Development/Redevelopment

Indianapolis – Simon has named retail and real estate executive Stephen Yalof as CEO of premium outlets and senior executive VP of Simon. Yalof has served as senior VP of real estate for Ralph Lauren Corp. since 2002.
 
His 15 years of experience within the retail industry also includes his role as senior director of real estate for Gap. Yalof began his career in real estate at New Plan Realty Trust, and became VP of leasing for their factory outlet business. 

Atlanta – Aaron’s Inc. on Tuesday said it plans to close 44 underperforming stores in the third quarter of fiscal 2014 and continue other cost-reduction initiatives in response to disappointing core business performance. The electronics, furniture and appliances rentals retailer also revised its earnings guidance downward for the second quarter.

The company praised the performance of its recently purchased Progressive Finance unit.

New York -- RKF has announced a number of promotions for senior brokerage professionals in its New York City headquarters office. The promotions come closely on the heels of RKF’s expansion of its New York headquarters space at 521 Fifth Avenue in midtown Manhattan.

Ikea is submitting plans to Clark County, Nevada, for a Las Vegas-area store that would increase the Swedish retailer’s presence in the western United States. The application marks the beginning of the governmental approval process that could lead to the store’s opening as early as summer 2016.

Until then, customers will have to shop at the closest locations in Covina, California; Tempe, Arizona, or Draper, Utah; or online at IKEA-USA.com.

Conshohocken, Pa. -- Ikea is submitting plans to Clark County, Nevada, for a Las Vegas-area store that would increase the Swedish retailer’s presence in the western United States.

The application marks the beginning of an approval process that could lead to the store’s opening as early as summer 2016.

Dallas -- X Team International partner Venture Commercial Real Estate has completed leases for two LA Fitness locations in Austin and McKinney, Texas.
 
"As LA Fitness continues to expand its footprint into North and Central Texas, our focus remains on identifying prime locations that will both meet the club's needs and generate increased foot traffic," said Venture Commercial Partner John Zikos.   
    

Chicago -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Gateway Square in Hinsdale (Chicago MSA), Illinois. The 39,710-sq.-ft. center was purchased for $10 million, excluding closing costs and adjustments, by Buffalo Grove, Illinois-based C P Management, LLC.
 

Atlanta -- Simon Property Group and Columbus Realty have teamed to inject a high-residential component to Simon’s fashionable Phipps Plaza shopping destination in the tony Buckhead area of Atlanta.

The residential project, to be named Domain at Phipps Plaza, will be developed with Columbus Realty Partners.