REAL ESTATE

New York -- There are more store closings in Sears’ future. In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

"Closing stores is going to be part of our future," Lampert said. "I'd rather do (fewer closures) rather than more, but the world has shifted."

Las Vegas — Miracle Mile Shops at Planet Hollywood Resort & Casino has begun planning efforts to convert a 60,000-sq.-ft. area on Harmon Avenue along the center’s south end into a dining and entertainment destination.

New York - Uniqlo announced it will enter two new markets, Pennsylvania and Massachusetts, starting this spring. The Japanese apparel giant will open three stores in the Philadelphia market and six stores in the Boston metro area.  In addition, Uniqlo will open a pop-up shop at Faneuil Hall Marketplace, Boston, early this summer.

Uniqlo will enter Pennsylvania with three stores in the greater Philadelphia area:

• King of Prussia Mall, King of Prussia (May 16)
• 1608 Chestnut Street, Philadelphia (Oct. 3)

Tustin, Calif. — Present Value Properties, a real estate brokerage and consultant, has appointed real estate veteran Bradley O. Whitaker executive VP. His responsibilities include expanding investment acquisitions and sales, develop partners and look for opportunities. In addition, he will open the firm’s first Utah office.

Indianapolis — Simon Property Group plans to distribute all of the common shares of Washington Prime Group Inc. to Simon stockholders. Following the distribution, Washington Prime will be an independent, publicly traded company listed on the New York Stock Exchange under the symbol “WPG.”

Washington Prime (www.washingtonprime.com) will own or have an interest in 54 strip centers and 44 smaller enclosed malls across the United States, comprising approximately 53 million sq. ft.

One topic that’s been on my mind lately is the growing Hispanic market in the U.S., and what its clout and purchasing power will mean for retailers — and, subsequently, for retail real estate — in the years ahead. “Emerging” is probably too mild of a word to describe the Hispanic market — exploding might be more accurate.

Phoenix -- Leslie’s Poolmart announced plans to grand open three retail locations on May 9. The stores are located in: Los Banos, California; Utica, Michigan; and Jackson, Tennessee.

In total, Leslie's plans to open 45 new stores this year, between April and May. With these new stores, Leslie’s will bring its total store count to more than 850 stores nationwide.  

New York — The New York office of Berkadia Commercial Mortgage recently arranged $17.5 million in financing for 631 Wilshire Boulevard, a mixed-use property in Santa Monica, California. The borrowers are Pacshore Partners and GreenOak Real Estate.

The two-year loan came through Berkadia’s proprietary bridge lending program. It features two extension options for one year, a 65% loan-to-value ratio and a 75% loan-to-cost ratio.