Nordstrom Rack to Open at The Palms at Town & Country in Kendall, Florida
SEATTLE, Jan. 12 /PRNewswire-FirstCall/ -- Seattle-based Nordstrom, Inc.
(NYSE: JWN), a leading fashion specialty retailer, announced it will open a
35,000-square-foot Nordstrom Rack, a unit of the company's off-price retail
division, at The Palms at Town & Country in Kendall, Fla. in spring 2010.
"We are thrilled to be able to offer our customers another Nordstrom Rack
in the greater Miami area," said Scott Meden, president of Nordstrom Rack.
"The Palms is a strong shopping center and in a great location, and we look
forward to offering outstanding value on name-brand merchandise for our
customers in the area."
This will be the retailer's third Nordstrom Rack in the state of Florida,
which includes a new Nordstrom Rack that will open at Millenia Crossing in
Orlando in fall 2009. Additionally, the company operates nine Nordstrom
full-line stores in the state of Florida.
"We believe that diversified retail centers will remain strong. Nordstrom
Rack fits the demographic of the clientele of Kendall and perfectly
complements existing and future tenants at The Palms at Town & Country," said
Mark Yacovetta, Director, Asset Management, TIAA-CREF Global Real Estate.
Owned by TIAA-CREF, The Palms at Town & Country is an open-air shopping
center in the greater Miami area. Located off Mills Drive in Kendall, the
293,000 square-foot center is currently being redeveloped by Flagler
Development Group. The three phase renovation will be complete in 2010 and
will house a total of 700,000 square-feet of new retail and restaurant space,
as well as pedestrian-friendly walk-ways and personal valet parking. Its
existing tenants include Marshall's, Men's Wearhouse, New York & Co., Publix
and 24 Hour Fitness. For more information about The Palms at Town & Country,
please call (305) 274-7982 or visit www.thepalmsshops.com.
About TIAA-CREF Global Real Estate
TIAA-CREF is one of the largest institutional real estate investors in
America, managing a global portfolio of direct and indirect investments
totaling approximately $68 billion (9/30/08). TIAA-CREF originated its first
commercial mortgage in 1934 and began direct investment in commercial real
estate in 1947. Today, TIAA-CREF Global Real Estate invests in and actively
manages real estate on behalf of individual and institutional clients
worldwide. TIAA-CREF Global Real Estate's property portfolio consists of over
$22 billion (9/30/08) in equity investments in office, retail, industrial, and
residential properties located across the United States, Canada and Western
Europe. TIAA-CREF is a national financial services organization and the
leading provider of retirement services in the academic, research, medical and
cultural fields with $398 billion in combined assets under management
(9/30/08).
About Flagler Development Group
Coral Gables-based Flagler Development Group owns, develops, leases and
holds in joint ventures approximately 9.2 million square-feet of Class-A
office and industrial space, as well as an additional 1.2 million square-feet
under construction. Flagler space consists of Class-A office and industrial
properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In
addition, Flagler owns 921 acres of entitled land in Florida, directly and
through joint ventures, which is available for development of up to an
additional 16.5 million square-feet. Flagler also owns approximately 3,141
acres of other Florida properties. Flagler creates environments for businesses
to thrive. For more information, visit the Company's website at
http://www.flaglerdev.com.
About Nordstrom Rack
Nordstrom Rack is the company's off-price retail division offering savings
of 30 to 70 percent on apparel and accessories for women, men and children,
including one of the most extensive collections of name-brand shoes available.
Nordstrom Rack merchandise is made up of products from Nordstrom full-line
stores and the company's online store at Nordstrom.com, as well as special
purchase items.
About Nordstrom
Nordstrom, Inc. is one of the nation's leading fashion specialty
retailers, with 169 stores located in 28 states. Founded in 1901 as a shoe
store in Seattle, today Nordstrom operates 109 full-line stores, 56 Nordstrom
Racks, two Jeffrey boutiques and two clearance stores. Nordstrom also serves
customers through its online presence at www.nordstrom.com and through its
catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal
Investors Services, Inc., members FINRA, distribute securities products.
(C)2008 Teachers Insurance and Annuity Association-College Retirement
Equities Fund (TIAA-CREF) New York, NY 10017
C43695
MEDIA CONTACTS:
Brooke White
Nordstrom, Inc.
(206) 373-3030
Deidre Krause
STIR-Communications
(305) 710-8500
(Logo: http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO)
SOURCE Nordstrom, Inc.
-0- 01/12/2009
/CONTACT: Brooke White of Nordstrom, Inc., +1-206-373-3030; or Deidre
Krause of STIR-Communications, +1-305-710-8500, for Nordstrom, Inc.
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Web Site: http://www.flaglerdev.com
http://www.nordstrom.com
http://www.thepalmsshops.com
