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
Dollar Retailing Seeing Good Times
Jan. 08, 2009
The Dow Jones index took something of a dive yesterday, possibly because of ill tidings from the likes of Time Warner and Intel, or the anticipation of bad job market numbers, or maybe because it was time to yo-yo back to roughly where the market started at the beginning of the year. In any case, the Dow was down 245.40 points, or 2.72 percent, while the S&P 500 lost 3 percent exactly and the Nasdaq lost 3.23 percent.
Cushman Report: Even Manhattan Humbled in 2008 
Jan. 06, 2009
After a steep decline in office rents and leasing activity at the end of 2008, many owners are attempting to lure tenants with aggressive deals, according to Cushman & Wakefield Inc.’s year-end report on the Manhattan office market.
The News: Holiday Fallout, Public Confidence, Debt Loom
Jan. 06, 2009
Now that 2008 is mercifully behind the retail sector, the question of what should be on the radar for 2009 is front and center. Conversations with industry veterans and research suggest that consumer spending, the economic policies of the new president and Congress, and fallout from the holiday shopping season will shape the retail sector for at least the early part of the year.
Ken Riggs The Expert: Structural Shift on the Way
Jan. 06, 2009
Projections that fourth-quarter-2008 holiday retail sales would usher in despair not seen since the Great Depression had everyone on pins and needles. Although November reports indicated that seasonally-adjusted retail sales, excluding automobiles, were down slightly more than 4 percent from year-ago sales, recent figures from the International Council of Shopping Centers show December comparable store sales to have declined by only 1 to 1.8 percent. From some of the pre-December sales-report jitters, I would not have been surprised to see retail spending fall 10 percent as 2008 came to a close!
No Bottom Yet for Residential Market
Dec. 31, 2008
Despite poor consumer confidence and sour housing numbers, U.S. equity markets had a fairly positive day Tuesday, with the Dow Jones index ending up 184.46 points, or about 2.17 percent, and the S&P 500 and Nasdaq up 2.44 percent and 2.67 percent, respectively.
 
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