Development/Redevelopment

Beachwood, Ohio — DDR has signed a letter of intent to sell its 50% ownership interest in Sonae Sierra Brazil BV Sarl, a Luxembourg company, to Alexander Otto and his affiliates for $343.6 million. DDR’s interest in SSB BV Sarl represents the company’s entire investment in Brazil. The gross proceeds of $346.6 million include $283 million from the negotiated price of R$26.00 per share of SSB, a 67% premium to the closing price on the IBOVESPA as of March 7, and DDR’s stake in Parque Dom Pedro, valued at $60.7 million.

Phoenix — An eight-screen Cinemark Movie Bistro will open at Rayzor Ranch Town Center, a new open-air retail and entertainment destination set to break ground later this year in Denton, Texas.

The state-of-the-art cinema will join a 126,000-sq.-ft. Dillard’s in anchoring Rayzor Ranch. Both are planning grand openings for summer 2015.

Columbus, Ohio — Lane Bryant has opened a new store at The Shops at Pembroke Gardens, a lifestyle center in Pembroke Pines, Fla.

The grand opening celebration will take place March 7 – 9. Lane Bryant, a wholly owned subsidiary of Ascena Retail Group, owns and operates 805 stores nationwide.
 

Dublin, Calif. -- Ross Stores recently opened a total of 30 Ross Dress for Less and seven DD’s Discounts stores in 14 different states. These openings are part of the off-price retailer's 2014 expansion plans for about 95 new stores, which will include continuing to build presence in existing markets and grow in the newer markets initially entered in 2011.

Ross believes that long-term expansion opportunities include 2,000 Ross Dress for Less stores and 500 DD’s Discounts stores.

Jacksonville, Fla. -- Bi-Lo Holdings, LLC, parent company of Bi-Lo and Winn-Dixie supermarket chains, is converting seven existing Harveys stores to Winn-Dixie stores and three existing Winn-Dixie stores to Harveys stores. These stores are part of the pending acquisition of 134 operating stores from Delhaize Group.

Harveys stores in Brunswick, St. Marys and Valdosta, Ga. are affected, as are Winn-Dixie stores in Americus, Albany, and Leesburg, Ga.

Minneapolis - The Tile Shop has expanded its presence into New Mexico with the opening of its Albuquerque store. The Tile Shop’s new 22,000-sq.-ft. Albuquerque location features fully decorated, room-size displays — kitchens, baths, and other spaces within a home, as well as premium lighting and plumbing fixtures that allow homeowners to see what their Tile Shop tile and stone will look like installed in their home.

Tampa, Fla. — RMC Property Group has acquired a 60,000-sq.-ft. shopping center in Palm Harbor, Fla., for $6.75 million, or $112 per square foot. It is located at the intersection of U.S. Highway 19 and Nebraska Avenue.

Anchor retailer Office Depot leases 100% of the center, which was built in 1997.

New York -- PetSmart plans to open some 70 net new stores, including approximately 50 of its standard prototypes, 20 micro stores and three PetsHotels, this year.  

News of the expansion comes in conjunction with the retailer’s fourth quarter results. Net income increased 14% to $132 million in the quarter, compared to $115 million in the year-ago period,

Net sales increased 2.9% to $1.8 billion. Same-store sales, including Internet sales, grew 1.2%.