Last Updated May 20, 2008 5:05 PM EDT Shopping-mall developer Regency Centers is having a great year, beating its own optimistic leasing projections by 10 percent and maintaining 95 percent occupancy while developing nearly 50 new projects. How do they pull this off? With plenty of cash. The Jacksonville, Fla., REIT told analysts in a May 7 earnings call that it saw trouble coming last year and doubled down on fundamentals. While other developers found the credit window closed, Regency secured a $341.5 million, three-year bank credit line in March. That gives Regency close to $2 billion in capacity, CEO and Chairman Martin Stein told Shopping Center Business -- a billion in cash and bank lines, and another billion in coinvestment from such partners as MetLife, the Oregon Public Employees Retirement Fund, and the government of Singapore. Target and Kohls. Another 48 are under construction. In previous recessions, President and COO Mary Lou Fiala noted, more than 90 percent of … [Read more...] about Credit Crunch Doesn’t Slow Regency’s Shopping-Center Buildout
LAS VEGAS - The long parade of tourists who regularly stop by the downtown Las Vegas shop featured on the History Channel reality show "Pawn Stars" could soon have something better to do while waiting in line. Gold & Silver Pawn Shop co-owner Rick Harrison has drawn up plans for a Pawn Star Plaza shopping center that could boast six restaurants and about 16 small shops. The company's general contractor has submitted the proposal to the city planning department, and a review is expected in September, according to pawn shop general manager Theo Spyer. "We have always tried to improve our customer experience while waiting in line," Spyer said, pointing to misters, benches and a hot dog stand at the premises. "Now we intend to take it to the next level. We are currently working on a line system that will enable the fans to patronize Pawn Star Plaza without losing their position in line." The plaza, which Harrison estimates would cost $2 million to build, would consist of several … [Read more...] about “Pawn Stars” shopping center coming soon to Las Vegas?
STOCKHOLM -- Danish police say they have evacuated two airports, a public square and a shopping center because of a string of bomb threats. Police in Roskilde, just west of the Danish capital, Copenhagen, said they evacuated the local airport and a square in the city. They didn’t give any details about the threats Monday but said no one was injured. Meanwhile, police in Slagelse, about 35 miles southwest of Copenhagen, said they had evacuated a shopping center there after a similar threat. Police urged people to stay away from the downtown area near the shopping center. The Aarhus Airport in Jutland, western Denmark, was also evacuated. Danish broadcaster TV2 says there was also a series of bomb threats reported in Copenhagen, including against the international airport, but police assessed that they weren’t serious. … [Read more...] about CBS News Logo Denmark evacuates airports, shopping center over bomb threats
Stores up and down Robert Street in West St. Paul were bustling with shoppers this weekend. All but one. A former Kmart has been sitting empty for a year and no prospects have yet emerged to fill its sizable space. “Obviously, we have our wish list,” said Jim Hartshorn, West St. Paul’s community development director. Over the last two years, thousands of retail stores have closed their doors, transforming suburban landscapes and leading municipal officials and property owners to reevaluate long-held assumptions and priorities about shopping centers. New centers are being built in the Twin Cities on a smaller scale than in the past. Developers and officials are luring different varieties of tenants and relying less on traditional clothing stores. Some go even further by mixing in offices and residential property rather than relying solely on retail. “Retail is still active, it’s just a different version of retail,” said Jesseka Doherty, vice president … [Read more...] about As stores go dark, cities rethink aging shopping centers
First you owned the Franklin Circle Shopping Center. Then you didn’t. Now you own it again. Next week—who knows? That’s the saga of a shopping center that’s a casualty of the 2010 bankruptcy of nonprofit developer Great Neighborhoods Development Corp a nonprofit developer. The good people of Minneapolis became owners of the shopping center Monday for the second time this month. The center at 201 E. Franklin Av. is in foreclosure and multiple secured creditors are exercising their legal rights to claim the property. First, Franklin Bank took possession as the first mortgage holder. Then the city, which holds second position, paid off the center’s debt to Franklin and took possession. Then, third position lender Franklin returned to ownership by paying off the city’s loans. On Monday, the city as fourth position lender cut a check for $2.8 million to buy out Franklin. The city was willing to pay that much because its appraisal … [Read more...] about The shopping center you own–for at least a week