Development/Redevelopment

Dallas - Corner Bakery Cafe is focusing franchising efforts in the Southeastern markets of Birmingham; Charleston; Charlotte; Columbus; Jackson; New Orleans; Raleigh; and Tampa. Corner Bakery Cafe is looking for best-in-class franchise operators who have relevant multi-unit restaurant/retail experience in the market to be developed.

In targeting the Southeast region, Corner Bakery Cafe, which has more than 390 locations in development commitments, plans to strengthen its presence.
 

By Kris Bjorson, JLL

Cost versus customer experience: As retailers compete on customer experience throughout the omni-channel supply chain process, the type of real estate and where it is located is playing a major role. In fact, according to JLL research, seven out of 10 retailers are still shaping their omnichannel product offering and customer service commitments.

New York -- Boscov’s Department Store believes in keeping it in the family. Albert Boscov, 85, has resigned as CEO of the company, and been succeeded by his nephew, Jim Boscov. The new chief, who will continue to serve as vice chairman, is the third generation of the family to lead the privately held business which was founded more than 100 years ago.

Chicago -- JLL is getting a big boost to its retail business by acquiring Wilson Retail Group, an independent retail brokerage and capital markets firm in Southern California.

The transaction will enable JLL, the nation’s largest third-party retail property manager, to provide a broader range of brokerage and investment sales services to retailers and investors in a core urban gateway. The transaction closed for an undisclosed sum.

Toronto - Lowe's Canada has reached an agreement to acquire the leases of 13 former Target Canada locations and to purchase Target's distribution center in Milton, Ontario, for a total purchase price of about $125 million. This acquisition came as part of a real estate auction following Target's decision to cease operations in Canada.

Seattle -- Amazon.com is opening its second one million-sq.-ft. fulfillment center in New Jersey, in the town of Carteret, as its looks to facilitate same-day deliveries in Manhattan.

Amazon opened its first one million-sq.-ft. fulfillment center in New Jersey, in Robbinsville, in July 2014. The company employs thousands of full-time employees at its Robbinsville fulfillment center and continues to hire to meet growing customer demand.

Houston – Fuddruckers is going from “Howdy” to “Ayuh.” The casual-dining chain is opening its first location in Maine on May 11 through a partnership with franchisee B&B Burgers Inc. The 3,000-sq.-ft. restaurant in Ellsworth, Maine anchors a new Tradewinds convenience store complex.

New York -- Commercial real estate services firm DTZ, which is backed by private-equity firm TPG, has entered into a deal to acquire rival Cushman & Wakefield Inc. for $2 billion.

The combined company will have 43,000 employees, annual revenues of more than $5.5 billion and manage more than 4 billion square feet of real estate globally.  It will operate under the Cushman & Wakefield name.