Regency Centers Corporation (REG), a real estate investment trust (:REIT), is set to commence construction of a 280,113 square-foot shopping center named Grand Ridge Plaza in Issaquah Highlands, east of downtown Seattle. Spanning across 24.58 acres, the center will be anchored by Safeway, a major grocery chain in the U.S.

Grand Ridge Plaza will be an open-air center featuring a 44,543 square-foot Safeway store, a 56,820 square-foot 12-screen Regal Cinemas and other retail stores, restaurants and entertainment centers. The construction is expected to be completed by fourth quarter 2013, with the first-phase of Regal Cinemas opening in the second quarter 2013.

Regency will largely benefit from the prime location of the property as Issaquah Highlands has limited competition due to high barriers to entry. Once fully complete, Issaquah Highlands will have up to 4,540 homes and 3 million square feet of commercial space.

Grand Ridge Plaza will serve the nearby Sammamish Plateau and greater Issaquah areas and Interstate 90. The center is expected to further expand Regency's presence in the Pacific Northwest.

Grand Ridge Plaza is included in Regency's 'greengenuity' program and accordingly will feature green building strategies and energy-efficient design and practices. It will also comply with the overall sustainability principles of the Issaquah Highlands community.

Jacksonville, Florida-based Regency owns, operates and develops grocery-anchored retail shopping centers in the U.S. With properties in high income, high-barrier markets, Regencys retail strip center portfolio is among the best in the sector and allows it to continually perform at the top-end of its peer group.

Regency currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Simon Property Group Inc. (SPG) holds a Zacks #2 Rank, which translates into a short- term Buy rating.

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Regency to Develop Shopping Center

NEW YORK, June 25, 2012 /PRNewswire/ --Silverstein Properties President and CEO Larry A. Silverstein was joined by approximately 1,000 construction workers and other New York government, civic and business leaders at a topping out ceremony marking the completion of steel erection for the new 4 World Trade Center the first office tower that will be completed and opened on the original 16-acre World Trade Center site.

The final steel beam, which weighed 8 tons and was adorned with an American flag, was signed by Mr. Silverstein and other dignitaries. It was then raised 977 feet in the air and placed at the top the 72-story tower.

"The topping out of 4 World Trade Center represents another milestone in the effort to create a new, dynamic World Trade Center at the heart of a resurgent Downtown," said Mr. Silverstein. "This neighborhood has undergone a remarkable transformation into a one-of-a-kind model of sustainable urban development. Over the past decade, the number of people living Downtown has doubled. We have the best mass transit network, new parks and schools, and the densest concentration of green buildings of anywhere in the world. That is why lower Manhattan is fast becoming the location of choice for all kinds of creative companies, as well as the financial powerhouses of Wall Street."

"The World Trade Center site is at the heart of Lower Manhattan's rebirth," said Mayor Michael R. Bloomberg. "As 4 World Trade Center takes its place in the New York City skyline, we're creating a neighborhood that is stronger than ever. Congratulations to all who have taken on the challenge of rebuilding and worked so hard on this important project."

New York State Assembly Speaker Sheldon Silver said: "To think that such a beautiful structure now stands where there had once been such shocking ugliness and terrible pain is, on the one hand, breathtaking and inspiring, and on the other, so perfectly symbolic of New York's 'can do/never surrender' spirit. I congratulate Larry Silverstein and Dan Tishman on this outstanding achievement."

Designed by Pritzker Prize winning Japanese architect Fumihiko Maki, 4 World Trade Center is located at 150 Greenwich Street and bounded by Greenwich, Church, Cortlandt and Liberty Streets. The tower was designed to have an abstract quality minimal, light, cool in color, and ephemeral, changing with the light of day. Seen from a distance, the building presents a unique angular profile at the crown, in keeping with the spiral composition formed by the group of four towers and looking back to the Memorial and One World Trade Center.

The fourth tallest skyscraper on the World Trade Center site, 4 WTC will include 72 floors that total approximately 2.3 million square feet. It has been designed to meet a LEED Gold level of sustainable design like 7 World Trade Center and the other office buildings at the WTC site. A quarter of the office space is slated to become the new headquarters of the Port Authority of New York & New Jersey. Another 600,000 square feet will be occupied by the City of New York. The remainder of the office space will be retained by Silverstein Properties for commercial tenants.

The podium base of 4 WTC is made up of the ground floor, plus two levels above grade and two floors below grade that are dedicated for retail use restaurants, shops and boutiques of every kind. The building provides primary access from Wall Street to the World Trade Center's underground transportation and retail concourse, which in turn connects to the central PATH terminal and virtually every subway line.

Said Fumihiko Maki, "The design of the tower at 150 Greenwich has two fundamental elements a 'minimalist' tower that achieves an appropriate presence, quiet but with dignity, and a 'podium' that becomes a catalyst for activating the surrounding urban streetscape as part of the revitalization of lower Manhattan."

The conceptual design for 4 World Trade Center was unveiled in September 2006. In February 2008, excavation and foundation work began and in July 2009, below-grade work on the project was completed. Steel erection began in December 2009. Glass curtain wall installation began in April 2011 and the building will be fully enclosed in December 2012. 4 World Trade Center is scheduled to open in fall 2013.

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WTC Developer Larry Silverstein Celebrates Topping Out of Steel at 4 World Trade Center

Retail developers are expressing significant interest in the former Delphi site in Oak Creek, according to newly elected Mayor Steve Scaffidi. However, the retailers that are being pitched for the site dont match the citys vision for the project, called Drexel Town Square.

The stores that have been proposed so far are chain stores similar to stores that are already in Oak Creek, said Scaffidi, who declined to name the specific retailers that have been proposed.

Im not interested in filling the site up with something (similar to what) we already have up and down Howell Avenue, he said. Its got to be a destination place that isnt offered in other places. Im going to hold out for that. I understand that makes the project more challenging.

The 85-acre former Delphi plant site is located southwest of Howell Avenue and Drexel Avenue in Oak Creek.

Earlier this year, city and Wispark officials announced the development plans for the site. The eastern third of the site will feature junior box retail stores (about 20,000 to 40,000 square feet each) and some outlot retail development. The middle third of the site will have a Main Street lined with multi-story buildings with retail on the ground floor and apartments on the upper floors. A Town Square on the Main Street is expected to be a gathering place and could be used for ice skating in the winter and farmers markets in warmer months. The Main Street area will also be the site of the citys new library and City Hall. The western third of the site will have apartment buildings similar to those in Milwaukees Historic Third Ward.

The entire development consists of 880,000 square feet of space, including 255,000 square feet of retail space, 70,000 square feet of civic space (for the library and City Hall) and 555,000 square feet of residential space.

Interest in the residential component of Drexel Town Square is strong, and Scaffidi expressed confidence that the apartments will attract tenants. City officials have interviewed about six multi-family housing developers that have expressed an interest in building the residential component of the development and plan to select one soon.

We have had a strong interest in the residential aspects from numerous developers, said Scaffidi, who declined to name the developers. Those will be unique residential units. Residential is the easy part of it. Well have no problem filling those things.

Robert Monnat, chief operating officer for Milwaukee-based multi-family housing developer Mandel Group Inc., said the Drexel Town Square project is a good move by Oak Creek and will help it attract an increasing number of residents that want to live in dense, walkable, mixed-use environments.

Theyre working to reinvent the climate of Oak Creek and provide a whole different sort of lifestyle that isnt currently available there, Monnat said. This is a great idea. If you dont take this step to bring about change, (Oak Creek) will probably never be anything other than what it is today. If (Oak Creek) wants to remain relevant, it has to do things that might seem kind of forced, but 10 years from now people will say, Of course thats what they should have done. I think it will be successful.

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Oak Creek mayor keeps retail bar high at Delphi site

Several large retailers and hotels are coming to Dickinson.

Hilton Garden Inn Hotel, HomStay Suites, Home 2 Extended, Cash Wise Foods, Cash Wise Liquor, Menards, AT&T, Dollar Tree, Petco, Gate City Bank, Value Place and Shoe Carnival have committed to opening in a new retail

Several large retailers and hotels are coming to Dickinson.

Hilton Garden Inn Hotel, HomStay Suites, Home 2 Extended, Cash Wise Foods, Cash Wise Liquor, Menards, AT&T, Dollar Tree, Petco, Gate City Bank, Value Place and Shoe Carnival have committed to opening in a new retail complex, West Ridge Center, to be located in the northwest corner of Interstate 94, Exit 59. There will be 250,000 square feet of commercial space.

Theres been a lot of population growth in the Dickinson area and eventually retail catches up with growth in population, said Larry Nygard, president of Roers Development. Dickinson is a retail hub. It serves a very large geographical area in western North Dakota. Not only has Dickinson grown, the whole trade area has grown.

Roers Development Inc. will break ground on West Ridge Center this summer. The buildings for some of the confirmed tenants are set to be complete by spring 2013.

The Hilton Garden Inn will have 126 rooms, Home 2 Extended will have 107 rooms, HomStay Suites will have 120 rooms and Value Place will have 128 rooms.

Roers also is in negotiations with several other retailers, Chief Executive Officer Jim Roers said in a release.

Nygard also said there is room for expansion of the development. The first phase of construction will cover 160 acres and will include some single and multi-family housing as well as retail. Roers has a total of 500 acres available for development in the area.

complex, West Ridge Center, to be located in the northwest corner of Interstate 94 Exit 59.

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Dickinson getting new retail center, big name stores

OLD BRIDGE, N.J., June 22, 2012 /PRNewswire/ --The retail vacancy rate along central New Jersey's major shopping corridors fell to 9.1% in April from a 10-year-high of 10.5% a year ago and 9.8% in 2010 as a series of 'big box' absorptions triggered improvements on three highways and a stable picture on the fourth, according to R.J. Brunelli & Co., LLC. The performance snapped a string of five consecutive years of rising vacancies, but the region's current rate remains well above the 10-year low of 3.4% attained in 2006.

In its 23rd annual study of the central New Jersey market, the Old Bridge-based retail real estate brokerage found 2.79 million square feet of vacancies in the 30.53 million square feet of space studied along State Highways 1, 9, 18 and 35 in Mercer, Middlesex and Monmouth counties, and a small section of Ocean County. Route 18 posted the steepest drop in its vacancy factor, while Routes 1 and 35 also improved and Route 9 held even.

Vacancies were seen in 195 of the 785 sites evaluated throughout the region. The study evaluated shopping centers and freestanding buildings exceeding 2,000 square feetincluding restaurants, auto service facilities and vacant auto dealerships whose location and configuration makes them viable for retail use. Regional malls and centers under construction or major redevelopment are excluded.

Taken together with the slight increase to 8.2% from 8.1% in the vacancy rate along six northern New Jersey highways announced by R.J. Brunelli last week, the vacancy factor for the 10 retail corridors surveyed by the firm in the central and northern parts of the state declined to 8.7% from 9.3% in 2011. All told, the firm found 5.11 million square feet of empty space in the 58.87 million square feet evaluated. Big box spaces accounted for 2.41 million square feet, or 47.0%, of the vacancies.

"The improved picture in central New Jersey over the past 12 months is largely due to positive activity on the big-box front, where full or partial absorptions of 10 spaces more than offset three fresh vacancies," said Richard J. Brunelli, president of the firm. "Still, lingering vacancies in nearly 30 other big-box spaces along the corridors continued to keep the region's vacancy rate elevated."

By virtue of those absorptions, vacant big boxes of 20,000 square feet or more combined for approximately 1.31 million square feet, or 47.1%, of available retail space along the four corridors, down from a 54.5% share in the firm's 2011 study. Notably, 1.20 million, or 91.4%, of the region's big-box space has been on the market for a year or moreand, in a number of cases, for several years. These longer-term vacancies primarily emanated from bankruptcies or downsizings at such retailers as The Great Atlantic & Pacific Tea Co. (which subsequently emerged from Chapter 11), Levitz, Linens 'n Things, Circuit City, Office Depot, Value City, and, more recently, Borders. All told, those chains accounted for approximately 726,000 square feet of vacant space along the four corridors this year, down from 953,000 square feet in 2011a net absorption of 227,000 square feet.

A&P's Chapter 11 remained the biggest contributor to the region's big-box vacancies, with four Pathmark stores aggregating approximately 218,000 square feet still available since last year. The only location absorbed since the 2011 survey was a 59,700-square-foot former A&P in East Brunswick that was snapped up by Stop & Shop.

Among the other chains that shed multiple locations in the region, Office Depot's five stores totaling approximately 118,000 square feet are all still empty; three Linens 'n Things totaling 98,000 square feet remain available following the absorption of two locations aggregating 69,000 square feet on Route 35 to Best Market in Holmdel and Lord & Taylor Home in Shrewsbury; the long-vacant 82,000-square-foot Levitz on Route 35 in Wall is still unclaimed, while Ashley Furniture took the chain's 70,000-square-foot showroom in Eatontown; the former 126,000-square-foot Value City at Seaview Square on Route 35 is still available, but the bulk of the remaining 53,000 square feet in the chain's former building at the Manalapan Epicenter on Route 9 is now being subdivided for Sports Authority and a 6,000-square-foot tenant that's in negotiations, leaving just 5,300 square feet. These newcomers to Manalapan will join the PC Richard and Son that opened last year in a deal brokered by R.J. Brunelli, which is the exclusive leasing agent for the property. Meanwhile, the region's one remaining former Circuit City--a 32,000-square-foot space at Woodbridge Crossing on Route 1--remains available, while two Borders along the corridors totaling over 52,000 square feet are empty, as the West Windsor location closed in last year's survey was joined this past year by the site in Eatontown.

The other major bankruptcy contributing to the spike in 2011 vacancies, Blockbuster, continued to have an impact in 2012. Of the 13 locations aggregating 74,000 square feet that were closed along the corridors last year, just one on Route 35 in Ocean Township was leased to a 3,600-square-foot yogurt shop.

"The drop in central New Jersey's retail vacancy rate from 10.5% to 9.1% this year confirms that fact that the retail space market has 'bottomed out.' I believe its recovery will accelerate through 2013, especially if the national Presidential election results in business friendly regulations with no increase in taxes and if the financial crisis in Europe is solved," Mr. Brunelli said.

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Retail Vacancy Rate In Central NJ Drops To 9.1% Following Numerous 'Big Box' Absorptions, According To R.J. Brunelli ...

Planning Commission considers conversion of retail space to apartments

By Peggy Kelly Santa Paula News Published:May 30, 2012

Its back to the drawing board, but still closer to approval for 10 long-vacant commercial/retail storefronts on East Harvard Boulevard whose owner wants to convert to six live/work apartments.

At the May 22 meeting the Planning Commission asked that the plan - which includes the construction of a six-unit apartment complex on adjacent land - be fine tuned.

Deputy Planning Director Stratis Perros told commissioners that the owner of the property - located southeast of Isbell Middle School - wants to convert the retail/commercial spaces to live/work units. This is a somewhat complicated project that Perros said has been in the works for more than a decade since the complex, which includes 28 apartments as well as business storefronts, was completed about 14 years ago.

The conversion would create one- and two-bedroom apartments and the new apartment complex would be two and a half stories tall with 5,555 square feet. Perros said the retail/commercial units have been largely vacant, although rents were below market average.

New and converted apartments would have to meet the Inclusionary Housing Ordinance and offer some units for lower-income households. The plan ultimately would be decided by the City Council, which must approve the proposed zone change.

Commissioner John Wisda asked if the converted units could be solely residential, and Perros noted that people are already allowed to run certain businesses from their home.

Architect Mark Pettit of Lauterbach & Associates of Oxnard said the project underwent a commission concept review last year that included much input. We tried to be everything to everyone, he said, and although we have absolutely no problem if the wish is all residential, there has been interest from potential tenants who would prefer the live/work space.

Commissioners had several comments, ranging from window upgrades and coverings to offering a consistent view from the street to landscape improvements.

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Planning Commission considers conversion of retail space to apartments

On Garfield Street in Parkland, a row of aging business buildings stands across the street from a modern college bookstore and commons signs of a neighborhood in transition.

The eclectic, two-block stretch wedged between Pacific Lutheran University and Pacific Avenue South soon could see its biggest change yet, with the help of a state-approved tax break.

Construction on a $20 million project to build 104 apartments, plus office and retail space, a block away from PLU is expected to start late this year. The apartments would contrast sharply with the lower-end rental units along the Pacific Avenue strip.

The project aims to attract PLU professors, staff members and other professionals to live near campus instead of in downtown Tacoma or Seattle, said developer John Korsmo Jr.

It will be a great housing opportunity to keep the people that are working in the community living in the community, Korsmo told the Pierce County Council last month.

PLU officials are excited, too.

I just think its going to change the whole vibe on Garfield Street, the entrance to campus, and be a wonderful place to live and work, said Sheri Tonn, the universitys vice president of finance and operations. But the four-story project, called Garfield North, has drawn some criticism because of the tax break that will help drive it.

State lawmakers this year approved a 12-year property tax exemption on the value of new residential housing on Garfield. The legislation was designed specifically for this project.

Roxy Giddings, who lives nearby, told the County Council the exemption is a big fat tax loophole. She said she fears shell have to pay extra taxes because of it.

Graham resident Matt Hamilton also objected. When you lower somebodys tax, you have to raise somebody elses tax, he said.

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Changes coming to Parkland's Garfield Street

SAN MATEO, CA and SINGAPORE--(Marketwire -06/21/12)- Menlo Worldwide Logistics, the global logistics subsidiary of Con-way Inc. (CNW), announced construction is ahead of schedule on its eighth Singapore facility, a 400,000-square-foot build-to-suit warehousing and retail distribution management center on Sunview Way. The new facility, which is being constructed to achieve the Singapore Building and Construction Authority's (BCA) Green Mark Gold Plus certification, is expected to be completed this fall.

The center will house inventory and distribution operations for several current Menlo customers, while retaining substantial capacity for new customers, noted Desmond Chan, managing director, South Asia for Menlo Worldwide Logistics. "We are getting a lot of interest in this facility, which will be among the most environmentally friendly commercial logistics facilities in the region," said Chan. "We welcome the interest and we encourage local businesses to consider this facility for high-efficiency warehousing and distribution services."

To achieve the BCA's Green Mark Gold Plus certification, the facility incorporates several advanced design and construction features emphasizing high levels of environmental sustainability and energy and water resource conservation. These features include the use of green cement and recycled concrete aggregates (RCA) for concrete used in constructing the main building elements, west-facing faade orientation, tinted reflective glass windows and sun-shading provisions for increased thermal efficiency. "Receiving the BCA Green Mark Gold Plus certification for our Sunview facility is an honor and a clear indicator of our commitment to environmentally friendly facilities and practices," Chan said.

To further increase energy conservation, the facility will be equipped with high-efficiency air-conditioning equipment, as well as advanced lifts designed with AC variable voltage and variable frequency motor drive and sleep mode features. High frequency ballasts in fluorescent luminaries, such as Philips T5 Lighting, will provide efficient, quality workplace lighting. Additional features which promote environmental sustainability include motion sensors and timers on electric appliances and lighting, as well as sustainably sourced office carpet, internal partitions and ceiling boards.

Following completion of construction, Menlo intends to operate the facility using Lean methodologies and practices promoting operational efficiency, environmental sustainability, waste minimization, energy and resource conservation, and recycling of reusable goods.

With operations in Singapore for nearly 20 years, Menlo provides a wide variety of logistics, warehousing, inventory and transportation management, distribution, fulfillment, light manufacturing and supply chain design and engineering services for local and multinational customers. The new Sunview facility will provide product warehousing and distribution, high-velocity picking and packing operations, customized labeling and return management services. The company expects to employ 150 people once the site is fully operational.

"By emphasizing green-certified development practices and materials, Menlo is setting the precedent for other leading companies to follow," said Nitin Chhabra, Head of Supply Chain, Philips Lighting. "The company is working to grow and expand its business footprint in Singapore while simultaneously reducing its environmental footprint. We are proud that Philips Lighting products will play a role in that process." Philips will be a customer in the new facility, where Menlo will be providing a range of services including inbound receipt of finished goods, storage and inventory management, pick/pack fulfillment and shipping of orders to local Singapore and Asia regional customers.

Menlo's existing seven facilities are located throughout Singapore with 450 employees and provide dedicated and multi-client distribution services. Menlo also operates additional multi-client logistics facilities in Southeast Asia, as well as China, India, Australia, North America and Europe.

Follow the Con-way companies on Twitter: http://twitter.com/MenloLogistics

Menlo Worldwide Logistics images are available at http://www.con-way.com/en/about_con_way/newsroom

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Construction Ahead of Schedule on Menlo Worldwide Logistics' Advanced Green Distribution Center

By Kris Hudson

Many cities saddled with a dying mall envision rebuilding the eyesore as a multilevel, mixed-use complex with vibrant stores, offices and condominiums.

Most of those cities are dreaming, and the harsh reality is that their derelict retail properties likely will linger and deteriorate for many more years, according to Don Wood, president and chief executive of shopping center owner Federal Realty Investment Trust.

Mr. Wood oversees a real-estate investment trust that owns 85 shopping centers totaling 19 million square feet in major U.S. cities. Yet, he told an audience at the National Association of Real Estate Editors annual conference on Wednesday that he considers the U.S. to be overbuilt with retail properties.

There is too much retail supply in this country, and that will affect values and redevelopment and whether or not something gets torn down, Mr. Wood said in a 50-minute address at the Denver conference.

Thats a concern as the U.S. faces the likely failure of many retail properties in the coming years due to the ongoing rise of online shopping and store closures by one-time stalwarts such as Best Buy and Abercrombie & Fitch. Green Street Advisors, an analysis firm that tracks REITs, has forecast that 10% of the roughly 1,000 large malls in the U.S. will fail within the next 10 years and be converted into something with far less retail. Thats a conservative estimate; many mall CEOs predict that the attrition rate will be higher.

U.S. retail vacancy rates continue to decline from their recent heights, partly due to the dearth of new retail construction after decades of overbuilding. Retail vacancy in the top 54 U.S. markets was 7.3% in this years first quarter, down from a high of 7.9% in the first quarter of 2010, according to real-estate research company CoStar Group. Retail space now amounts to 50.2 square feet per capita in the top 54 U.S. markets, CoStar says.

With the specter of more ghost malls looming, municipal leaders often draft plans to replace their failing mall with dense, mixed-use projects intended to serve as new city centers. The trouble is, many markets lack the key elements needed to support such a project, Mr. Wood said. He should know, since Federal Realtys main specialty is redeveloping urban shopping centers into mixed-use projects such as the REITs Bethesda Row in Bethesda, Md., and Santana Row in San Jose, Calif.

First and most important, mixed-use projects require a much higher population density and household income than typically are found in the markets surrounding a failed mall. Second, building such dense projects is highly expensive due to underground parking and multiple floors above grade. Third, not all developers are savvy enough to coordinate construction of divergent real estate such as retail, residential, office and hotel.

Fourth, such mixed-use projects are so expensive that the local municipality often must provide some type of financial assistance, which some cant readily do.

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Retail REIT Executive: Most Failed Malls Will Languish

Home business Bangkok retail market recovered from floods

Bangkok Retail

The Nation June 21, 2012 1:00 am

CBRE measured the level of shopping-centre development in 180 of the world's major cities to identify the most active markets, both in terms of 2011 completions and space currently under construction.

The research found that development activity had reached significant levels, with 29.6 million square metres under construction globally - equivalent to all the combined existing space in France, the United Kingdom and Germany - while 7.8 million square metres of new space opened last year.

Emerging markets such as China, Turkey and India are far more active than the more mature markets of Western Europe and North America.

Last year, new shopping centres opened in 63 of the cities covered in the survey, of which 50 were in emerging markets. In contrast, only five cites in Western Europe saw the opening of a new centre.

"In Bangkok, the retail market saw a full recovery from the floods of 2011. All retail stores closed during the floods were reopened and retail sales improved," said James Pitchon, executive director - head of CBRE Research in Thailand.

"The two key trends are community malls in Bangkok and expansion of major retail developers to upcountry; CPN, the country's leading retail property developer with a 22-per-cent market share of leasable area of Bangkok's shopping malls, plans to open five new malls upcountry within this year."

The company said the total retail supply in Bangkok as of the first quarter of this year had risen to 5.75 million square metres, an increase of 1 per cent from the final quarter of last year and 5 per cent from the same period a year ago, with the majority of new additions in the community mall format.

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Bangkok retail market recovered from floods