(For more retail coverage, click GlobeSt.com/RETAIL.)
MAPLE GROVE, MN-Prudential Real Estate Investors (PREI) has selected Atlanta-based Cousins Properties Inc. to manage, lease and market the Shoppes at Arbor Lakes. A Cousins spokesperson tells GlobeSt.com that tenants, employees and shoppers should expect business as usual at the 367,000-sf center, which is often called Minnesota's first lifestyle center.
Jennie Zafft, marketing director of the Shoppes at Arbor Lakes, says that the lifestyle center is nearly 100% leased. Recent and future openings include the Children's Place, which opened a 6,000-sf store last week; the Great Frame Up, which plans to open a 1,700-sf location next month; Trader Joe's, which expects to open a 12,850-sf store in March; and Brooks Brothers, which will open in the 9,404-sf space vacated by Casual Corner in May. Only a 6,000-sf space remains available for lease.
Earlier this year, Cousins and PREI reached an agreement on another $640-million joint venture including five existing retail properties and new development funds. A previous joint venture was established in 1998. Though this latest assignment does not involve an ownership stake for Cousins, David Nelson calls it a "perfect fit."
"We have developed a great relationship with PREI over the years, and we look forward to creating value for PREI through efficient management, great leasing and marketing and by exploring additional development opportunities," says the senior vice president of Cousins' Retail Division.
Opened in September 2003, the Shoppes at Arbor Lakes was developed by Minnetonka-based Opus Northwest and Kansas City-based Red Development at a cost of $90 million. The center, which is located off Interstate 94/Interstate 694 at Hemlock Lane, houses a variety of tenants, including Aldo, Anthropologie, Banana Republic, California Pizza Kitchen, Coldwater Creek, Hollister Co., J. Jill, Jos. A. Bank, P.F. Chang's China Bistro, Pottery Barn, Pottery Barn Kids, Sharper Image, Smith & Hawken, Talbots & Talbots Petites, White House/Black Market and Williams-Sonoma.
Cousins' portfolio consists of interests in 8.2 million sf of office space, 4.6 million sf of retail space, two million sf of industrial space, one multifamily residential project, 23 single-family neighborhood developments, more than 9,200 acres of land for sale or future development, and significant land holdings for development of single-family residential communities. Cousins also currently provides leasing and management services for nearly 13.6 million sf of office and retail space.
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