REAL ESTATE

Macy’s selling Chicago flagship — but not all of it
Macy’s has put part of its iconic State Street store in Chicago’s Loop district on the selling block. The top half of the building, floors eight through 14, is on the market, the Chicago Tribune reported. Altogether, the space for sale takes in some 650,000 sq. ft., the report said Macy's plans to continue owning the lower floors, which include retail space.
Inland’s Goodwin gets lifetime service award
Daniel Goodwin, chairman and CEO of Inland Real Estate Group, was presented with the first Lifetime Achievement Award ever bestowed by Illinois Realtors, a century-old trade association with 44,000 members. “Dan Goodwin is an example of that rare person who excels not only as a businessman, but also as a compassionate leader who is interested in helping others realize the dream of property ownership,” said Doug Carpenter, president of Illinois Realtors.

NAFTA, TPP, and Trump

In his 1987 book "The Art of the Deal," then developer Donald Trump wrote about the value of starting a negotiation with a dramatic and even unrealistic proposal. That makes one ponder how much of President Trump’s strong language is just bluster and how much might be indicative of a true departure from policy orthodoxy.
Report: Plenty of good options for filling vacated department store spaces

As department stores trim their portfolios, the nation’s malls are being transformed.
Teen apparel chain improves leasing efforts

A new accounting standard is pushing Tilly’s to get a better handle on its lease administration. The new accounting standard, FASB ASC 842, requires non-governmental companies to include lease obligations on their balance sheets. To avoid a compliance burden, the teen apparel retailer will use software from Accruent to manage leases for its 222 stores.
Walmart-shadowed center in Orlando up for sale

Sand Lake Corners North, a 151,487-sq.-ft. community center in Orlando, Florida, has been put up for sale. Transwestern is serving as broker for the property at 8115 – 8379 S. John Young Parkway. According to Transwestern, tenants with long-term leases fill more than 90% of the center, which is located in Orlando’s tourist corridor and is surrounded by corporate campuses, including the SouthPark Center that comprises 2.9 million sq. ft. of office space.
Home furnishings retailer expanding

West Elm is expanding in Texas. The retailer, a division of William-Sonoma, will open its first Fort Worth location this summer. The 10,502-sq.-ft. store will be located at West 7th Fort Worth, an open-air center in the heart of the ‘Cultural District” in Fort Worth, Texas. The West 7th development encompasses nearly five blocks of pedestrian-friendly urban elements. It is managed by Vestar.
JLL expands Houston team with three new hires

Three experts have joined JLL’s brokerage team in Houston. Donna Kolius, Pierce Owens, and Kaylie Walker will be focusing on multi-market dispositions, national portfolio strategies, and sale leasebacks, which will help expand JLL’s disposition business.
An architect’s take on building experiences

Store closings are commonplace. Online shopping options grow. From time immemorial, stores were built with brick-and-mortar. Better materials for today would be innovation and experiences. We in the field of store design are seeing some promising signs that an evolution is underway.
It’s hot in Texas: Another new project for North Dallas

One of the fastest-growing regions in the nation--in both jobs and population — will be home to another retail-heavy mixed-use project. RPS development and High Street Residential, a Trammel Crow unit, will be building 342,000 sq. ft. of retail and restaurant space encompassing 23 buildings in Allen, Texas, according to the Dallas Morning News.