{"id":1004072222,"date":"2013-05-06T06:22:41","date_gmt":"2013-05-06T14:22:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004072222"},"modified":"2022-12-04T05:04:31","modified_gmt":"2022-12-04T13:04:31","slug":"amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\/","title":{"rendered":"Amstar Continues Turkish Retail Expansion with 560 KSF Shopping Center"},"content":{"rendered":"<p><em>\u00a0<\/em><em style=\"font-size: 13px;line-height: 19px\">By Eliza Theiss, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004072226\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\/amstar-piazza-maras-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg\" data-orig-size=\"500,333\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;PR NEWSWIRE&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Amstar and Renaissance Development have opened the Piazza Maras Shopping Center, the first institutional-quality shopping center in Maras, Turkey.  (PRNewsFoto\/Amstar)&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;AMSTAR PIAZZA MARAS SHOPPING CENTER&quot;}\" data-image-title=\"AMSTAR PIAZZA MARAS SHOPPING CENTER\" data-image-description=\"&lt;p&gt;Amstar and Renaissance Development have opened the Piazza Maras Shopping Center, the first institutional-quality shopping center in Maras, Turkey.  (PRNewsFoto\/Amstar)&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg?w=500\" class=\"alignright size-medium wp-image-1004072226\" title=\"AMSTAR PIAZZA MARAS SHOPPING CENTER\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg\" alt=\"\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><span style=\"font-size: 13px;line-height: 19px\">Global real estate investment manager Amstar has announced the opening of yet another institutional-quality shopping center in Turkey. Located in the underserved market of the city Kahramanmaras, the administrative center of the eponymous province, Maras Shopping Center targets a regional population in excess of 1 million. The asset, developed with Turkey-based Renaissance Development, is part of a three-asset portfolio worth an estimated \u20ac570 million ($745 million).<\/span><\/p>\n<p>The four-story Maras Shopping Center sits on a 387,500-square-foot site at the junction of the main north-south and east-west highways. Dubbed Piazza Maras, the site\u2019s location ensures Maras Shopping Center with maximal levels of pedestrian as well as auto traffic.<\/p>\n<p>\u201cDue to the project&#8217;s prime location and critical mass, we expect it to capture the city&#8217;s entire catchment area and be the leading attraction in Maras for the foreseeable future,&#8221; said \u00a0Amstar Global Partners President Jason Lucas.<\/p>\n<p>Developed in 18 months, the retail and entertainment center was 95 percent leased upon opening. The property includes 153 retail stores, 24 restaurants and cafes, a skating rink, family entertainment center and eight-screen cinema. The first three levels of Maras Shopping Center are anchored by lifestyle, fashion and homeware stores. The top floor however is reserved for the entertainment district, open kitchen concepts, outdoor cafes, dining terraces, housed under a large wood and glass skylight. The property\u2019s design is signed by Hollywood-based architecture firm 5+ Design, and features both modern and historical architecture, with a number of elements drawing on the region\u2019s specific geographic location. The use of stone and wood in the property\u2019s design allow the retail center to easily integrate in the nearby landscape, giving a glimpse into the future of urban development for the Southeastern Turkish city.<\/p>\n<p>Maras Shopping Center is the fourth operational retail center developed in Turkey by the Amstar &#8211; Renaissance Development joint venture. The partnership\u2019s completed projects include the award-winning Kozzy Shopping Center in Istanbul, the also acclaimed Adana Optimum in Adana and the recently-opened Piazza Samsun Shopping Center in Samsun. The latter opened in April 2013 and is one of the largest shopping centers in Turkey. The property features 710,000 square feet of gross leasable area and was 98 percent leased upon opening. It boasts 165 international and domestic retail shops, 31 cafes and restaurants, a ten-screen cinema, skating rink, bowling alley and 1,700 parking spaces. Samsun\u2019s first five-star hotel, the 163-key Anemon Samsun expected to open in May 2013, is also part of the project. A fifth shopping center, dubbed Piazza Urfa is currently under development by the same partnership in the city of Sanliurfa. Expected to open in November 2013, the property will offer 506,000 square feet of leasable area, bringing the joint venture\u2019s Turkish retail portfolio to an estimated 2.7 million square feet.<\/p>\n<p>Amstar capitalized Maras Shopping Center along with Piazza Samsun Shopping Center and Piazza Urfa through Amstar Global Property Fund II, Amstar\u2019s second international real estate development fund. The fund closed in mid-2012 after reaching its \u20ac95 million (circa $124 million) equity commitment from institutional and high net worth investors from Europe and the U.S. Amstar Global Property Fund II invested in the three-project portfolio along with Renaissance Development, Amstar\u2019s Turkey-based partner. The Renaissance portfolio includes 30 million square feet of commercial space and 11 shopping centers in Turkey.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global real estate investment manager Amstar has opened yet another institutional-quality shopping center in Turkey. <\/p>\n","protected":false},"author":49,"featured_media":1004072226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,16,21742,21749],"tags":[],"class_list":["post-1004072222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-international","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Amstar Continues Turkish Retail Expansion with 560 KSF Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amstar Continues Turkish Retail Expansion with 560 KSF Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Global real estate investment manager Amstar has opened yet another institutional-quality shopping center in Turkey.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-06T14:22:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T13:04:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Amstar Continues Turkish Retail Expansion with 560 KSF Shopping Center\",\"datePublished\":\"2013-05-06T14:22:41+00:00\",\"dateModified\":\"2022-12-04T13:04:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/\"},\"wordCount\":549,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/AMSTAR-PIAZZA-MARAS-SHOPPING-CENTER-1y-5-1367357472MR.jpg\",\"articleSection\":[\"Development\",\"International\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amstar-continues-turkish-retail-expansion-with-560-ksf-shopping-center\\\/\",\"name\":\"Amstar Continues Turkish Retail Expansion with 560 KSF Shopping Center - 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