Development/Redevelopment

Philadelphia -- Extreme-value retailer Five Below will open its first Brooklyn location on Aug. 29, at the Gateway Center.

The 7,500-sq.-ft. store location will feature the company's signature format, with all merchandise priced at $5 and below and grouped into one of eight store departments: Style, Room, Sports, Tech, Crafts, Party, Candy and Now.

Five Below plans to open additional stores in Brooklyn in the next few years.

By Michael Hirschfeld, senior VP of JLL’s National Retail Tenant Services

Orlando, Fla. -- JLL’s Capital Markets experts announced the firm has closed the sale of Lake Washington Crossing on behalf of WSRI-SRP Lake Washington, LLC.

Baltimore-based Philips Edison Group, LLC, purchased the 118,698-sq.-ft. grocery-anchored shopping center, located near Florida’s ocean coast, in the town of Melbourne.

Managing Directors Kris Cooper, Margaret Caldwell and Carson Good led the JLL team on the transaction.

St. Petersburg, Fla. -- The Sembler Company will introduce the newest additions to its portfolio as the company participates in the International Council of Shopping Centers’ Florida conference Aug. 24-26 in Kissimmee.

As part of a strategic shift back to traditional grocery-anchored shopping centers, Sembler recently inked deals on two Florida centers: North Port Center, Heron Creek, a grocery-anchored neighborhood center in North Port, Sarasota County, Florida; and The Shoppes at Trinity Lakes in Pasco County, Florida.

Tampa, Fla. -- RMC Property Group announced that Nicholas Roth has joined the company as VP leasing.  

Roth joins RMC from Sandor in Indianapolis, where he was its U.S director of leasing. Roth also worked previously in landlord representation as director of leasing/Florida with Edens & Avant and as senior VP leasing/Florida with Equity One.

New York -- Cushman & Wakefield announced that Michael Prabhu has joined the firm as the U.S. head of Property Management.

Based in downtown Los Angeles, Prabhu’s focus will be on the strategic growth of the firm’s property management business in the U.S.

Jackson, Tenn. -- Transwestern announced that it brokered the disposition of Lynnwood Place, a 96,666-sq.-ft. shopping center in Jackson, Tennessee. The seller was Columbia, South Carolina-based Edens, and the buyer of the Kroger-anchored retail center was Phillips Edison & Company.

Completed in 1986, Lynnwood Place encompasses 11.73 acres and is 89% eased to retailers including Kroger, Charter Communications Inc., Cato Fashions and Youfit Health Clubs.

Houston -- Baker Katz, an X Team International partner, announced that it has completed the lease of a 40,000-sq.-ft. Dave & Buster's in Houston.     

Located in the Baybrook Mall expansion project, this will be the third Dave & Buster's location to open in the Houston area.

Miami -- Berkowitz Development Group announced the signing of a new long-term lease with PetSmart for 14,252 sq. ft. at Dadeland Station, a 330,000-sq.-ft. shopping center located at 8312 S Dixie Highway in Miami.

The new PetSmart store, which will include an on-site, full-service Banfield Pet Hospital, is slated to open during fourth quarter 2014.

Current tenants include Target, Michael’s, Bed Bath & Beyond, The Sport’s Authority and Best Buy.

Hoffman Estates, Ill. -- Sears Holdings Corp. on Thursday reported a bigger-than-expected loss in its second quarter – the retailer’s ninth consecutive quarterly loss – amid weak sales. The retailer also announced it may close additional stores on top of the 130 closures already underway this year.

Sears also said Thursday the company plans to explore options with lenders to achieve more long-term capital-structure flexibility in the coming six to 12 months.