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Development/Redevelopment

  • Devonshire REIT acquires five Ohio properties

    Whitehouse, Ohio — Devonshire REIT has acquired five retail properties in Ohio for $31 million. The properties include:

    •    Monroe Street Square Shopping, a 124,904-sq.-ft. center in Toledo, Ohio, anchored by Hobby Lobby. Tenants include Sally Beauty Supply, Gamestop, Play It Again Sports and Sprint PCS.

    •    Bed Bath & Beyond Plaza, a 100% leased, 55,139-sq.-ft. center in Toledo, anchored by Bed Bath & Beyond. Tenants include SalonCentric and Edward D. Jones.

  • REI to open two Columbus, Ohio, stores next year

    Seattle — Next fall, REI will open a 23,000-sq.-ft. store at Sun Center in Columbus, Ohio. That store will join a previously announced 23,400-sq.-ft. REI slated to open in the spring at Easton Gateway. The retailer opened its first Ohio store in Cincinnati in 2012.

    REI is the nation’s largest consumer cooperative with 5.1 million active members and 132 stores.

  • Stirling and JCH acquire land for New Orleans center

    Covington, La. — Stirling Properties and JCH Development have closed on land acquisition and development financing for Magnolia Marketplace, a 106,000-sq.-ft. shopping center in New Orleans at the intersection of South Claiborne Avenue and Toledano Street. First NBC Bank of New Orleans provided financing for the project.

  • Metro PCS expands to Tucson

    Tucson, Ariz. — Metrocom-DBC doing business as Metro PCS is expanding with a new 1,380-sq.-ft. store in Tucson’s Northgate Plaza. The prepaid wireless service provider has 14 stores in California and two in Phoenix. Metro PCS is planning four new stores in Tucson. T-Mobile owns Metro PCS.

    Commercial Retail Advisors represented the landlord, TNP SRT Portfolio I, in the transaction. The tenant was self-represented.
     

  • Aldi embarks on five-year expansion plan

    Discount grocer Aldi is launching a five-year strategic plan to open 650 new stores across the United States. The chain launched its expansion efforts with the decision to build its regional headquarters and distribution center in Moreno Valley, Calif.

  • Edens closes $1.5 billion equity transaction

    Columbia, S.C. — Edens Investment Trust has closed a $1.47 billion equity transaction composed of the $718 million sale of a 29% equity stake in the company and a $750 million equity commitment from the company’s institutional investors.

    In the sales transaction, a Blackstone-sponsored real estate investment vehicle acquired a $718 million stake in Edens from the State of Michigan Retirement System.

  • Electrolux expands North American headquarters

    Electrolux plans to expand its North American headquarters, their second expansion at this location in three years, and will be adding 810 new local jobs as a result.

    The new jobs are in the areas of research and development, marketing, design, engineering, supply chain, finance, IT and executive management, and will be added by the end of 2017.

  • Glimcher acquires Arbor Hills in Ann Arbor, Mich.

    Columbus, Ohio — Glimcher Realty Trust has acquired Arbor Hills, an upscale, open-air center located in Ann Arbor, Mich., in the main corridor that connects downtown Ann Arbor and the University of Michigan’s main campus. The new center, which opened in August, features 85,000 sq. ft. of leasable space and is approximately 87% leased. Tenants include Anthropologie, Arhaus, lululemon athletica, Madewell and The North Face. The property is expected to average above $500 per square foot in sales.

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