Development/Redevelopment

Irvine, Calif. - Irvine Company Retail Properties is opening new restaurants across its Orange County portfolio in California, including Fashion Island, Irvine Spectrum Center, The Market Place, and several community centers.  

Commerce, Calif. – Smart & Final Stores Inc. reported net income of $11 million in the second quarter of fiscal 2015, essentially flat compared to $11.1 million in the year-earlier period. Higher expenses related to higher sales volumes, increased store support costs, additional marketing expense, and public company costs inhibited profit growth.

Covington, La. - Stirling Properties has completed its first retail development in Lake Charles, Louisiana. Academy Sports + Outdoors was relocated to a new location, adding an additional 22,000-sq.-ft. to the store. The new 72,000-sq.-ft. store was expanded to meet the demand of the growing Lake Charles community.

All of the land surrounding the larger Academy Sports + Outdoors is currently available for sale or lease.

Bassett, Va. - Bassett Furniture Industries Inc. has named Ann Zaccaria has joined the organization as VP, real estate and new store development. She will be responsible for site selection, lease negotiation and store planning for new Bassett retail locations.

Zaccaria served as VP, real estate with Ethan Allen Interiors for the last 22 years.

Bassett Furniture is a manufacturer and marketer of mid-priced home furnishings with 92 company- and licensee-owned stores.

At a time when the future of the company is unclear, Belk Inc. is reportedly building another flagship store.

Rouse Properties Inc. announced it has signed a lease with Belk Inc. to open a new 237,000 square foot flagship store at The Shoppes at Bel Air in Mobile, Ala. Belk will be taking the place of an existing Sears, and expanding on its already integral presence at The Shoppes at Bel Air.

Las Vegas – Privately held real estate company Vestar has completed a buyout of The District at Green Valley Ranch, in Henderson, Nevada. Vestar paid $120 million to its joint venture partner Rockwood Capital to take full ownership of the 37-acre, 384,107-sq.-ft. landmark retail property minutes from Las Vegas.

New York - Rizzoli will open its new flagship bookstore to the public on July 27 in New York City's NoMad district. The 5,000-sq.-ft. space occupies the ground-floor level of the historic St. James Building.

Charlotte, N.C. – Belk Inc. is expanding its presence in Alabama. The regional department store chain will open a new 237,000-sq.-ft. flagship store at The Shoppes at Bel Air in Mobile, Alabama.

Belk will be taking the place of an existing Sears, and expanding on its existing presence at The Shoppes at Bel Air. This activity is taking place following recent Reuters reports that private equity firm Sycamore Partners may be preparing to bid up to $3.5 billion for Belk.