Property Types Retail
Flagler Breaks Ground on 400,000-SF Expansion at Miami Retail Center
Nov 6, 2008
By: Elena Gontar, Staff Writer

Flagler Real Estate has broken ground on the new 400,000-square-foot retail expansion at The Palms at Town & Country (pictured) in Miami. When completed, the 75-acre site located at 8268 Mills Drive and owned by TIAA-CREF, will house 700,000 square feet of mixed retail components in an open-air design and a 133,000-square-foot Professional Arts Center.

Kohl’s was the first tenant to recently open in the Phase II of The Palms at Town & Country, occupying 88,800 square feet of the 397,800-square-foot retail center.
 
Phase I of The Palms at Town & Country, currently home to retailers such as New York & Co., Marshall’s, Men’s Warehouse, Nine West Outlet, Publix and Shaq's 24-Hour Fitness, is open during the construction of additional phases. This existing 292,700-square-foot center underwent an expansive external renovation.
 
The project is scheduled for completion in the fall 2009.

“The groundbreaking of the open-air retail center marks the beginning of the next chapter at The Palms at Town & Country,” Mark Yacovetta, director of asset management at TIAA-CREF Global Real Estate, said in a release.  “We look forward to creating a desirable working, shopping and dining destination for residents and tenants and create value for clients.”

Karen Sanzo and Mauro Olivieri of Jones Lang LaSalle are leading the leasing efforts for The Palms at Town & Country.

 
Recent Retail Headlines
Bankrupt Filene's Basement Assets Snapped Up by Men's Wearhouse in $67M Auction
June 09, 2009
Clothing retailer Men's Wearhouse has emerged victorious from a feverish nine-hour auction of assets belonging to off-price chain Filene's Basement, which fell victim to the retail market's downward spiral and filed for Chapter 11 bankruptcy protection in early May, just two weeks after its purchase by Buxbaum Group affiliate FB Acquisition II. Acting through its affiliate, K&G Acquisition Corp., Men's Wearhouse put forth the winning bid of $67 million for 17 to 20 of Filene's store leases, as well as the leases on the company's Massachusetts corporate headquarters and distribution center, its Maryland storage facility and-- possibly most important--the Filene's Basement trade name.
Economic Update - Starwood Eyes Distressed Sector with $500M Fund
June 08, 2009
Yet another deep-pocketed real estate entity has jumped into the grave-dancing game—only please, don’t call it that, but rather strategic investment in distressed properties. The player is a newly formed investment company called Starwood Property Trust Inc., a creation of Starwood mogul Barry Sternlicht, which filed with the Securities and Exchange Commission late last week for a public offering that aims to raise half a billion dollars to do the distressed-property boogie. It will invest in not only physical properties, but mortgages and mortgage-backed securities.
Economic Update - Retailers See May Malaise
June 05, 2009
May comparable-store sales numbers are filtering down from various retailers, and the results aren't inspiring confidence in the prospects for recovered consumer spending. Actually, most analysts expected average retail same-store sales to decline in May 2009 when compared with May 2008, but the trouble was they declined more than expected.
 
Select Coverage By City:

?CPN Executive Outlook? A roundtable discussion on market strategies with John C. Cushman III, Chairman of Cushman & Wakefield, Inc., Gordon DuGan, President and CEO of W. P. Carey & Co., and Mark Rauenhorst, Chairman and CEO of Opus Group.; CPN; Cushman & Wakefield; Gordon DuGan; John C. Cushman III; Mark Rauenhorst; Opus Group; W. P. Carey & Co.; Eugene Gilligan, Senior Editor for Commercial Property News interviews Bob Bach, National Director, Market Analysis Grubb & Ellis Company at Multi Housing World.; Bob Bach; Commercial Property News; Eugene Gilligan; MHN; Multi housing news; multi housing world; hompage