Development/Redevelopment

Laguna Hills, Calif. — Heslin Holdings, Inc., a privately owned commercial real estate investment and development firm, has purchased 1640 Rio Rancho Blvd., aretail property located in Rio Rancho, a city within the major metropolitanregion of Albuquerque, N.M. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. Additionally, the firm has announced plans to invest up to $100 million in commercial properties in 2015.

New York — Swedish fashion giant H&M’s higher-end brand COS will make its New York debut on Friday, in the SoHo section of Manhattan. It’s the brand’s second U.S. store—the first, in Los Angles, opened in October. 
  COS,  known for its clean lines and minimalist look, targets a more sophisticated customer than the more value-priced H&M.  The SoHo store has a upmarket feel and gallery-like look, enhanced by the use of glass and white-washed wood.
 

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.  

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.

NEW YORK - Lifestyle guru Martha Stewart plans to open a coffee shop in New York.  

A spokeswoman for Martha Stewart confirmed Wednesday that plans are in place for the company to open a New York coffee shop. She declined to offer more details, such as when it will open.  

The shop will be located in Manhattan’s Chelsea neighborhood, the Associated Press reported, in the same building where Stewart’s company— Martha Stewart Living Omnimedia Inc.—is based holds the company's headquarters.

Bridgeport, Connecticut - A major Northeastern waterfront project has achieved lift-off. Bridgeport Landing Development, a subsidiary of The RCI Group, announced that it has completed the $15-million Phase I infrastructure improvements at its mixed-use Steelpointe Harbor project in Southern Fairfield County Connecticut and it has begun going vertical.  

Fort Wayne, Ind. - Vera Bradley has hired industry veteran-and former Saks executive— Harry Cunningham as head of store development, effective December 8, 2014.

Cunningham has nearly 25 years of experience in store design and visual  merchandising. He has been with Saks Fifth Avenue since 2006, most recently as senior VP of store planning, design and visual merchandising.

Prior to that, he held various visual merchandising roles of increasing responsibility with Liz Claiborne, Saks Department Store Group and Dillard's.

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.

Istanbul, Turkey - Annapolis, Maryland-based architectural firm Roy Higgs International has been retained to design the retail portion of Metropol İstanbul, a global mixed-use project and architectural landmark of Istanbul that is rising within the borders of the Istanbul International Financial Center in Ataşehir.

“Metropol İstanbul will breathe new life into this vibrant city, elevating its architectural significance,” said Elif Ozbay, design manager for Metropol İstanbul.

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.