www.marej.com S hopping C enters featuring ICSC N ew Y ork D eal M aking The formerly vacant Frederick Towne Mall will be transformed into a premier entertainment center Coldwell Banker Commercial secures Warehouse Cinemas as 1 st tenant at District 40 in Frederick, MD F M id A tlantic Real Estate Journal — Shopping Centers — November 22 - December 12, 2019 — 5A

Cinema and continued public support, the City remains confident that the Golden Mile will continue to thrive in the future.” The one-story building is located off Rte. 40, in the heart of Frederick’s Golden Mile Corridor and was built in 1972. The property consists of 580,063 s/f on 37.35 acres of land. Warehouse Cinemas signed a 39,000 s/f lease and is reno- vating their space to feature the U.S. East Coast’s first DCI-compliant LED theater display, the 33.5 ft. Samsung Onyx p2.5 Cinema LED as part of their SkyVUE LED experience, with patent pend- ing tilt technology. "We are excited to begin construction on Warehouse Cinemas at District 40 later this year. Our analysis pre- dicts over 400,000 guests each year, resulting in valuable foot traffic and a positive impact on neighboring businesses at the center and the area as a whole." Rich Daughtridge, president and CEO of Ware- house Cinemas.  “We are extremely pleased with Steven’s representation of our Elizabeth assets,” said Kar- en Talarico , real estate project manager at IKEA Property. Inc. “Steven’s professionalism and retail market knowledge helped us secure two select retailers that enhance our customer’s visits to Elizabeth Center and have made Eliza- beth Center the place to shop if you’re looking to furnish and/or renovate your home.” CBRE’s Winters and part- ner Michael Horne are also representing for sale, three additional land sites in Eliza- beth Center, totaling +/- 22.8 acres. They are being sold only as a package and are available for the development of retail, restaurants and hospitality uses.  Center is expanding with ad- ditional retail, restaurant and hospitality opportunities.”

REDERICK, MD — Faraz Cheema , a com- mercial real estate spe- cialist affiliated with Cold- well Banker Commercial NRT , announces Warehouse Cinemas as the first tenant for the newly named District 40, the formerly vacant Fred- erick Towne Mall located at 1301 W Patrick St. in Fred- erick. Frederick Towne Mall was shuttered in 2013, since which time it has sat vacant. The property has been re- named District 40 and has been reimagined as a premier entertainment center that will bolster the lifestyle of- ferings of Frederick. The first signed tenant is an indication of the demand in the local market that is being fulfilled by this notable project. “This leasing is a great sign that the Golden Mile Corridor’s continued strong draw for business investment and growth,” said Cheema. “Warehouse Cinemas’ arrival to District 40 speaks to its future as an entertainment destination in Frederick, and ELIZABETH, NJ — CBRE announced that the IKEA- anchored Elizabeth Center is welcoming two new big box re- tail neighbors; a new +/-150,000 s/f Raymour & Flanigan retail showroomand customer service center, and a soon to open +/- 98,000 s/f Floor & Décor. CBRE’s Steven Winters , on behalf of IKEA, sold 1001 IKEA Dr. in Elizabeth for $11 million to Raymour & Flanigan, which opened last month. Winters, also on behalf of IKEA, facilitated the signing of a long-term 98,000 s/f lease for Floor & Décor at 900 IKEA Drive, the former Toys “R” Us site. Brian Katz of Katz and Associates represented Floor & Décor. 1001 IKEA Dr. and 900 IKEA Dr. are both contiguous to a very successful +/-350,000 s/f IKEA and are highly visible from the New Jersey Tpke.

District 40 rendering

the revitalization of former retail centers being seen na- tionwide.” “Frederick’s Golden Mile is a critical retail corridor for our citizens, and we are excited to see Warehouse Cinema moving forward with its plans to open a destination cinema experience at District 40 “said Michael O’Connor, Frederick’s Mayor. “Con- gratulations to the property owner, its real estate broker,

and Warehouse Cinema for continuing to move this key project forward. We are con- fident that Warehouse Cin- ema will play a major role in drawing new retail traffic to the area, reinvigorating the former mall, and creating a new destination on Freder- ick’s west side.” According to Frederick’s director of economic develop- ment Richard Griffin , “The Golden Mile is a top retail

destination corridor with over 50,000 vehicle trips daily and 117,000 people living within five miles of the corridor with average household incomes of $103,000 annually.” Griffin offered that “The City has prioritized efforts to promote the Golden Mile as a state and locally designated Enter- prise zone and we are thrilled to see this type of investment occurring. With business investment like Warehouse

CBRE completes two big box retail deals in Elizabeth, NJ

1001 IKEA Dr.

directly across fromNewark In- ternational Airport. Elizabeth Center is in close proximity to The Mills at Jersey Gardens, one of the highest grossing sales psf outlet malls in the Northeast.

“Both Raymour & Flanigan and Floor & Décor saw great synergies in having a retail showroom next to a highly successful IKEA,” said Mr. Winters. “Having a furniture retailer of Raymour & Fla-

nigan’s caliber and Floor & Décor, a flooring superstore, join IKEA as co-anchors of the Elizabeth Center makes this a tremendous destination to shop for home furnishings and ac- cessories. Moreover, Elizabeth

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