Development/Redevelopment

Cincinnati, Ohio -- Phillips Edison-ARC Shopping Center REIT Inc. has announced the acquisition of Sunset Center, a 164,797-sq.-ft. shopping center anchored by a 54,971-sq.-ft. Safeway.

The acquisition brings the Phillips Edison-ARC portfolio to 41 properties in 16 states with an aggregate purchase price of approximately $518.5 million.

The Von Maur department store chain was founded 140 years ago and less than a month from now the company will open its 27th store in Coralville, Iowa.
 
The 80,000-sq.-ft. freestanding store will be located at the Iowa River Landing retail development and feature the company’s signature exterior entrance and resident ambience.

Chattanooga, Tenn. -- CBL & Associates Properties has announced the acquisition of two Sears locations, one at CBL’s Fayette Mall in Lexington, Ky., and the other at CoolSprings Galleria in Nashville. Sears will continue to operate in both locations until closing dates have been finalized.

“We have plans to redevelop and expand both buildings to create space for new high-end specialty stores and restaurants,” said Stephen Lebovitz, CBL’s president and CEO.
 

Burlington, Mass. -- KeyPoint Partners has released The KeyPoint Report for Eastern Massachusetts/Greater Boston 2013. The report examines supply, occupancy, absorption and retailer expansion and contraction for virtually every retail property in the region. The 2013 report also includes a ten-year historical perspective that discusses the regional retail economy before, during and since the recession.

New York -- RadioShack Corporation has opened the first of the next generation of stores scheduled to roll out across the country and around the world over the next several months.

Naperville, Ill. – OfficeMax has signed a lease agreement to open the first of its business solutions center concept stores in Chicago. The 3,900-sq.-ft. store, located in a currently unoccupied space at 550 St. Clair Street in the Streeterville neighborhood, will open later this summer and cater to the needs of business customers.

Special services for business customers will include enhanced technology support, marketing, document and shipping services, and expert associates.

New York -- MPW Engineering provided design and specifications of the refrigeration and refrigeration energy management systems for the newly converted Walgreen’s store in the Empire State Building in Manhattan.

Peru tends to be a logical new market for many Chilean retailers and Walmart will be next, according to unconfirmed reports from a company executive who spoke to Reuters.

The news agency this week said Walmart, which is already one of the leading retailers in Chile, will begin work this year to open stores in Peru and plans to form a local management team. As expected, Walmart denied the report but did acknowledge it planned to run a quality assurance office in Peru for procuring products.