CBL Scores New Leasing Contract (5/28)
May 28, 2009 6:17 PM
NPP Development LLC, an affiliate of the Kraft Group, appointed CBL & Associates Properties, Inc. to provide landlord representation and consulting services for Patriot Place, a 1.3-million-square-foot mixed-use complex in Foxborough, Mass. CBL will partner with Strategic Retail Advisors (SRA) on the assignment. Patriot Place is located adjacent to Gillette Stadium, home of the New England Patriots, and combines retail, restaurant and entertainment space with healthcare facilities and a Renaissance Hotel.
“We appreciate the confidence that the owners of Patriot Place have shown in CBL and look forward to collaborating with SRA on the project,” said Stephen Lebovitz, CBL president, in a statement. “While our Boston regional office will take the lead in this engagement, the entire CBL organization is excited to begin work on Patriot Place to maximize the opportunities the center offers for enhancement and growth.”
Earlier this month, CBL announced that it would expand its third party management business in an effort to raise revenues. CBL already manages more than 2 million square feet of non-CBL owned space.
Other Notable Deals
Macerich Co. sold four ground-leased single-tenant retail properties at Paradise Valley Mall in Phoenix, Air. for $4.59 million in an all-cash transaction. The properties include an Arby’s/Wendy’s, Jared Galleria of Jewelry, Bank of America and Children’s Word and total 23,975 square feet of space. They were part of a 12-property single-tenant package that Macerich has put on the sales block at Paradise Valley. Another four properties are currently in escrow or are pending escrow. Faris Lee Investments represented Macerich in the transaction…. Cornerstone Real Estate Advisers LLC appointed KeyPoint Partners, LLC as the leasing agent for Salt Pond Shopping Center in Narragansett, RI. Salt Pond is a 185,430-square-foot community shopping center anchored by Super Stop & Shop and Marshall’s/Home Goods. KeyPoint Partners already manages the property on behalf of the owner…. Coreland Cos. has been awarded property management contracts totaling more than one million square feet over the past four months, including approximately 500,000 square feet through court-appointed receivership assignments. Retail makes up more than 600,000 square feet of Coreland’s new management portfolio and includes 104,701 square feet of space at Centre Pointe Marketplace in Valencia, Calif.; 128,330-square-foot Ontario Freeway Center in Ontario, Calif. and Palms to Pines, an 81,722-square-foot neighborhood shopping center in Palm Desert, Calif., among other properties.
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