(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
INDIANAPOLIS-Duke Realty and Jeffrey R. Anderson Real Estate are teaming up in a 50-50 joint venture to build four lifestyle centers valued at about $350 million. The partnership has already identified two centers it is developing, totaling nearly 750,000 sf between them.
The Shoppes at Montage in Northeast Pennsylvania, between Scranton and Wilkes-Barre, will have 327,440 sf of shop space. Reports have estimated that the center will open some time in next spring.
The developers plan to break ground in the summer on the 399,000-sf Shoppes at Pembroke Gardens, in Pembroke Pines, FL, outside of Ft. Lauderdale. That center has also been scheduled for an opening in about a year.
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