Three large retail developers are bringing outlet centers to three parts of the Tulsa, Okla., metro area by the end of 2017. Simon is working on a project for the Creek Turnpike area, while Horizon Group Properties has a planned project for the eastern part of the city. Meanwhile, Cherokee Outlets is a third project by Cherokee Nation Businesses and The Woodmont Co.
Regional malls are still struggling, as illustrated by recent figures from Reis indicating that the average vacancy rate in the first quarter of 2011 increased to 9.1%, up from 8.7% in the prior quarter. However, malls owned by REITs such as Simon Property Group and Taubman Centers are bucking the trend. These malls have seen vacancy rates fall to 7% or lower.
Two Rivers Venture has acquired the 25,000-square-foot retail portion of the Two Rivers Plaza center in Bolingbrook, Ill., from 3900 Pine Grove Inc. for $8.2 million. The center is shadow-anchored by Jewel/Osco and Target.
ING Real Estate is expected to open its $200 million expansion to the Lakeside Joondalup shopping center in Australia on Dec. 4. The expansion has doubled the size of the mall and will include 120 new shops.
Retailers will release their November sales figures Thursday, numbers that will include last week's busy Black Friday. Some analysts predict steep declines, with sales in some categories falling as much as one-fourth from last year.