ADANA, TURKEY-A joint venture of Denver-based Amstar and St. Petersburg, Russia-based Renaissance Development recently opened the 732,000-square-foot Adana Optimum Outlet Center here. The property includes 170 retailers, a 10-screen movie theater, 35 restaurants and a bowling alley.
Jason Lucas, president of the Amstar Global Partners division, said the project was 99% leased at opening, though there are reports that a few storefronts were still dark. Lucas said in a statement that Turkey is undersupplied with quality retail.
“Despite constructing and leasing during the financial crisis, the project opened fully leased,” he said in the statement. The center had 280,000 visitors during its opening weekend earlier this month, he said.
The venture is also developing shopping centers in Istanbul and Novosibirsk, Russia, and plans more developments in the two countries. Amstar has more than $1.5 billion of assets under management and is working on 14 development projects in its global market portfolio, including sites in the Ukraine, Mexico and Brazil. Renaissance is the second-largest contractor in Russia and Turkey.
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