LA VERNE, CA-A joint venture of Beverly Hills-based BIG USA and Kimco Realty Corp. has unveiled a new Marshalls department store and plans a new Staples at the 226,872-square-foot La Verne Towne Center, which the JV acquired in June 2010. BIG USA, which is a subsidiary of Israel-based BIG Shopping Centers, points out that the two new anchors are part of a revitalization of the center, including significant capital investment and a strengthened tenant roster.
With the addition of Marshalls, and Staples scheduled in early 2012, the Towne Center “has become one of the trade area’s dominant shopping centers,” according to an announcement from BIG USA. Stanley McElroy Jr., president of the company, said in the announcement that the La Verne project “exemplifies BIG Shopping Centers’ strategy of building strong partnerships with well-respected REIT partners to acquire quality shopping centers throughout the US.”
Marshalls, one of the nation’s largest off-price retailers, held its grand opening at the Towne Center last week, drawing city and business officials. Marshalls “will be surrounded by a strong retail mix, including Target and other convenient neighborhood services,” along with the new Staples, according to the announcement.
BIG USA says that the partnership with Kimco, “has led to a major influx of capital investments, including the purchase of the center’s ailing grocery store and the addition of the two national retailers.”
“With an ideal location along a main retail corridor and strong retail trade, we saw a terrific opportunity to position this property for long-term growth,” added McElroy. “We will continue to aggressively seek more opportunities and joint ventures to expand our presence here in the US.”
As of May 2011, BIG USA owned 25 shopping centers across the US, totaling more than four million square feet with an aggregate value of approximately $400 million. BIG USA’s strategic partners who operate and manage the properties include Kimco Realty Corp., Red Development and Pine Tree Commercial Realty.
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