Retail shops to be set up by Gray & Associates in "The Village at Springbrook"
Portland retail real estate firm Gray & Associates is gearing up to open specialty retail shops in "The Village at Springbrook." The village, located in Northeast Newberg, is part of Springbrook Development and is owned by Oregon entrepreneur and philanthropist Joan Austin and her family. Confirming the alliance, Austin said Gray & Associates' competence in retail real estate and market knowledge inspired her company to hire the firm. The 450-acre development will comprise an 85-room inn, a spa, a restaurant, and a residential area and is scheduled to open at the end of April 2009. A collection of shops and historic elements will be part of the village.
Wal-Mart may acquire hypermarket operator Beijing Hualian
In an apparent bid to tap into the Chinese market, Wal-Mart is drawing up plans to buy all or part of hypermarket operator Beijing Hualian. Advisors from investment bank Credit Suisse have been solicited to ink out the takeover strategy for the company. The hypermarket has numerous stores in the Chinese capital and in other cities across China. If the deal is completed, Wal-Mart stands to gain 20% of China's retail market, according to Terrence Cullen, vice president of the company's China operations. According to analysts, Beijing Hualian is worth more than $1 billion.
Retail project worth approximately $221 million planned for Bridgeport
A retail project worth an estimated $221 million is being planned for the city of Bridgeport, CT. Nearly 11 acres of vacant land across from the city's Harbor Yard stadium and arena complex is being considered for the mega project. The new development will feature a five-screen cinema, 260,000 square feet of retail space, 376 townhouses and apartments, an 11-story, 155-room hotel, and more than 2,000 new parking spaces. A development team led by the Canyon-Johnson Urban Fund will be managing the project. Other members of the development team are Mid-City Urban, LLC, Vornado Realty Trust, and Crescent Hotels and Resorts.
