REAL ESTATE

Virginia Beach, Va. — Lowe’s Home Center has sold a 13.5-acre property to a private developer based in Virginia Beach for $9 million. Divaris Real Estate represented the seller, Lowe’s, in the transaction. Located one mile north of The Town Center of Virginia Beach, was once a neighborhood grocery-anchored shopping center. Lowe’s Home Center purchased the property in 2007, clearing and preparing it for future development. The new buyer plans to build another shopping center or mixed-use development on the site.

Indianapolis  — Kite Realty Group Trust has announced a definitive agreement with Inland Diversified Real Estate Trust. Under the agreement, Inland Diversified will merge with and into a wholly owned subsidiary of Kite Realty through a stock-for-stock merger. The transaction value is approximately $2.1 billion; the equity value is approximately $1.2 billion; and the enterprise value is approximately $3.9 billion — this based on the closing trading price of Kite realty’s common shares on February 7, 2014.

Indianapolis — Simon Property Group has received zoning approval from the Montgomery County Council in Maryland by unanimous vote for the development of Clarksburg Premium Outlets at Cabin Branch.

Simon Property Group, New England Development and Streetscape Partners make up the development team for the project, which will add 1,500 jobs and more than $150 million in private investment to the local economy. The development team is planning to open Clarksburg Premium Outlets by late 2015.

Winnipeg, Manitoba -- Silver Jeans Co. will open a store at Woodfield Mall on April 11, in Schaumburg, Ill.

"We put a lot of work into making sure the store environment represents our brand," says Michael Silver, CEO, Silver Jeans Co. "Consumers will be able to experience our brand values by visiting one of our lofts. We've created an environment that has a comfortable modern feeling but also lets our guests know that we're a historic brand with a rich 92-year history."

Plano, Texas – Rent-A-Center has opened its newest locations in Panorama City, Calif., and Corinth, Miss. Rent-A-Center operates 162 stores in California and 37 stores in Mississippi.

The retailer also operates more than 3,000 stores in the U.S., Puerto Rico, Canada and Mexico. It employs more than 21,000 workers.

West Bloomfield, Mich. -- Mid-America Real Estate — Michigan has announced two new leases. DXL Men’s Apparel has taken a 10,514-sq.-ft. store on Miller Road in Flint, Mich. Mid-America represented DXL in the transaction

Jersey Mike’s has leased a 1,400-sq.-ft. location in the Canton Corners Shopping Center in Canton, Mich. Mid-America represented the landlord, Canton Corners Co., in the negotiations.

Los Angeles – A store called “Dumb Starbucks,” with no affiliation with the actual Starbucks chain, has reportedly opened in Los Angeles. According to the Wall Street Journal, the store opened, offering free coffee, on Saturday, Feb. 8.

Burlington, Mass. — The investment sales team at KeyPoint Partners has completed the sale of eight properties throughout New England. Totaling about 440,000 sq. ft., the properties consist of shopping centers, mixed-use and single-tenant buildings in Massachusetts, Rhode Island, New Hampshire and Connecticut. The aggregate price of the properties was in excess of $30 million. The properties include:

• Shaw’s Plaza, a 121,660-sq.-ft. shopping center in Providence, R.I.