Deals

Dallas — Cypress Equities has acquired the Glendale Marketplace in Glendale, Calif. The 154,420-sq.-ft. open-air retail and entertainment center is adjacent to the Americana at Brand.

National retail brands represented in the center include HomeGoods, Old Navy, Starbucks, GNC and Outback Steakhouse.

SRS Real Estate Partners will represent Cypress in lease negotiations.

Alameda, Calif. — Later this summer, Five Guys Burgers and Fries will open a 1,781-sq.-ft. restaurant in Alameda South Shore Center, in Alameda, Calif., said Jamestown, a fund manager offering core and opportunistic property funds.

Cornish & Carey Commercial Newmark Knight Frank represented Jamestown in the transaction. SRSRE represented Five Guys.

Richmond, Va. — Divaris Real Estate has renewed its lease with CitiTrends for 12,000 sq. ft. at the Brookhill Azalea Shopping Center in Richmond, Va.

DRE represented BSV Premier Brookhill LLC, the landlord. Specializing in low-priced urban brands for the whole family, CitiTrends operates six stores in Richmond.

Erie, Pa. — Zoom Tan has leased a 1,559-sq.-ft. space for a tanning parlor at Liberty Center II in Erie, Pa., according to Levin Management. Flaum Management Co. Inc. represented the tenant in the transaction.

The 7,443-sq.-ft. Liberty Center II is directly across the street from the 227,000-sq.-ft. Liberty Center, which is anchored by Top’s Markets and Peebles department store.

New York -- A buyout of Saks could further downgrade the retailer’s already low credit rating. According to a report in the Wall Street Journal, credit rating provider S&P has placed Saks’ already non-investment-grade rating on watch for potential downgrade because any buyout would likely be leveraged with a large amount of debt. S&P currently gives Saks a credit rating of BB, the second-highest “junk bond” rating, which affects Saks’ loan interest rates.

Chicago — OfficeMax has leased a 4,942-sq.-ft. space at the Shops of Sherman Plaza in Evanston, Ill. The CBRE Group represented the landlord, Inland American Retail Management, in the transaction.

OfficeMax will join other Sherman Plaza brands including The North Face, Ann Taylor Loft, Barnes & Noble Booksellers and LA Fitness.

Warren, Mich. -- Art Van Furniture has opened its first Chicagoland store, in Oakland Park, Ill. The 47,000-sq.-ft. store is also the 53-year-old retailer’s first location out of its home state, Michigan, where it operates 36 stores.

Art Van Furniture will open five more Chicagoland retail stores in the coming months.

New York -- Starwood Capital Group LLC, the investment firm headed by real estate developer Barry Sternlicht, has joined the bidding for Saks Inc., according to a report by the New York Post. Starwood Capital invests in retail, office and residential real estate.

The bid by Starwood is worth about $2.5 billion, or $17-$18 per share, according to the report. The amount is roughly equal to a previously existing bid from Canadian retail conglomerate Hudson’s Bay, which also owns the Lord & Taylor department store chain.