Development/Redevelopment

Riverside, Calif. -- Vestar, in a joint venture with a fund advised by UBS Global Asset Management, announced that it has acquired Riverside Plaza, a 475,211-sq.-ft. retail center located on 35 acres in Riverside, Calif., for $84,844,000 in an all cash transaction. The acquisition marks one of the largest investment sales transactions in Southern California's Inland Empire region in the past 10 years. Vestar currently manages more than 22 million sq. ft. of retail properties in the West.

Menomonee Falls, Wis. -- Kohl’s Department Stores announced the grand opening of 12 stores, creating approximately 1,500 jobs nationwide. The company now operates 1,146 stores in 49 states.

The company is celebrating the grand opening of 12 stores in 10 states, including Connecticut, Georgia, Iowa, Kansas, Maryland, Massachusetts, North Carolina, South Carolina, Virginia and Washington. Of the 12 new locations, 11 are small format stores with approximately 64,000 sq. ft. or less of retail space.

Los Angeles -- CBRE Group on Tuesday announced the launch of the Real Green Research Challenge, a four-year, $1 million commitment to fund leading-edge sustainability research and innovation relating to commercial real estate.

CBRE said it is accepting submissions for research proposals, with the goal of developing solutions to the industry’s critical environmental challenges.

Framingham, Mass. -- Staples Inc. announced Tuesday a strategic plan to shore up sales and profitability that will involve accelerating the closure of 15 U.S. stores and 45 stores in Europe.

The office supplies retailer also said it will ramp up investment in its online and mobile efforts.

The announcement comes after a soft second quarter in which profit and traffic dipped downward.
 

FRAMINGHAM, Mass. — Staples plans to improve customer experience, accelerate growth and deliver value to shareholders through a new strategic plan. Under the plan, Staples will integrate its retail and online offering, increase investment in its online businesses, reorganize its operations, implement leadership changes, initiate a multi-year cost savings plan, and restructure its international operations.

Dallas -- Venture Commercial announced that True Food Kitchen will open a 5,915-sq.-ft restaurant at The Plaza at Preston Center, a five-story mixed-use development under construction in Dallas.

True Food, a Fox Restaurant Concepts brand, is slated to open in 2013 in a ground-floor space of a building that is devoted to retail tenants.

Cincinnati -- Macy's is enhancing its presence in the Las Vegas market. The department store retailer has signed on as the first anchor tenant at the Shops at Summerlin, in west Las Vegas.  

Macy’s will build a two-level, 180,000-sq.-ft. store in the open- air center, which is being developed by The Howard Hughes Corp. The new Macy’s is expected to open in fall 2014, with construction beginning in fall 2013.

The 1.5 million sq.-ft. Summerlin will feature over 125 stores and restaurants.