REAL ESTATE

Fresh & Easy testing new store concept
Las Vegas - Fresh & Easy, the former Tesco-owned grocery format, is testing a dramatically new look at seven plus stores in the Las Vegas market. The stores have been remodeled with a more modern feel and layout and a greater emphasis on ready meal solutions, with such features as a “Fresh To Go” hot food bar, a pizza over, a coffee bar and made-to-order sandwiches. A revamped product selection with lower fixtures and a more abundant selection of fresh food.
Baker Katz completes leases of five Chipotle locations in Texas
Houston - Baker Katz, an X Team International partner and full-service commercial real estate brokerage firm, announced that it has negotiated five Chipotle leases in Texas. Jason Baker negotiated the leasing of the five Chipotle locations, ranging in size from just over 2,000 sq. ft. to 3,000 sq. ft. with a variety of different brokers.

Sears loss widens but beats estimates; doubles 2014 store closings

Hoffman Estates, Ill. – Sears Holdings Corp. reported a third quarter fiscal 2014 net loss of $548 million, up from the $534 million loss it reported in the year-ago period but smaller than its previously estimated. Cost-cutting measures helped Sears reduce its net loss growth. The discounter also revealed that it plans to close a total of 235 underperforming stores in 2014, which is nearly double the projection of 130 it made in August. Sears said eliminating those stores should boost EBITDA by $50 million.
Avison Young completes $15 million sale of Brannon Crossing

Atlanta - Avison Young has completed the $15 million sale of Brannon Crossing, an upscale shopping center with 60,780 sq. ft. of leasable space located at 405-435 Peachtree Parkway in Cumming, Georgia, just outside of Atlanta. The transaction comes on the heels of the firm’s recent disposition of the 27,057-sq.-ft. Lindbergh Crossing Shopping Center in Atlanta for $7.06 million.
Aeropostale closing 75 stores as Q3 loss widens and same-store sales fall 11%

New York - On the heels of its eight straight quarterly loss, Aeropostale said it would close about 75 stores in the current quarter, and could close 50 to 75 more namesake locations in 2015, and 126 P.S. from Aeropostale stores by the end of January. The struggling teen retailer reported a net loss of $52.3 million in the third quarter ended Nov. 1, up from $25.6 million, in the year ago period. It also forecast a bigger-than-expected fourth-quarter loss.
Dollar General to open 730 stores and remodel 875 locations in 2015; entering three new markets
Lululemon opens West Coast flagship

New York - Lululemon on Thursday will open a 5,766-sq.-ft. flagship at Third Street Promenade in Santa Monica, Calif.. The visual centerpiece of the store is an intricately-laid domed mosaic ceiling—in a vibrant blue hue—that reads, "Breath deep & appreciate the moment." The storefront boasts a colorful, two-story, illuminated glass corner.
Brixmor makes strategic leasing hires

New York City - Brixmor Property Group announced the hiring of Chardell Steves and Jerry Teitelbaum as VPs of Strategic Leasing for the West and North regions, respectively. Both seasoned mall leasing professionals, Steves joins Brixmor from General Growth Properties and Teitelbaum joins from Taubman Centers.
Strong Holiday Season Likely for Retailers

By Bruce Schanzer and Jennifer Bitterman
JLL names president of Americas Retail Brokerage Services

Houston - JLL has appointed Naveen Jaggi as president of JLL Americas Retail Brokerage. Jaggi comes to JLL from CBRE, where he was a senior managing director of Retail Services.

In his new role at JLL, Jaggi will oversee more than 100 brokers, spanning 25 major markets, who serve the firm’s 500 retail owner and occupier clients. Jaggi is also tasked with creating deeper integration, collaboration and consistency across the Americas retail platform and globally.