CityPlace, the 100-acre mixed-use project in Elion Real Estate Fund III located in Woodbury, Minnesota, has signed a lease with two additional tenants bringing the occupancy rate to 97.9 percent. Aloha Poke, a healthy, fast casual restaurant experience, and Discover Strength, a scientific-based personal training system, will join the center further positioning CityPlace as a premier destination for consumers seeking experience and value.
The trend in retail has shifted toward consumers seeking lifestyle elements evidenced by the net absorption for lifestyle centers at 4.2 million square feet, compared with 0.8 million and 0.2 million square feet for regional and super-regional malls, according to the JLL Retail Outlook Q3 2017 research report.
Since inception, Elion Partners’ strategy has been to develop retail that would service the other aspects of the mixed-use development. Catering to the office, hotel and future residential, the retail serves as a lifestyle amenity to the surrounding functions. Experiencing immense success with the first phases of retail development, Elion has landed national tenants such as Whole Foods Market and Nordstrom Rack, as well as popular retailers Sur la Table and Sierra Trading Post. The CityPlace project also boasts several additional amenities such as fast-casual restaurants, hotels and on-site financial institutions.