Development/Redevelopment

Target ended last year with sales of $67.4 billion and earnings per share of $4, but company chairman, president and CEO Gregg Steinhafel believes sales will hit $100 billion and earnings will double to $8 a share within six or seven years.

Seattle -- REI (Recreational Equipment, Inc.) will open a store in Indianapolis, Ind. at the Plaza at Castleton next spring.

The approximately 23,800-sq.-ft, store will be the outdoor goods and apparel retailer’s first location in Indiana, and will include a bike shop for quick assemblies and repairs, a seasonal gear rental department, and a community space that will allow REI and its local partners to host classes, presentations and events to educate customers and members on a variety of outdoor topics.

King of Prussia, Pa. -- O’Neill Properties Group announced that Bass Pro Shops  has signed a letter of intent for a 200,000-sq.-ft. store at The Point, in Sayreville, N.J., one of the largest new mixed use developments in the United States.

Cary, N.C. -- Convenience-store operator The Pantry is selling 114 locations located in nine states throughout the Southeast. The properties are a combination of owned and leased locations. All are operating convenience stores with gasoline, except for one standalone store.

NRC Realty Capital Advisors, Chicago, is assisting The Pantry in the sale. As of May 9, The Pantry operated 1,659 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.

Town Center at Boca Raton, in Boca Raton, Fla., has launched a redesign of its food court that will see it re-emerge as The Cafes at Boca.

SAN FRANCISCO— At an investor conference on Thursday, Gap CEO Glenn Murphy announced the company will close 200 of its 900 U.S. namesake stores even as it expands its outlet presence.

 While the company did not identify which stores will close, Gap said the 200 Gap brand closures over the next two years will be accompanied by a push to expand its Gap Outlet and Banana Republic factory chains.

SEATTLE — Recreational Equipment Inc. announced that it will open its first Indiana store in Indianapolis next spring.

According to the company, the one-story, approximately 23,800 sq.-ft. store will offer products from the top brands of outdoor gear and apparel for camping, climbing, cycling, fitness, hiking, paddling, snow sports and travel. The Indianapolis store will also house a bike shop for quick assemblies and repairs, and a seasonal gear rental department for customers looking to test new activities, REI reported. 

New York City -- The Walt Disney Co. will open its first-ever Disney Baby store next year at the Americana in Glendale, Calif., the Los Angeles Times reported.

The company plans to open Disney Baby locations -- one on each coast -- to display the best of its new infant line, according to the report.

The stores will give Disney executives the opportunity to interact with the parents of newborns and refine product offerings that span infant apparel, nursery items and bath products.
 

Chicago -- A Friday report by the Quad City Business Journal said that 7-Eleven will rebrand its previously acquired 14-store Mother Hubbard chain into 7-Eleven stores.

After acquiring the Mother Hubbard’s stores in early 2010 from MHC Convenience LLC, 7-Eleven Inc. announced that it plans to rebrand all 14 stores and offer them for franchise. The sale involved 16 Mother Hubbard’s Cupboard stores, but two in Bettendorf, Iowa, are not currently slated for conversion.

Midlothian, Va. -- Bryn Mawr, Pa.-based WP Realty announced Thursday that it has acquired Chesterfield Marketplace located in Midlothian, Va.

This transaction marks WP Realty’s 10th acquisition of the year.

Chesterfield Marketplace is a one-story, 428,576-sq.-ft. community shopping center anchored by PetSmart, Staples and TJ Maxx, and shadow anchored by Home Depot and Toys “R” Us.

The portion of the center acquired, 197,942 sq. ft., is currently 54% occupied with 91,232 sq. ft. of available space.