1 million; same-store sales were down 3.6% company-owned and franchised drive-in

restaurants...For the month of December ‘08, Ross Stores reported sales increased 6% to $802 million; for the last 11 months, sales rose 9% to $6.12 billion and comparable store sales rose 2%...Genesco Inc said that same-store sales for the quarter were down 4%, ranging from Johnston & Murphy Group, down 16%, to Journeys Group, down 1%; Underground Station and Hat World Group fell 12% and 4%, respectively.

Starbucks To Close Another 300 Stores Starbucks Corp said it will close another 300 stores, 200 of them in the US, and lay off 6,700 employees. This is on top of the more than 600 units it said it would close last year. Howard Schultz, CEO of the Seattle-based chain of coffee shops, said its quarterly profit dropped 64% due to the economy, and the latest move is a reaction to overbuilding and drop in sales. The company is especially hurt in those markets hard-hit by home foreclosures, such as Florida, California, Arizona and Nevada.

Home Depot Pays $11.5M To Back Out Of Store Deal Home Depot has paid $11.5 million to back out of a commitment with Canadian developer RioCan for a 3-level, 95,000 sq. ft. store in proposed mixed-use project on Toronto’s Queen Street W. A conventional shopping centres is being considered as a replacement, consisting of a big-box user and other stores. There will also be a five-story, residential component with 90 residential units.

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(continued from P. J301) Petco, and possibly Best Buy; other tenants will include Chick-fil-A and Compass Bank; opening Oct ‘09; developer joint venture Apple Development (Derek Weaver), 2921 Cahaba Rd, Birmingham, AL 35223, (205) 870-3970, Email: dlweaver@ appledevelopment.com and Kimco Developers, Inc, 3333 New Hyde Park Rd, New Hyde Park, NY 10042-0020, (516) 869-9000, www.kimcorealty.com. ARKANSAS Jonesboro: Redevelopment plans still on track for Indian Mall (to be renamed The Shoppes at CaraLand) on 32 acres at Highland Dr & Caraway Rd in Craighead County (See SCD, P. J3); new owners refute rumors of delay and say still plan to demolish the nearly vacant mall and build a $50 million upscale open-air shopping center; anchors Dillard's Clearance Center and Sears; 44 stores; parking 1950 cars; opened ‘67; population 59,358; developer MBC Holdings LLC (Bruce Burrow), 2400 E Highland Dr, Ste. 5000, P.O. Box 19009:, Jonesboro, AR 72402-9009, (870) 932-1400, Email: bruce@mbcholdings.net. CALIFORNIA San Diego: $50 million renovation planned for 740,050 sq. ft. Westfield Horton Plaza on 12 acres at Broadway & G St, First & Fourth Aves in San Diego County (See SCD, P. J244); project to include an overhaul of the former Robinson’s-May department store to accommodate up to 14 retailers including Citibank, Abercrombie & Fitch; anchors Macy’s and Nordstrom; 140 stores; parking 2170 cars; opened ‘85; population 2,670, 000; average

household income $53,600; developer Westfield America Inc (Jonathan Bradhurst), 11601 Wilshire Blvd, Ste. 1200, Los Angeles, CA 90025, (310) 478-4456, Email: jbradhurst@ westfield.com. GEORGIA McDonough: Construction continues at the still expanding 700,000 sq. ft. SouthPoint Mall on 70 acres near GA 20 and GA 81 on the west side of I-75 in Henry County (See SCD, P. I967); retailers committed to opening include Toys R Us/Babies R Us, Hobby Lobby, Haverty’s Furniture, Shoe Carnival, Rooms To Go, Party City, a standalone AT&T store, a Mexican restaurant, and a high-end diamond jewelry store; in addition, negotiations are underway with Carabba's Italian restaurant and a possibly full-service, four-story 110-room Hilton Hotel; anchors Kohl’s and JCPenney; opened ‘07; population 175,000 in the county; developer SouthPoint Retail Partners LLC a joinr venture of North American Properties and Baker & Lassitor Inc (Jim Baker); leasing Staubach Retail (Liz Whiteside), 3400 Peachtree Rd, Ste. 1100, Atlanta, GA 30326, (404) 231-9631, Email: liz.whiteside@ staubachretail.com. HAWAII Kaneohe, Oahu: Nine fast-food restaurants have been closed and demolition and renovation underway for a larger 18,590 sq. ft. food court at 530,000 sq. ft. Windward Mall on 30 acres at Kamehameha Hwy and Haiku Rd in Honolulu County (See SCD, P. G58); 100 food-court tenants to open prior to the ’09 holidays; anchors Liberty House, Sears; 105 stores;

Center Bought By Arcadia Is 40% Off Replacement The acquisition of 640,000 sq. ft. Cortlandt Towne Center in Cortlandt, NY, for $78 million is 40% off its replacement cost, according to buyer Acadia Realty Trust. Built in ’73 and renovated in ’99, the project was hit by loss of major tenants that dropped its J308

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occupancy rate from 95% to 85% and its net operating income from $9 million down to $7 million. The sale illustrates a point made in recent Strolling the Agora columns that the true value of shopping centers is not based only on the cost of brick and mortar.

parking 2300 cars; opened ‘82; population 140,500 within 8 miles; average household income $55,000; architect Next Design LLC, 1132 Bishop St Ste 145, Honolulu HI 96813, (808) 440-2781, Fax: (808) 440-2790; www.nextdesignllc.com; contractor Gateside Inc; owner Estate Of Bernice Bishop; leasing Royal Hawaiian S/C, Inc, P.O. Box 1623, Kaneohe, HI 96744-3709, (808) 235-1143. Kapolei O’ahu: Initial phase of construction scheduled for completion in March on 605,000 sq. ft. Kapolei Commons on 50 acres at Kapolei Pkwy and Kalaeloa Blvd; anchors Target, Sports Authority, Petco, and Office Max; a second phase of development to be anchored by Regal Theaters and possibly Best Buy; developer MKC Management, a joint venture of MacNaughton Group 1288 Ala Moana, Ste. 208 Honolulu, HI 96814, (808) 545-7722, info@tmghawaii.com and Kobayashi Group. MISSOURI Blue Springs: Vertical construction to move forward in ‘09 for 600,000 sq. ft. Adams Dairy Plaza, SE of I-70 and Adams Dairy Pkwy (See SCD, P. I711); project to include two national retail anchors, possibly Target and Lowe’s; in addition, there will be specialty shops and restaurant components; opening summer ‘09; developer joint venture Block and Company Realtors, 605 W 47th St, Ste. 200, Kansas City, MO 64112-1905, (816) 753-6000 and RED Development, 6263 N Scottsdale Rd, Ste. 330, Scottsdale, AZ 85250, (480) 947-7772, www.red development.com. Lee’s Summit: Construction on schedule for a fall ‘09 opening of 550,000 sq. ft. Summit Fair on 51 acres, E of U.S. Hwy 50 and S of I-470 in Jackson County (See SCD, P. I955); open-air center will be anchored by a department store, and will also include home furnishings stores, men's and women's fashion stores, fast-casual eateries, sit-down restaurants, and specialty retailers; developer RED Development, 4435 Main St, Ste. 1000, Kansas City, MO 64111, (816) 5318100, www.reddevelopment.com. St. Louis: Nordstrom pushes back (continued)

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(continued) opening date from fall ‘10 to fall ‘11 as renovations continue at 1.05 million sq. ft. St Louis Galleria on 58 acres at I-64/40 and I-170 in St. Louis County (See SCD, P. H580); Dillard’s, Mark Shale, Macy’s; 153 stores; parking 5000 cars; opened ‘86; population 1.18 million within three miles; average household income $72,548; developer General Growth Properties, 110 N Wacker Dr, Chicago, IL 60606-1116, (312) 960-5141, www.generalgrowth .com. NEW JERSEY Lawrence Twp.: Expansion and renovation planned for 1 million sq. ft. Quaker Bridge Mall on 100 acres at Rt 1 and Quakerbridge Rd, near I-95 in Mercer County; anchors Macy’s, Lord & Taylor, Sears and JCPenney; 120 stores; parking 5600 cars; opened ‘75; population 439,255 within 10 miles; average household income $82,853; developer Lawrence Associates, a joint venture of Simon Property Group, 15 W Washington St, Indianapolis, IN 46204, (317) 636-1600 and Kravco Simon Co, 234 Mall Blvd, P.O. Box 1528, King of Prussia, PA 19406-2946, (610) 768-6300. NEW YORK Buffalo: A 40,000 sq. ft. Barnes & Noble has pulled out as anchor tenant

of a new $60 million dining/entertainment/retail corridor at 1.6 million sq. ft. Walden Galleria on 91 acres at I90 and Walden Ave in Erie County (See SCD, P. I342); addition to feature a 16-screen, state-of-the-art Regal Cinema, plus a select group of restaurants and shops including Cheesecake Factory, Hyde Park Steakhouse, Bravo!, Urban Outfitters, Coach, Lucky Jeans, and Brighton; 35,000 sq. ft. of space still available; anchors JCPenney, Lord & Taylor, Sears, Macy’s, and Dick’s Sporting Goods; 192 stores; parking 7200 cars; opened ‘89 population 1.2 million within 30 miles; average household income $58,015; developer The Pyramid Companies, The Clinton Exchange, 4 Clinton Sq, Syracuse, NY 113202-107, (315) 422-7000. leasing Pyramid Management Group Inc (James L. Soos), One Walden Galleria Dr, Buffalo, NY 14225, (716) 6817600, Email: jamessoos@pyramidmg .com. NORTH CAROLINA Mebane: Planned $27.5 million, 550,000 sq. ft. Tanger Factory Outlet on 52 acres along I-85 in Alamance/ Orange County (See SCD, P. J233); project to include 65 to 75 stores in a cluster of seven large 'outlet-style' buildings, two sit-down restaurants,

Simon Property Group Sells Mall For $20 Per Sq. Ft. Indianapolis, IN-based Simon Property Group has sold the 1.4 million sq. ft. Cincinnati Mills to North Star Realty for $9.2 million plus assumed debt of $18 million, roughly $20 per sq. ft. It acquired the project in 2007 as part of its acquisition of The Mills Corp. Anchored by Kohl’s Department Store and Bass Pro Shop, the mall’s small store space is about 40% vacant. It was opened in 1989 by L.J. Hooker Development Corp and was known then as Forest Fair Mall; Hooker soon went J310

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bankrupt. “I recall going to the opening,” said Murray Shor, Editor & Publisher of Shopping Center Digest, “and talking to Melvin Simon, then head of Melvin Simon & Associates, forerunner of SPG. He was very impressed with the size and grandeur of the project, and said this was the type of mall he would like to build———with someone else’s money.” Tom Robinson, principal of North Star, said he does not yet have firm plans for re-development of the property.

two fast-food restaurants and two 12-room hotels; developer Tanger Factory Outlet Centers (Carrie Warren), 3200 Northline Ave, Ste. 360, P.O. Box 10889, Greensboro, 27404, (336) 292-3010, Email: cjwarren@ tangeroutlet.com. OHIO Bainbridge Twp.: A ‘major retail’ department store of 104,237 sq. ft. proposed for 585,000 sq. ft. Shops at Marketplace on 85 acres at N side of Aurora Rd (Rt 306) (See SCD, P. I127); existing anchors Home Depot 147,000 sq. ft., Target 123,735 sq. ft., and Flower Factory 80,000 sq. ft.; in addition, center has several more ‘outparcels’ to be developed with smaller stores and restaurants; opened ‘06; developer McGill Property Group (John McGill), 30575 Bainbridge Rd, Ste. 100, Solon, OH 44139-2275, (440) 914-4206, Email: jmcgill@ mcgillpropertygroup.com. PENNSYLVANIA Swatara Twp: Proposed $90 million, 700,000 sq. ft. Swatara Marketplace along U.S. Rte 322, just W of Mushroom Hill Rd in Dauphin County (See SCD, P. J248); center could be anchored by an upscale grocery store; developer Regency Centers, One Independent Dr, Ste. 114, Jacksonville, FL 32202-3842, (904) 598-7000, www.regencycenters.com. WASHINGTON Puyallup: Multimillion-dollar makeover to begin in March on 1.07 million sq. ft. South Hill Mall on 88 acres at Rts 161 & 512 in Pierce County (See SCD, P. G508); project to include redesigning the food court, adding new floors and ceiling treatments, new skylights, new signage, and remodeled entrances; anchors Target, Regal Theaters, Bally Total Fitness, Toys R’ Us, Old Navy, Office Max, Macy’s, JCPenney and Sears; 110 stores; parking 3639 cars; opened ‘88; population 327,906 within 10 miles; average household income $75,004; developer The Cafaro Company, 2445 Belmont Ave, PO Box 2186, Youngstown, OH 44504-0186, (330) 7472661, www.cafarocompany.com. WISCONSIN Janesville: New stores and store (continued)

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(continued) expansions planned for 603,000 sq. ft. Janesville Mall on 45 acres at Milton Ave and Holiday Dr in Rock County (See SCD, P. H354); K-Alterations and Zumiez may have already opened; renovated stores include The Buckle and starting in February, Victoria’s Secret will renovate and expand by 1,700 sq. ft.; last year Justice Just for Girls and Kobe Japanese restaurant

opened in Oct and University Book Store was relocated and expanded by 1,500 sq. ft.; anchors Boston Store, JCPenney, Kohl’s, and Sears; 73 stores; parking 2,700 cars; opened ‘73; population 290,795 within 20 miles; average household income $51,354; developer CBL & Associates Properties, 2030 Hamilton Pl Blvd, Ste. 500, Chattanooga, TN 37421, (800) 3337130, www.cblproperties.com.

Conceiving and Developing Quality Real Estate for 40 Years

NEW AND EXPANDING CENTERS 201,000-500,000 SQ. FT. CALIFORNIA Livermore: Planned $156 million, 470,000 sq. ft. Prime Outlets Livermore Valley on 42 acres off I-580, W of the Livermore Municipal Airport (See SCD, P. J221); high-end outlet center to be anchored by Neiman Marcus; 120 stores; opening ‘10; population 8.7 million within 60 miles; developer Prime Retail (Paula Rowland), 217 E Redwood St, 20th Fl, Baltimore, MD 21202-1009, (410) 234-0782, Email: prowland@prime retail.com. Paso Robles: Construction began in Sept ‘08 on $70 million Golden Hills Plaza with nearly 287,900 sq. ft. on 26 acres at Hwy 46 and golden Hills Rd in San Luis Obispo County; Lowe’s 169,112 sq. ft. and Bed, Bath & Beyond 25,000 sq. ft.; 23 stores; Circuit City, Starbucks, Chipotle and PetSmart have recently pulled out of project; developer Regency Centers, One Independent Dr, Ste. 114, Jacksonville, FL 32202-3842, (904) 598-7000, www. regencycenters.com. CONNECTICUT Lisbon: Construction on schedule for a mid-summer opening of $30 million, 319,166 sq. ft. Crossing at Lisbon on 35 acres at on Rt 12, S of I-395, and across from Lisbon Landing; anchors Target and Lowes, and Chili’s; project to include a separate building with seven retailers including Sleepy’s; parking 1,377 cars; contractor Designline Construction Service Inc; developer Cedarwood Development, 1765 Merriman Rd, Akron, OH 443135251, (330) 836-9971. $30 million New Milford: Target has "back-

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burnered" its plans to anchor the planned Litchfield Crossings on 49 acres at across from Wal-Mart; project to also include a number of ‘upscale retail’ stores; developer Coldwell Banker Commercial Scalzo Group (Paul Scalzo), 2 Stony Hill Rd, Ste. 207, Bethel, CT 06801, (203) 205-7696, Email: pscalzo@scalzogroup.com. ILLINOIS Hillside: Construction on schedule for Hillside Town Center on 32 acres at I 290 and Mannheim Rd; anchor Super Target 185,000 sq. ft. to open in March ‘09; project to also include about 170,392 sq. ft. of commercial retail space to be leased to national big box, small shop, and single-use tenants; project to also include a new 135room Holiday Inn Express; developer Par Development (Daniel Shepard), 12040 Raymond Ct, Huntley, IL 60142, (847) 854-3005. LOUSIANA Denham Springs: A 163,000 sq. ft. Bass Pro Shops has opened at I 12 and Range Ave; 75 acres surrounding Bass to be developed and include an unnamed big-box retailer that has signed a letter of intent for four acres; leasing Beau Box Commercial Real Estate (Charlie Colvin), 6777 Jefferson Hwy, Baton Rouge, LA 70806, (225) 237-3348, Email: ccolvin@beaubox .com. MICHIGAN Livonia: Demolition and redevelopment planned for 320,180 sq. ft. Livonia Mall (to be renamed Livonia Markeplace) on 40 acres at Seven Mile and Middlebelt Rds in Wayne County (continued)

Peninsula Town Center Hampton, Virginia

www.peninsulatowncenter.com

Mall Properties, Inc. 654 Madison Avenue New York, NY 10065 Telephone: 212.935.1330 Fax: 212.832.5369

©SHOPPING CENTER DIGEST, PO Box 837, Nyack,leasing@mallproperties.com NY 10960 (845) 348-7000

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C U R R E N T

P R O J E C T S

Introducing Peninsula Town Center, Hampton, Virginia

Mall Properties is proud to announce the midsummer 2009 opening of Peninsula Town Center. The modern, energetic mixed-use development features Target, Macy’s and JC Penney, top restaurants, leading specialty shops and office space, as well as upscale residential units set around beautifully landscaped parks.

Mercury Plaza, Hampton, Virginia

Opportunities for anchor and inline spaces are available now at Mercury Plaza. Located on one of the busiest retail thoroughfares in the Tidewater/Hampton Roads area, the $250 million dollar redevelopment of Peninsula Town Center is expected to attract even more retail growth to Mercury Plaza, adjacent to the area’s only Bass Pro Shop.

Georgia

Akers Mill Square (400,000 sf)—Cobb County, Atlanta Bed Bath & Beyond, Sports Authority, Toys “R” Us, OfficeMax, Circuit City, LA Fitness

Louisiana

Cortana Mall (1,650,000 sf)—Baton Rouge Dillard’s, JCPenney, Macy’s, Sears, Steve & Barry’s Cortana Square & Fringe (370,000 sf)—Baton Rouge Wal-Mart, Lowe’s, Babies “R”Us, Old Navy, Bed Bath & Beyond, Shoe Carnival, Guitar Center, Office Depot Siegen Lane Marketplace (1,000,000 sf)—Baton Rouge Wal-Mart, Sam’s Lowe’s, Bed Bath & Beyond, Old Navy, T.J. Maxx, Kohl’s, Chili’s, Chuck E. Cheese’s, Wendy’s, Courtyard by Marriott, Residence Inn Sicily’s Plaza (27,500 sf)—Baton Rouge Sicily’s Italian Buffet, Oreck Vacuum, Honey Baked Hams, GameStop, WellsFargo

Montana

West Plaza, Glendive—Kmart

New Jersey

The Center at 17, Paramus—Bed Bath & Beyond, T.J. Maxx

New York

Great South Bay (500,000 sf)—Babylon, Long Island Bed Bath & Beyond, Marshalls, Old Navy, Ann Taylor Loft, Panera Bread, Bath & Body Works, The Children’s Place King Kullen Plaza, Babylon, Long Island—King Kullen, Eckerd Drugs Manhasset—Crate & Barrel, Abercrombie & Fitch, lululemon athletica, Abercrombie, Victoria’s Secret, J. Crew, Sephora, Bebe, Georgette Klinger, H&M Northway Mall (600,000 sf)—Colonie (Albany) Target, Marshalls, Jo-Ann Etc, Staples, David’s Bridal, BJ’s Wholesale Club, Petco, Dress Barn, Eddie Bauer Outlet Parkchester Retail District—Bronx 650,000 sf. of Retail Shops with Macy’s, Offices and 12,000 Apartments Savoy Shops—Third Avenue, 60th-61st Streets, New York City 65,000 sf. of Retail Shops on 3 Levels, Dylan’s Candy Bar

Pennsylvania

St. David’s Square (217,000 sf)—St. David’s, Philadelphia T.J. Maxx, Bed Bath & Beyond, HomeGoods, Genuardi’s, Micro Center

Virginia

Mercury Plaza (350,000 sf)—Hampton Burlington Coat Factory, Texas Steakhouse & Saloon, Cracker Barrel Old Country Store, Wachovia Bank, Ruby Tuesday Coliseum Square (43,000 sf)—Hampton Lane Bryant

Hotels

Residential

Baton Rouge, LA Columbus, OH (Easton) Courtyard by Marriott, Hilton Columbus, Courtyard by Marriott, Residence Inn by Marriott Residence Inn by Marriott Fairfax, VA Marco Island, FL Marriott Hilton Marco Island

Parkchester, Bronx, NY 12,271 Apartments 650,000 Square feet of retail

(continued) (See SCD, P. J283); possible anchor Wal-Mart; existing stores Sears and Jo-Ann Fabrics will remain open during construction; opened 64; population 272,000 within five miles; average household income $53,700; developer Livonia Phoenix LLC a j/v of Grand/Sakwa Properties, Lormax Stern and Konover South, 431 Fairway Dr, #300, Deerfield Beach, FL 33441, (954) 354-8282, www.konoversouth .com. MONTANA Billings: Construction continues as businesses begin to open at Shiloh Crossing Shopping Center at SE corner of Shiloh Rd and King Ave; anchor Kohl’s; other tenants which have or may have already opened include Candy Town USA, Cellular Connections, Huntington Learning Center, City Brew, Carmike Theatre’s 14screen complex, Taco Bell; in addition, another half-dozen businesses are building or planned to build, including up to three junior box stores or smaller national retailers; developer Shiloh Crossing LLC c/o The Corning Cos (Steven Corning), P.O. Box 80510, Billings, MT 59108, (406) 651-4300. NEW JERSEY West Windsor: Renovations have begun on 240,000 sq. ft. MarketFair at U.S. Rt 1 and Meadow Rd in Montgomery County (See SCD, P. J283); initial phase to include new floors, lighting, furniture, interior painting, and outside signage; a second phase, yet to be scheduled, could bring two new ‘fast casual’ restaurants at both side entrances to the United Artists MarketFair Stadium 10-screen movie

theater along with redevelopment of the food court and some new tenants; 50 stores include Pottery Barn, Williams Sonoma, Anthropologie, Smith & Hawken, Barnes & Noble, P.F. Chang, Big Fish, T.G.I. Friday's and Starbucks; parking 1500 cars; opened ‘86; developer TIAA-CREF, 730 3rd Ave, 8th Fl, New York, NY 10017-3206, (212) 916-4475; leasing Madison Marquette (John-David Franklin), 1717 Arch St, Ste. 3930, Philadelphia, PA 19103, (215) 399 5606, Email: jfranklin@mmrs.com. NEW YORK Queens: Community board favors expansion of 299,144 sq. ft. Douglaston Plaza Shopping Center on Douglaston Pkwy, SE Corner of Long Island Expressway and Cross Island Pkwy; existing 40,000 sq. ft. Waldbaum's to be expanded by 934 sq. ft. when it closes in ‘10 to accommodate new Fairway ‘food store’; anchors Macy’s, Modell’s, Toys R Us, Walbaum’s, and Movie World; developer Ashkenazy Acquisitions, 433 Fifth Ave, Ste. 200, New York, NY 10016, (212) 213-4444, www.aacrealty.com. PENNSYLVANIA Levittown: Construction and leasing continues on 468,675 sq. ft. Levittown Town Center at Rt 13 and Levittown Pkwy in Bucks County; anchors Home Depot 98,000 sq. ft. and Wal-Mart Supercenter; tenants include Dollar Tree, Executive Shoe Repair, ServiKing Flooring, Venetian Nails and Spa, Greenwood Cleaners, Nonna’s Brick Oven Pizzeria and Restaurant, Ross Dress for Less, Advance Auto Parts, AT&T, Deb Shops, Famous Footwear,

Game Stop, Great Clips, Hair Cuttery, Pets Plus, Radio Shack, Sally Beauty, Smoker's Express, Sonic, Subway, TMobile, and a tanning salon; opening spring ’09; average household income $71,689; developer DLC Management (Evan Podob), 580 White Plains Rd, Tarrytown, NY 10591, (914) 6313131, Email:epodob@dlcmgmt.com. Newberry Twp: Ground may have already been broken on Newberry Pointe on 47 acres in York County; anchor Wal-Mart Supercenter 184,000 sq. ft.; project to also include 10 to 15 stores in a 42,000 s. ft. strip mall and five separate outlots, one of which will be occupied by Rite Aid; developer Pacific Development, 222 South Central Ave, Ste. 210, St. Louis, MO 63105, (314) 727-4949. SOUTH CAROLINA Bluffton: Committee votes in favor of a planned redevelopment of 393,094 sq. ft. Tanger 1 Outlet Center at I-95, SC Exit 8, Hwy 278 in Beaufort County; 100 stores; parking 2036 cars; opened ‘88; population 733,965 within 60 miles; average household income $70,252; developer Tanger Factory Outlet Centers, Inc, 3200 Northline Ave, Ste. 360, Greensboro, NC 27408, 336-292-3010, www.tangeroutlet.com TEXAS Grand Prairie: Planned 485,000 sq. ft. Prime Outlets-Grand Prairie on 64 acres at NE corner of I-20 and TX 360 in Tarrant County (See SCD, P. J221); 120 stores; parking 2700 cars; opening late ‘09; developer Prime Retail, 217 E Redwood St, 20th Fl, Baltimore, MD 21202, (410) 234-0782, www. primeoutlets.com.

NEW AND EXPANDING CENTERS UP TO 200,000 SQ. FT. ARIZONA Globe: Redevelopment may have already begun on Cobre Valley Plaza; project to add two national clothing stores, local and regional stores, restaurants and offices; developer Weiner Development (Tommy Stewart), 520 Post Oak Blvd, Ste. 850, Houston, TX 77027, (877) 750-9777, Email: tstewart@weinerdevelopment.com.

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ARIZONA Tucson: Construction to likely begin in ‘11 or ‘12 on a grocery store- and pharmacy- anchored shopping center on 30 acres at S Mark and W Valencia; developer joint venture The Pascua Yaqui Tribe and Evergreen Development, 2390 East Camelback Rd, Ste. 410, Phoenix, AZ 85016, (602) 8088600.

CALIFORNIA Lake Elsinore: Construction could begin in June on a proposed 34,000 sq. ft. Lake Street Market Place on 4.3 acres at NW corner of Lake and Mountain Sts; anchor Fresh & Easy 13,000 sq. ft.; three other free-standing buildings ranging in size from 4,700 sq. ft. to 8,000 sq. ft. could house from 12 to 15 other businesses, such as

©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960

(845) 348-7000

beauty salons, dry cleaners and coffee shops; construction to take six to eight months to complete; developer Marinita Development (David Garrison), 3835 Birch St, Newport Beach, CA 92660, (949) 433-3500, Email: dave@ marinita.com. Oxnard: City Council considering a proposed 78,000 sq. ft. Rose Ranch Shopping Center on 10 acres at SW corner of Rose Ave and Gonzales Rd; anchors Fresh & Easy Neighborhood Market and Walgreens; project to also include a bank, restaurants, and other stores; parking 362 cars; developer John McGrath Family Partnership, CONNECTICUT New Milford: Developer may be looking for a buyer for a planned 102,000 sq. ft. shopping center (formerly referred to as The Streets of New Milford) on 12.5 acres at Rt 7, across from the Tractor Supply Co (See SCD, P. J222); project to be anchored by a big-box store and also include several smaller retailers and a restaurant; developer Continental Real Estate Companies (Mike Hudec), 150 E Broad St, Columbus, OH 432153610, (614) 221-1800., Email: mhudec @continental-realestate.com. Willimantic: Renovation and improvements planned for a Stop & Shop-anchored shopping center at 1391 Main St; project to include renovation of the existing supermarket, the addition of a new exterior facade, reorganization and improvement of the existing parking area, relocation of the existing Friendly’s restaurant, and traffic improvements to nearby roadways; developer R.A. Willimantic LLC & LCP Supermarkets Remainder 2000 LLC, c/o Stop & Shop, 1385 Hancock St, Quincy, MA, 021691 (800) 7677772, www.stopandshop.com. GEORGIA Conyers: Rockdale County Council approves annexation of about 21 surrounding acres for the planned redevelopment of 142,000 sq. ft. Salem Gate Shopping Center at Iris Dr and Old Salem Rd; developer T-L Conyers, a subsidiary of Triland Properties, Inc (Hugh Robinson), 1 Westbrook Corporate Ctr, Ste. 520, Westchester, IL 60154-5701, (708) 531-8210, Email: hrobinson@trilandproperties.com.

Oakwood: City to review rezoning and annexations for a proposed 76,040 sq. ft. shopping center on 21 acres at between I 985 and Atlanta Hwy; project to include a 46,360 sq. ft. anchor (possibly a grocery store); in addition, there will be two other stores, a gas station, and possibly another 102,000 sq. ft. of stores and restaurants; developer Wayne Clark & Associates, 1400 Buford Hwy, Ste. R5, Buford, GA 30518, (678) 714-7050. ILLINOIS Loves Park: Makeover planned for 156,998 sq. ft. Meadow Mart Center at N Second St and Windsor Rd in Winnebago County; anchors Big Lots, A.J. Wright, Aaron’s, and Grays IGA Grocery; population 68,132 within three miles; average household income $60,225; developer Edgemark (Matt Smetana), 2215 York Rd, Ste. 503, Oak Brook, IL 60523, (630) 572-5632, Email: msmetana@edgemarkllc.com KANSAS Wichita: $7.5 million renovation planned approved for 73,000 sq. ft. Ken-Mar Shopping Center at 13th and Oliver (See SCD, P. J86); buildings will get new facades, roofs and other imrprovements; the parking lot will be repaved and new lighting and landscaping will be added; anchors Dollar General, Capitol Federal Savings, and Ken-Mart Family Drug; opened ‘57; population 19,000 within five miles; developer Kevass Harding and H.H. Holding LLC; leasing Landmark Commercial Real Estate (Nick Esterline), 156 N Emporia Ave, Wichita, KS 67202, (316) 262-2442, Email: nesterline@landmarkrealestate.net. Wichita: Construction to begin late ‘09 or early ‘10 on Reed’s Pointe on 20 acres at SW corner of 21st and 143rd Sts; project to include a freestanding major anchor, a 60,000 sq. ft. strip of retail, and five outparcels; developer Occidental Management (Gary Oborny), 8111 E 32nd Street N, Ste. 101, Wichita, KS 67226, (316) 262-3331, Email: gary@occmgmt.com. MICHIGAN Ionia: Renovation planned for 90,000 sq. ft. Steele Street Plaza at 242 Steele St in Clare County; existing anchor Dollar General; new tenants will include Cuddle Bug Books and

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Jurgenson’s Sav-A-Lot; developer Mann Construction, 260 E Oak St, Harrison, MI 48625, (989) 539-0745. NEW YORK Bethel: Citizens oppose a proposed 60,000 sq. ft. grocery-anchored shopping center at Rt 17B in Sullivan County (See SCD, P. G173); developer Zaccari Holding Co, Narrowsburg, NY, (914) 252-7418. Duanesburg: Hannaford plans to build a 35,000 sq. ft. grocery store at a proposed shopping center on seven (continued)

General Growth Seeking Partner To Finish Mall Financially troubled General Growth Properties is seeking an investment partner to help it complete development of 1.1 million sq. ft. Elk Grove Promenade in Elk Grove, CA, which is 80% complete. An offering brochure prepared by Jones Lang LaSalle, hired to find new capital, says GGP has invested $170 million in the project. The opening has been moved back three times and is now scheduled for fourth quarter 2010.

Cut Backs Will Save Bon -Ton $70 Million Proposed layoffs of 1,150 employees of Bon-Ton Stores will save $70 million annually and may help the department store chain avoid bankruptcy and store closures, executives said. The department store chain operates 281 units in the Northeast and Midwest under the Bon-Ton, Carson Pirie Scott, and ElderBeerman nameplates. Also eliminated was $40 million in planned capital improvements. The company earlier said it would close an Elder-Beerman unit in Hamilton, OH. 2/16/09 J315

(continued) acres off Rt 20, near the intersection with Rt 30; project to take about nine months to complete; parking 176 cars; developer Ventura-Duanesburg LLC (Chris Schneck and Bill Feinstein). Wilton: Construction continues on 30,000 sq. ft. shopping plaza on Rt 50 (between Price Chopper and Wilton Mall) (See SCD, P. J208); Five Guys Burgers and Fries and Metro Mattress have opened; other tenants will include Aspen Dental, AT&T, and possibly Uncommon Grounds; in March, work will begin on a free-standing 2,500 sq. ft. office of First Niagara Bank that's scheduled to open in June; developer Nigro Companies (Steve Powers), 20 Corporate Woods Blvd, Albany, NY 12211-2396, (518) 436-8421, Email: spowers@nigrocos.com. NEW JERSEY West Milford: Renovation and expansion plans approved for ShopRite shopping center at Union Valley and Marshall Hill Rds; project to include an 11,000 sq. ft. addition to the supermarket, redo the shopping center’s facade, landscape and redo the parking lot, and make additional improvements; developer Inserra Supermarkets LLC, 20 Ridge Rd, Mahwah, NJ 07430, (201) 529-5900. NORTH CAROLINA Lexington: Ground has been broken on 16,740 sq. ft. $1.7 million retail strip near the Wal-mart Supercenter; eight stores include Diana Nails, U.S. Army, Subway, ABC Phones, Shoe Department, and Radio Shack; developer The Spectra Group (Johnny Neff or Richard Finch), 5851 Ridge Bend Rd, Memphis, TN 38120, (901) 685-2300, Email jneff@spectragroup .com or rfinch@spectragroupinc.com. OHIO Corryville: New owners may have already begun redevelopment of University Plaza in Hamilton County; plans show a new Kroger and Walgreens with additional retail and parking; opened ‘69; developer Anchor Development (Michael Ricke), 128 East 2nd St, Covington, KY 41011-1742, (513) 352-0700. OKLAHOMA Edmond: Site work has begun on

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168,000 sq. ft. Bridges at Spring Creek on 32 acres at just N of E 15th St and S Bryant Ave, near E.C. Hafer Park (See SCD, P. I311); parking 176 cars on the west and 828 cars on the east; seeking upscale retailers and a bank; five pad sites opening ‘10; architect Little and Associates; developer Sooner Investments, 6410 Avondale Dr, Oklahoma City, OK 73116-6404, (704) 376-6523, Email: info@sooner investments.com PENNSYLVANIA Bartonsville: Planned 135,000 sq. ft. Shoppes at Crossroads at Rt 611 and Rt 33; tenants to include Giant Foods, Red Lobster and AT&T; 60,000 sq. ft. still available; opening fall ‘09; developer Tristate Ventures (John Fasciano); leasing Fameco Real Estate, 633 W Germantown Pike, Ste. 200, (610) 834-1793, Plymouth Meeting, PA 19462, (610) 834-8000, www. famecoretail.com. Bethel Park: Plans approved for threebuilding, 60,000 sq. ft. shopping plaza on seven acres on Library Rd, site of the former Columbia Gas building; retail development may also include a 9,000 sq. ft., bank-type building; developer 88 Investors (Marc Schein) c/o CC Realty Advisors Inc., 701 Technology Dr, Ste. 210, Canonsburg, PA 15317, (724) 746-3116, Email: mschein@ccrealtyadvisors.com. Dilworthtown: Expansion of Giant Food approved at 121,113 sq. ft. Dilworthtown Crossing Shopping Center at West Chester Pike and Dilworthtown Rd (See SCD, P. H94); anchors Giant Food, CVS, Blockbuser, Bennigan’s, National Penn Bank; population 72,419 within 5 miles; average household income $94,584; developer R.J. Waters & Associates, Inc, 420 Bayard Rd, Ste. 200, Kennett Square, PA 19348, (610) 444-6000. Limerick: Construction to begin in May on a nearly 200,000 sq. ft. Sanatoga Springs on 71 acres S of Evergreen Rd and Rte 422, adjacent to The Philadelphia Premium Outlets; project to include a 148,000 sq. ft. anchor store, one restaurant, a bank, four retail stores, and a gas station; parking 944 cars; opening May ‘11; developer O’Neill Properties, 2701 Renaissance Blvd, Ste 400, King of

Prussia, PA 19406-2781, (610) 9925864, www.oneillproperties.com. Manheim Twp: If plans are approved, an existing Quality Inn will be demolished to make way for The Shoppes at Landis Valley at Oregon Pike and Landis Valley Rd in Lancaster County; anchor Giant to Go 4,000 sq. ft.; project to also include two other freestanding stores - a bank and a drugstore; and a strip of stores behind them; developer LMS Commercial Real Estate, 120 N Pointe Blvd, Ste. 301, Lancaster, PA 17601, (717) 5699373, www.lms-pma.com. TEXAS Fort Worth: Stripling & Cox Department store has been demolished to make way for a 23,100 sq. ft. The Shops at Camp Bowie on 3.54 acres on Camp Bowie Blvd; center will be divided into spaces ranging from about 1,500 sq. ft. to 3,000 sq. ft.; signed tenants include a 3,600 sq. ft. Comerica Bank; in addition there is one pad site available; developer Armstrong Development, 2100 Wharton St, Ste. 700, Birmingham Towers, Pittsburgh, PA 15203-1948, (412) 381-1122. San Antonio: Construction may have already begun on 39,000 sq. ft. retail center on 120 acres at NW corner of SE Loop 410 and Loop Rd; project to include about 14,000 sq. ft. of in-line space and 25,000 sq. ft. spread over seven pad sites; confirmed tenant Subway; build-out of the entire 120 acres could take anywhere from eight to ten years; opening early fall ‘09; developer Walker Enterprises LLLP (Jack Walker), Boulder, CO; leasing Rohde Ottmers Siegel Realty Inc (Tom Rohde), 200 Redwood, San Antonio, TN 78209, (210) 366-1400, Ext. 105, Email: tomrohde@rohderealty.com Texas City: Site work may have already begun on 26,000 sq. ft. Three Palms Shopping Center at NE corner of FM 1765 and Amburn Rd in Galveston County; tenants to include Las Americas restaurant, a child-care center, a tobacco shop, and possibly an insurance company and a seafood restaurant; opening in about eight months; developer David Cottrell Investments, 7505 Highmeadow Houston, Texas 77063, (713) 7835052, Email: info@david-cottrell.com.

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UPSCALE SPECIALTY, LIFESTYLE MIXED-USE, ENTERTAINMENT ALABAMA Birmingham: Planned 100,000 sq. ft. Hoover Family Festival on 11 acres at Stadium Trace Pkwy and Brock’s Gap Rd, near Regions Park (See SCD, P. J167); $12 million "kids village" to be anchored by a baseball academy, and an aquatic center; retail will include hair and nail salons, pet stores, bike stores, restaurants, coffee shops, clothing stores, and a retailer that holds birthday parties; developer Watkins Associated Developers (Neal Freeman), P.O. Box 1738, Atlanta, GA 30301-1738, (404) 872-8666, Email: nfreeman@wilwat.net. Hoover: Planned Chance Lake mixeduse development on the site of the former Chance Lake Country Club overlooking the Cahaba River along Hwy 31; project to include a 22-acre shopping center, 215 home sites, a 40acre park, fitness trails, and preserved meadows; developer Signature Homes, 3545 Market St - Ross Bridge, Birmingham, AL 35226, (205) 9895588, www.e-signaturehomes.com. ARIZONA Phoenix: ‘Vertical construction’ to move forward this year on 1.8 million sq. ft. CityScape at the core of Downtown Phoenix; plans call for a mix of office and residential space, plus approximately 200,000 square feet of retail anchored by AJ's Fine Foods and including specialty merchants such as urban apparel and home furnishings, service retailers, local and national restaurants, and entertainment venues; initial phase to open in ‘09; developer RED Development (Jennifer Daniels), 6263 N Scottsdale Rd., Ste. 330, Scottsdale, Arizona 85250, (480) 947-7772, Email: jdaniels@red development.com. Tuscon: Site work has begun for Villagio mixed-use project at NW corner of Tangerine and Thornydale; Chase Bank and Circle K to open in April; phase 2 to include two twostory buildings with office and retail components, as well as a 5,000 sq. ft. restaurant with outdoor seating;

developer The Ault Companies, 15255 N. 40th St, Ste. 131, Phoenix, AZ 85032, (602) 493-5505. CALIFORNIA Sacramento: Construction could begin in ‘10 on 1.3 million sq. ft. of lifestyle retail on I-5 next to the Meadowview neighborhood; center to include a multiplex cinema; part of a planned 782-acre Delta Shores with about 5,000 housing units; developer M&H Realty Partners, 3580 Carmel Mountain Rd, Ste. 260, San Diego, CA 92130, (858) 259-9909, Email: info@ merlonegeier.com. COLORADO Colorado Springs: Construction could begin in Oct on $27 million, 75,000 sq. ft. Broadmoor Gateway Pavilions upscale community shopping center on 7.5 acres at along S Nevada Ave at Ramona Ave; architect Oz Architects; contractor Bryan Construction; developer Shopping Center Enterprises Inc (Jim Rhue), 1305 La Paloma Way, Colorado Spring, CA 80906, (719) 648-3547, Email: jimrhue@comcast .net. CONNECTICUT Cheshire: Site plans to be submitted late this spring for 639,000 sq. ft. The Shoppes at Cheshire on 104 acres at I691 and Rt 10 (See SCD, P. J16); project to include a 500,000 sq. ft. outoor shopping mall, hotel, fitness center and offices; developer W/S Development (Louis Masiello), 1330 Boylston St, Ste. 212, Chestnut Hill, MA 02467-2180, (617) 232-8900, Email: lou.masiello@srweiner.com. Westport: Planned 110,000 sq. ft. Bedford Square at 39 Post Rd E (site of Westport YMCA); new property owners plan a luxury mixed-use project to include 50,000 sq. ft. of retail space, 10,000 sq. ft. of restaurants space, 10,000 sq. ft. of office space and 11 residential condominiums built around a park-like setting; developer Bedford Square Associates , c/o David Adam Realty, Inc (David Waldman), 8 Church Ln, Ste. 200, Westport, CT 06880-5346, (203) 221-8148, Email:

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david@davidadamrealty.com; leasing Charter Realty and Development (Dan Zelson and Paul Brandes), 183 Main St, Westport, CT 06880, (203) 2272922, Email: dan@chartweb.com or psb@chartweb.com. FLORIDA Davie: Proposed The Commons openair shopping and office complex on 152 acres at NE corner of I-75 and Royal Palm Blvd in Broward County; developer joint venture Retail Estate, 2332 Galiano St 2nd Fl, Coral Gables, FL 33134, (305) 441-2911 and Turnberry Associates, 19501 Biscayne Blvd. Ste. 400, Aventura, FL 33180, (305) 937-6200, Email: info@ turnberry.com. MARYLAND Salisbury: Developer must submit a final development plan to the city and county zoning department by March 1, for the proposed The Villages at Salisbury Like (former site of Salisbury Mall) on 88 acres at Civic and Glen Aves in Wicomico County (See SCD, P. G544); project to include 350,000 sq. ft. of retail/commercial space and 685 residencial units; population 143,000 within 20 miles; average household income $33,000; developer Salisbury Mall Associates LLC (Jon Natelson), Baltimore, MD. MASSACHUSETTS Gloucester: City council approved TIF for a $50 million, 200,000 sq. ft. Gloucester Commons on 33 acres at Blackburn Circle on Rt 128, behind Fuller Elementary School (See SCD, P. J131); project to include a 195,000 sq. ft. shopping complex with 24 stores opening fall ‘09; in addition, a 100room hotel and an assisted living facility, will open in ‘10; population 100,000 within 10 miles; average household income $0.00; developer Sam Park c/o Wilder Companies, 800 Boylston St, Ste. 1300, Boston, MA 02199, (617) 247-9200, www.wilderco.com. MINNESOTA Mendota Heights: Renovation and (continued) 2/16/09

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(continued) expansion proposed for 54,983 sq. ft. Mendota Plaza on 21 acres at Hwy 110 and Dodd Rd (See SCD, P. J273); project could include a 14,820 sq. ft. Walgreen, 7,600 sq. ft. restaurant, and 7,200 sq. ft. for retail and future phases with residential, office and daycare; existing tenants Snyder Drug, Subway, J&A Cleaners, Ziggy’s Cafe & Ice Cream; opened ‘71; developer Paster Enterprises (Ken Henk), 2227 University Ave, St. Paul, MN 55114-1677, (651) 646-7901, www.paster enterprises.com. St. Louis: Planned $150 million to $200 million The Villages of Forest Park on nine acres at former FederalMogul plant site of Forest Park Ave; development to include ‘lifestyle’ retail stores, offices, residences, and maybe even a hotel; developer Koman Properties (Terry Barnes), 8027 Forsyth Blvd, St. Louis, MO 63105, (314) 2617349, Email: tbarnes@kpstl.com. MISSOURI Kansas City: Details being worked out for a 1.01 million sq. ft. Three Trails (former Bannister Mall) at I435 & Bannister Rd in Jackson County (See SCD, P. J258); mixed-use project calls for a major office, retail and hotel development, anchored by an 18,500seat soccer stadium that would be the home of the Wizards; population 400,000 within five miles; average household income $40,382; developer Lane4 Property Group, 4705 Central St, Ste. 200, Kansas City, MO 64112, (816) 960-1444. NEW YORK Irondequoit: $250 million redevelopment could be completed by ‘10 on 800,000 sq. ft. Medley Centre (formerly Irondequoit Mall) on 50 acres at Rt 104 and Goodman Ave in Monroe

2009 EXPANDING RETAILERS

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County (See SCD, P. J285); nearly vacant mall to be converted to a mixeduse development with retail, housing, a movie theater, and a 35-story hotel; anchors Macy’s, Sears, and a freestanding Target will remain in place; 110 stores; opened ‘90; population 600,000; average household income $65,000; developer Bersin Properties, LLC (Adam Bersin), 285 Medley Centre Parkway, Rochester, NY 14622, (585) 266-6100, Email: info@medley centre.com. NORTH CAROLINA Mebane: Plans approved and construction could begin within the next 12 to 18 months on $125 million, Buckhorn Village on 130 acres along I-85 and Buckhorn Rd, near the University of North Carolina at Chapel Hill in Orange County (See SCD, P. J8); project to include a mix of rmix of large-box retailers, destination retailers, and small local shops, hotel, entertainment and up to 200 housing units; construction to take two years to complete; developer Buckhorn Road Associates c/o East West Partners (Roger Perry), 190 Finley Golf Course Rd, Chapel Hill, NC 27517, (919) 929-0660, www.ewp-nc.com. Summerfield: Proposed mixed-use project on 90 acres near the intersection of Lake Brandt Rd and N.C. 150; project to include a 22-acre shopping center anchored by Harris Teeter 53,000 sq. ft.; a 48-acre, 35-lot residential subdivision; and a threeacre office complex, which would house medical, professional, administrative, and governmental offices; developer joint venture Harris Teeter (Keith Rudemiller), 701 Crestdale Rd, Matthews, NC 28105, (704) 844-3140, Email: krudemiller@harristeeter.com and Mark Pierce Poole Properties, 1001 Morehead Sq Dr, Ste. 195, Charlotte, NC 28203-4213, (704) 343-2828. OHIO Grandview Heights: Proposed $650 million Grandview Yard with up to 2 million sq. ft. on 100 acres on the site of the former Big Bear warehouses; project to include commercial space, office tenants, national and regional retailers, as well as residences and parks; potential anchor - Macy’s could open by ‘11; developer Nationwide

Realty Investors (Brian Ellis), 375 N Front St, Ste. 200, Columbus, OH 43215-2239, (614) 857-2331, Email: ellisbj@nationwide.com. Upper Arlington: Portion of mall to be demolished for the redevelopment of 252,000 sq. ft. Kingsdale Shopping Center on almost 22 acres at Northwest Blvd and Tremont Rd in Frankin County (See SCD, P. J271); project to include a new, larger 105,000 sq. ft. Giant Eagle store, two four-story office buildings, several new retail buildings, a parking garage and a small green space; remaining tenants include First Watch, Jeffrey Thomas and Chipolte which will get new exteriors; redevelopment to be completed early ‘10; parking 1,360 cars; opened ‘59; population 103,576 within 3 miles; average household income $65,577; developer Regency Centers, One Independent Dr, Ste. 114, Jacksonville, FL 32202-5019, (904) 598-7000, www.regencycenters.com; Continental Real Estate Companies, 150 E Broad St, Columbus, OH 43215-3610, (614) 221-1800, www.continentalrealestate.com. PENNSYLVANIA Malvern: A 92,000 sq. ft. Muvico Theaters has signed on as one of the anchors at a planned $500 million Uptown Worthington with over 2 million sq. ft. on 106 acres at former Worthington Steel site (See SCD, P. I803); mixed-use community to include 745,000 sq. ft. of retail, restaurant, and entertainment space; anchors already signed include Wegman’s Food Market 140,000 sq. ft., Target, and L.L. Bean opening spring ‘09; in addition, there will be 753 residential units in multifamily structures and 185,000 sq. ft. of office space; developer O’Neill Properties Group (Richard Heaney), 700 S Henderson Rd, Ste. 225, King of Prussia, PA 19406, (610) 992-5864, Email: rheany@oneillproperties.com. Manheim Twp: Proposed shopping center and homes on 71 acres at Fruitville Pike and Rt 30 (across from Red Rose Commons) in Lancaster County; developer joint venture including R.J. Waters and Associates, 200 Old Forge Ln, Ste. 201, Kennett Square, PA 19348, (610) 388-6600, www.rjwaters.com.

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CENTERS WITH LEASE SPACE AVAILABLE ARIZONA Goodyear: 30,560 sq. ft. Palm Valley Village Center on 13.5 acres at Litchfield and Indian School Rds; new owners; 94% leased; shadow anchored by Wal-mart Neighborhood Market 65,000 sq. ft.; tenants include MidFirst Bank, Quizno’s, United Blood Service, Bruno’s Pizza, Ground Control, American Made Bike Shasta Pools, Beijing Chinese Cuisine and J's Barber Shop; opened ‘08; owner JRFCo LLC; leasing SunCor Management Co (Mitchell B. Rosen), 80 E Rio Salado Pkwy, Ste. 410:, Tempe, AZ 85281, (480) 317-6800. Lake Havasu City: 750,000 sq. ft. Shops at Lake Havasu on 150 acres at 5061 State Hwy 95 in Mohave County (See SCD, P. J286); specialty retailer Windsor, will be opening a 4,446 sq. ft. ‘woman’s unique personality store’; anchors Dillard’s 98,080 sq. ft., JCPenney 104,430 sq. ft., and WalMart Supercenter 201,821sq. ft.; parking 3900 cars; opened ‘08; developer Wolford Development (Patrick Kellner), 1200 Mountain Creek Rd., Ste. 102, Chattanooga, TN 37405, (423) 874-0811, Email: pakellner@ wolforddevelopment.com CALIFORNIA Larkspur: 173,000 sq. ft. Larkspur Landing Shopping Center on 16 acres at Larkspur Landing Circle in Marin County (See SCD, P. F795); new owners; 70% occupied; mix of community serving retail, restaurants, personal services, and shops; center is a collection of five one- and two-story multi-tenant buildings that encircle a large public cobblestone courtyard; anchors Save Mart Supermarket, Berman’s of Marin, Oliver Allen Corp, 24 Hour Fitness Center; pad sites include a 50,000 sq. ft. Bed Bath & Beyond; opened ‘78; owner J.S. Rosenfield & Co, 921 Montana Ave, Santa Monica, CA 90403-1504, (310) 458-6682; leasing Wilson, Meany, and Sullivan, Four Embarcadero Center, Ste. 3330, San Francisco, CA 94111, (415) 905-5350, www.wmspartners .com. CONNECTICUT Hartford: 300,000 sq. ft. Charter Oak

Marketplace on 34 acres at I-84 at the Flatbush Avenue exit (See SCD, P. H832); new owners; anchor Wal-Mart 150,000 sq. ft.; other tenants include Marshalls, Dollar Tree, Payless, Sally Beauty, Radio Shack, Sleepys, Gamestop, AT&T Wireless, Dunkin Donuts, McDonalds, and Taco Bell; parking 1700 cars; opened ‘05; owner/leasing Paramount Realty Services, Inc, 1195 Rt 70, Lakewood, NJ 08701, (732) 886-1500, www.prs-nj.com. FLORIDA New Smyrna Beach: 101,321 sq. ft. New Smyrna Beach Shopping Center at 1441 S Dixie Frwy and Sixth St; Sears Hardware has recently extended its lease; other tenants include Dollar General, Sherman Williams, Hair Cuttery, and New Smyrna Beacon 12screen theater; leasing The Lightstone Group (Jeffrey Dash), (908) 668-8300, Email: jdash@lightstonegroup.com. Ormond Beach: 234,045 sq. ft. Ormond Towne Square at Granada and Williamson Blvds (See SCD, P. E64); new owners; 95% leased; anchor Publix; other tenants include Bealls, Ross Dress for Less, Dollar Tree, GNC and Hallmark; opened ‘93; developer Jaffe Corp, 300 N Nova Rd, Ormond Beach, FL 32174, (386) 673-3100. LOUSIANA Pineville: 14,000 sq. ft. Skyline Plaza on La. Hwy 28 East; 2,000 sq. ft. available; anchor Bayou Brew coffee shop; other tenants include a fitness center, nail salon, tanning salon, and payday loan establishment; opened fall ‘08; owner/leasing John Nobles, 224 Adams Path, Pineville, LA 713607903, (318) 445-2835. MARYLAND Baltimore: 350,000 sq. ft. Power Plant Live! at Market Place and Lombard St; open air lifestyle and entertainment center; retail spaces from 2,000 sq. ft. to 15,000 sq. ft. available for local, regional, and national restaurant/bar/ retail; major tenants include Rams Head Live! 22,000 sq. ft. , Ruth’s Chris 14,000 sq. ft. and Blue Sea Grille 8,500 sq. ft.; other tenants include Mosaic Nightclub, Howl at the Moon, Luckie’s Tavern, MEX, Babaiu, Angel’s Rock

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Bar, Baltimore Reads, Curry Architects; average household income $89,000; leasing The Cordish Co (Geoff Grant), 601 E Pratt St, 6th Fl , Baltimore, MD 21202-3238, (410) 752-5444, Email: geoff@cordish.com. NEW HAMPSHIRE Meredith: 70,000 sq. ft. Meredith Bay Shops at U.S. Rt 3 and NH Rt 25; full revitalization and expansion recently completed with the addition of a 30,000 sq. ft. Hannaford; in addition, a new Olympia Sports 4,200 sq. ft. opened in Nov; other tenants include Rite Aid, BarnZ's Cinema, Dockside Florist, Meredith Cleaners and Lakes Region Nutrition; owner/leasing Crosspoint Associates (Joe Morrison), 217 W Central St, Natick, MA 01760, (508) 655-0505, Email: oemorrison@ crosspointassociates.com. NEW JERSEY Cinnaminson: 120,000 sq. ft. Cinnaminson Shopping Center on 40 acres at Rt 130 and Cinnaminson Ave in Burlington County (See SCD, P. J11); new leasing team; space available are 19,000 sq. ft. expandable to 40,000 sq. ft. in line and a pad site; anchors ACME Markets, Sleepy’s and Vanity Fair Factory Outlet; opened ‘70’s; redevelopment completed mid-‘08; population 298,518 within five miles; average household income $64,102; developer Centro Properties Group, 420 Lexington Ave, 7th Fl, New York, NY 10170, (212) 869-3000, www. centroprop.com; leasing Paramount Realty (Nicole Johnson), 1195 Rt 70, Lakewood, NJ 08701, (732) 886-1500, Email: njohnson@prs-nj.com. Clinton: 54,000 sq. ft. Arrow Mill Plaza on six acres at Rt 31 at Halsted Rd in Hunterdon County (See SCD, P. J234); a 47,000 sq. ft. anchor space available; tenants include Radio Shack; average household income $122,000; leasing Net Property Group (Vincent Castagno), 116 Rt 22, North Plainfield, NJ 07060, (908) 226-0122, Email: vcastagno@netproperties.us. Ewing Twp: 33,000 sq. ft. Ewing Plaza at Olden Ave and Parkway Ave in Mercer County; 12 stores; up to 9,500 sq. ft. available; tenants include (continued) 2/16/09

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(continued) restaurants, laundry, and daycare; leasing Net Property Group (Vincent Castagno), 116 Rt 22, North Plainfield, NJ 07060, (908) 226-0123, Email: vcastagno@netproperties.us. Hackensack: 130,000 sq. ft. Riverfront Plaza Shopping Center on 14 acres at River St (See SCD, P. I888); Blockbuster Video and Subway to open in May; leases will be expiring for Dots 3,400 sq. ft. and Camelot Realty 1,500 sq. ft.; anchor ShopRite 70,400 sq. ft.; other tenants include Mandee, H&R Block, Radio Shack, GNC, Chase Bank, and restaurants; owner/leasing Crossroads Cos, Crossroads Corporate Center, One International Blvd, Ste. 400, Mahwah, NJ 07495, (201) 512-8743. Whitehouse: 30,000 sq. ft. Station Center at Rt 22 at Juniper Rd in Hunterdon County; 1,400 sq. ft. to 1,800 sq. ft. available; 18 stores include McDonalds, H&R Block, Readington Wine; average household income $120,000; leasing Net Property Group (Vincent Castagno), 116 Rt 22, North Plainfield, NJ 07060, (908) 226-0123, Email: vcastagno@netproperties.us. NEW YORK Syracuse: 240,000 sq. ft. Shop City Shopping Center on 25 acres at Grant

Blvd and Teall Ave in Onondaga County (See SCD, P. G458); new owners; anchors P & C Foods (Penn Traffic), A.J. Wright, Value Home Center, Dollar Tree, Advance Auto, and Eckerd Drug Store; 26 stores also include M&T Bank, HSCB Bank, McDonalds, Rent-A-Center, Citizens Bank, and Partners Trust Bank; opened ‘54; leasing information Pioneer Development Co, 250 S Clinton St, Ste. 200, Syracuse, NY 13202, (315) 471-2181.

Wireless Theater, Angelika Film Center, Hard Rock Cafe; ther tenants include Banzai Sushi, Mingalone Italian Restaurant, Mosaic, ROCBAR, and Slick Willies; average household income $120,000; located in the heart of theater district with 2.5 million visitors annually; leasing The Cordish Co (Taylor Gray), 601 E Pratt Street 6th Fl, Baltimore, MD 21202-3238, (410) 752-5444, Email: taylor@ cordish.com.

PENNSYLVANIA Mechanicsville: 96,146 sq. ft. Hanover Village at 7047 Mechanicsville Pike; renovation recently completed; 86% occupied; anchors Tractor Supply 34,573 sq. ft. and Rite Aid 12,882 sq. ft.; tenants also include Bank of America, Advance Auto Parts, Advance America, and other retail, restaurants, and service businesses; opened ‘71; developer Regency Centers, One Independent Dr, Ste. 114, Jacksonville, FL 32202-3842, (904) 598-7000, www.regencycenters.com.

VIRGINIA

TEXAS Houston: 300,000 sq. ft. Bayou Place at Texas Ave and Smith St; open-air lifestyle and entertainment center; up to 7,500 sq. ft. of restaurant space available; tenants include Verizon

Newport News: 715,064 sq. ft. Patrick Henry Mall on 57 acres at I-64 and Rt 143 (Jefferson Ave) in Independent City County (See SCD, P. H949); a 4,270 sq. ft. Buckle and a 3,137 sq. ft. Zumiez to open this spring; anchors Macy’s, Dick’s Sporting Goods, JCPenney, and Dillard’s; 131 stores include Forever 21, American Eagle Outfitters, New York and Co, Wet Seal, Borders, PacSun, Aldo, and Aerie; parking 3243 cars; opened ‘87; renovated in ‘05; population 456,050 within 10 miles; average household income $70,548; developer Pennsylvania Real Estate Investment Trust (Tom Magliular), 200 S Broad St, Philadelphia, PA 19102, (215) 4541299, Email: magliult@preit.com.

RETAILERS SEEKING SPACE AUTOMOTIVE Firestone Complete Auto Care div. of Bridgestone Retail Operations, LLC (BRSO) of 333 E Lake St, Ste. 300, Bloomington, IL 60108; currently operating 1,500 stores nationwide; opened 42 stores in ‘08 and expansion continues; BRSO actually operates a total of 2,100 service centers across the U.S. including Firestone Complete Auto Care, Tires Plus, ExpertTire, and Wheel Works. Nick Capretta, VP of Real Estate, (630) 259-9233, Fax (630) 259-9254, Email: ncapretta@bfrc.com. ELECTRONICS / COMPUTERS Wireless Wave div. of Glentel Inc, Burnaby, BC; multi-carrier mobile phone retailers currently operates 107 locationsCanadawide; plans two new stand-alone store in Vancouver, BC during the first quarter ‘09; seeking 500 sq. ft. 750 sq. ft. in enclosed malls throughout BC, AB, MB, ON, NB, and

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NS. Real Estate Director, 1-800GLENTEL, www.wirelesswave.ca. FOOD, CANDY, ICE CREAM Burger King Restaurants of Canada Inc of 401 The West Mall, Ste. 700, Etobicoke, ON M9C 5J4; currently operating 378 units in Canada; plans to open seven new restaurants by this summer on streetfronts and in malls Canada-wide; pad sites require 2,800 sq. ft. to 3,200 sq. ft; land lease or purchase 28,000 sq. ft. to 30,000 sq. ft.; food courts 500 sq. ft. with 200 sq. ft. of off-site storage. For BC, Jeff Piccolo (253) 826-5061, Email: jpiccolo@whopper.com. For the rest of Canada, Jeff Weinman, Development Manager, (416) 626-7424, Fax (416) 626-6691,Email:jweinman@whopper.com. Donatos Pizzeria LLC of 935 Taylor Station Rd, Columbus, OH 43230; currently operating 178 units throughout OH, IN, KY, AB, NC, and SC; plan to

open six to eight locations in ‘09 and more in ‘10; targeting markets east of the Mississippi River; company also has more than 100 take-and-bake kiosks in Kroger supermarkets and offers its products at 20 sports and entertainment venues. John Houck, VP of Development, (614) 416-7700, Fax (614) 416-7701, Email: info@donatos.com. Einstein Bros. Bagels, Noah’s New York Bagels, and Manhattan Bagel div. of Einstein Noah Restaurant Group of 555 Zang St, Ste. 300, Lakewood, CO 80228; fast-casual coffee bagel chain currently operates 648 locations; plan to open six to eight new res-taurants, and 30 to 35 licensed restaurants which operate in such locations as airports, colleges and hospitals. Paul Carolan, SVP Franchising and Licensing, (303) 5688108, Email:pcarolan@einsteinnoah.com Lime Fresh Mexican Grill of 9485 SW 72nd St, Ste. A 295, Miami, FL

(845) 348-7000

33173; currently operating four fastcasual Tex-Mex chains in south Florida; plan to open two more locations in early ‘09; goal is to add at least 10 stores annually beginning in ‘09. John Kunkel, Founder, (305) 663-9163, Fax (305) 7405642, www.limefreshmexicangrill.com. McDonalds of 2111 McDonald’s Dr, Dept # 099, Oakbrook, IL 60523; currently operating over 31,000 restaurants worldwide; plans to open 1,000 locations in ‘09. Cynthia Talkovic, Director of U.S. Real Estate and Special Venues, (272) 325-9436, Fax (272) 797-6175, Email: cynthia. talkovic@us.mcd.com. Muscle Maker Grill c/o Great American Brokerage of 100 W Park Ave, Ste. 309, Long Beach, NY 11561; currently operating five locations in NJ; one new location to open in Edgewater, NJ, in late spring; long term, company plans 50 locations in strip centers, food courts, village downtowns, and transportation centers throughout Manhattan, Staten Island, and in New Jersey; seeking 1500 sq. ft. to 2,000 sq. ft. Paul G. W. Fetscher, (516) 889-7200, Fax (516) 889-5113, Email: gtamerican@aol.com. Pizza Patron of 10999 Petal St, Ste. 200, Dallas, TX 75238; currently operating 90 Latino-Hispano-style pizza restaurants in six states; plans to double the number of locations over the next two years; company also expects to have 750 locations within the next 10 years. Real Estate Director, (972) 613-8000, Fax (972) 613-8000, www.pizzapatron.com. Teavana of One Live Oak Center, 3475 Lenox Rd, Ste. 860, Atlanta, GA 30326; currently operating 95 locations in 30 states; plan to open 30 to 50 units in ‘09, with 100 units open by this spring ‘09. Robert A. Shapiro, VP of Real Estate, (404) 995-8213, Fax (404) 995-8216, Email: rshapiro@teavana.com. The Olive Garden, Red Lobster, Bahama Breeze, Capital Grille, and LongHorn Steakhouse div. of Darden Restaurants Inc of 5900 Lake Ellenor Dr, 4th Fl, Orlando, FL 32809; currently operating more than 1,700 restaurants; plan to open 68 to 72 new restaurants in ‘09 and 53 to 65 new restaurants in ‘10; seeking 8,000 sq. ft. to 10,500 sq. ft. in community malls,

downtown locations, freestanding sites, regional malls, and strip malls. Bruce Geise, Real Estate Director, (407) 245-6091, Fax (407) 872-3779, Email:bgeise@darden.com. Uno Chicago Grill div. of Uno Restaurant Holdings Corp of 100 Charles Park Rd, Boston, MA 02132; currently operating more than 200 restaurants nationwide and internationally; expanding; seeking 3,000 sq. ft. to 7,000 sq. ft. in malls, power outlet and entertainment centers and freestanding locations nationwide; company has recently unveiled Une Due Go which serves healthier, more upscale menu in locations including college campuses, mall, and hospitals and sites range from 700 sq. ft. to 3,000 sq. ft.; in addition, Uno Express compact kiosk units range from 100 to 1,000 sq. ft. within retail centers, grocery stores, food courts, or airports. Maurice D. Molod, Sr Director of Real Estate, (617) 323-9300, Fax (617) 2185372, Email: maurie.molod@unos.com. HOME DECOR/FURNISHINGS Bed Bath & Beyond, Harmon Stores, Harmon Face Value, Christmas Tree Shops, and buy buy Baby of 650 Liberty Ave, Union, NJ 07083; currently operating 1,021 stores, including 921 Bed Bath & Beyond, 48 Christmas Tree shops, 11 buybuy BABY stores, and 41 Harmon or Harmon Face Values units in 49 states, DC, PR and Canada; expanding; seeking 32,000 sq. ft. to 35,000 sq. ft. in existing and new markets. Seth Geldzahler, VP Real Estate, 908) 6880888, Fax (908) 688-8385, Email: seth.geldzahler@bedbath.com. SERVICE Aaron Rents, Inc of 309 E Paces Ferry Road, NE, Atlanta, GA 30305; currently operating 1,045 company operated stores and 500 franchised stores; U.S. and Canada; plan on increasing overall store growth by 5% to 9% over the next year; seeking 6000 sq. ft. to 10,000 sq. ft. in strip malls, main streets, and freestanding buildings. Real Estate Director, (866) 352-4927. Anytime Fitness c/o DTZ Barnicke of 1595 Sixteenth Ave, Ste. 201, Richmond Hill, ON L4B 3N9; currently operating more than 800 franchise locations throughout BC, AB, SK, MB,

(845) 348-7000

and ON; plans to open several new locations in ON; seeking 3,500 sq. ft. to 4,500 sq. ft. in retail plazas, endcaps prefered. Stephen Yu, (905) 6953147, Fax (905) 940-7999, Email: stephen.yu@dtzbarnicke.com. UPS Stores and Mailboxes Etc, currently operating 3,771 business service centers, including 330 units in Canada; plan to open up to 35 new locations in ‘09 in Canada; seeking 900 sq. ft. to 1,200 sq. ft. in neighborhood strip plazas. Chati Narayan, (905) 338-9754, Ext 287, Email: cnarayan@theupsstore.ca SPECIALTY Coach Inc of 516 W 34th St, 5th Fl, New York, NY 10001; currently operating 282 retail stores and 90 factory stores nationwide and internationally; although it has cut its expansion plans in half, this handbag and accessory retailer plans to open 20 new stores in ‘10 including 6 openings in Canada; seeking 2,500 sq. ft. in highend malls and Main Streets throughout North America; Michael Tucci, President, North American Retail Division, (212) 5941850, Email: mtucci@coach.com. SUPERMARKET Aldi and Spartan Stores of P.O. Box 97, Haines City, FL 33845; currently operating 950 discount grocery stores, mostly in the Midwest and Northeast; plans to open at least 75 U.S. stores this year; seeking 17,000 sq. ft.; plans on pushing into the Dallas-Fort Worth area. Real Estate Director, (863) 3534919, Fax (863) 353-4939.

Sears Testing Drive-Thru Units Called MyGofer Sears Holding is testing warehouse-like stores called MyGofer where customers may pick up without leaving their cars merchandise purchased online. The first of these units is opening in February in a 85,000 sq. ft. former garden center at a Kmart in Joliet, IL. About 80% of the unit will be devoted to storage, the rest to be used as a showroom Plans are underway to expand the concept, next at a store in the Chicago market. 2/16/09 J321

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CLASSIFIED FOR SALE Apopka, FL, Orange County • Four 1.15 Acre Outparcels for $495,000 per acre • Opened Summer '08

S Orange Blossom Tr & Floral Ave Apopka, FL • $790,000 • 3.04 +/- Acres on U.S. Hwy 441 3575 N Hwy 17-92 Longwood, FL • Asking $5,075,000 • 8.5 +/- Acres

Umatila Plaza, Umatilla FL • One 1 +/- Acre Corner Parcel Available •$149,000 per acre • Join Sav-A-Lot, Family Dollar, H&R Block, and other local tenants

Contact SHOPPING CENTERS ETC. Today!!! Barbara Henkhaus SCSM/SCMD Lic Real Estate Broker 939 Longdale Avenue, Longwood FL 32750 Toll Free: (888) 830-0778 Phone: (407) 830-0778 Fax: (407) 830-0350 Email: henkhaush@aol.com

INVESTMENT PROPERTIES Marcus & Millichap

Walgreen & CVS Drugstores for Sale

FT LAUDERDALE, FL NNN Corporate BURGER KING Located Adjacent to I-95, 7.25% CAP Phenomenal Store Sales $1,700,000 (954) 245-3400

• New 25 year NNN leases • Great credit / secure • Excellent return on cash Principals / buyers call John Giordani (888) 472-0782

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Montville, CT New CVS, Route 32 Opposite Super Stop & Shop $5,300,000 / 7% CAP The Proto Group, LLC 203-234-6371

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ENHANCE YOUR CORPORATE PROFITS AND REDUCE YOUR OVERHEAD Gary Williams Real Estate Consulting • Experts in effective National/ International lease negotiations. • Providing positive results in terminations/ buy-outs, site selection on new locations and real estate transactions.

602-997-1300 gary@garywilliamsrec.com

FOR SALE 1.5 Acre Corner Lot • Rt. 22 Lebanon, PA • 1.2 Acre Corner Lot (2501/2503 W. Cumberland St) - $950,000 • Adjacent.27 Acre Lot (2505 W. Cumberland St) - $525,000 • Next to Boscov's Shopping Center

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