Development/Redevelopment

Arlington, Va. — Forest City has acquired Macy’s Furniture Store building at the Ballston Common Mall from Macy’s. Forest City, the owner, developer and manager of the mall, plans to redevelop the property and add mixed uses including residential and office. The Home Store, which is connected to the mall on three levels, is the first step in the redevelopment.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.

In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.

Tucson, Ariz. — Jerry Bob’s Restaurant plans to open its 15th restaurant in the Tucson area — in River Crossing. JB Restaurants V, the franchisee, will own the 2,400-sq.-ft restaurant that is slated to open in January 2014.

Commercial Retail Advisors www.cradvisorsllc.com represented the Landlord, La Cholla and River Road Associates, and CBRE represented JB Restaurants.

Pittsburgh -- Dick’s Sporting Goods announced that its second freestanding Field & Stream location will open on November 1, in Buttermilk Towne Center, Crescent Springs, Ky.

Columbus, Ohio – DSW Inc. is opening a new store in Eatontown, N.J., on Sept. 26.

The store will be located at 135 Route 35 in Eatontown. Customers will be eligible to participate in the DSW Rewards loyalty program as well as the DSW Shoe Lover program on Facebook which enables them to receive exclusive offers and giveaways, including chances to win free shoes on Facebook each Tuesday.

Burlington, Ontario -- Ikea announced the completion of North America's largest Ikea location, in Ville St. Laurent. Growing from 237,473 sq ft to 469,694 sq ft, the state-of-the-art Ikea Montreal will host a warehouse that is twice the size, doubling the amount of products available to take home at any time.

The new store will also offer customers 1407 parking spots, 600 seats in the restaurant, 48 cash lanes, 54 room settings and 2 full home settings.

Malibu, Calif. — Calypso St. Barth will open its fifth Southern California store on Oct. 18, at the Malibu Country Mart. Existing SoCal stores are in West Hollywood, Brentwood, Century City and Montecito.

Malibu Country Mart encompasses six acres and leases to 68 tenants offer high-end retail, dining and services.

Boise, Idaho — Gordmans Inc. has signed an anchor lease for 50,505 sq. ft. at Southshore Shopping Center in Boise, Idaho, said Pine Tree Commercial Realty LLC. The store is slated to open next spring.

The property is owned by Pine Tree –Inland Development I LLC, a joint venture between Inland Real Estate Corporation and Pine Tree Institutional Realty LLC, an affiliate of Pine Tree Commercial Realty.

Mark Bottles Real Estate Services represented the landlord in the transaction.

Peoria, Ill. — Cullinan has announced the appointment of Victor Ambrosio and VP, director of leasing in the company’s Chicago office. In his new role, Ambrosio will direct Cullinan’s leasing, sales and marketing functions and manage third party broker relationships.

Northbrook, Ill. — Pine Tree Commercial Realty LLC recently promoted Todd Zinsmaster from senior VP to executive VP of acquisitions and development.