Development/Redevelopment

Borders Group has secured a $550 million financial lifeline from GE Capital that will enable it to maintain operations, but there are plenty of strings attached, which stands to reason given GE has put half a billion dollar at risk.

Ann Arbor, Mich. -- Borders Group said it has received a commitment from GE Capital, Restructuring Finance to provide a $550 million senior secured credit facility. Upon completion, the facility, including the obtaining of $125 million of additional junior debt financing via the conversion of vendor payables and/or external sources, will provide Borders with the financial flexibility and an appropriate level of liquidity to move forward with its strategy to reposition its business model and the Borders brand.

Richardson, Texas -- Wingstop is expanding throughout the Baltimore-Washington corridor. The company, which has experienced more than seven years of same store sales increases, recently signed a development agreement to open 20 stores in the area over the next several years.

Business partners Rahim Kurji and Bidjaan Kassam have signed a 20-store development agreement and expect to open four locations in Baltimore and Washington, D.C., this year.

Canton, Mass. -- Dunkin' Donuts has signed agreements with four franchisees to develop 16 restaurants in Tampa, Orlando and Tallahassee over the next several years.

Dunkin' Donuts development throughout Florida is part of a steady and strategic growth strategy, which includes expanding in existing markets while entering new cities across the country.

New York City -- Walmart Canada, a unit of Wal-Mart Stores, announced that it plans to open 40 additional supercenters in its upcoming fiscal year (which runs from Feb.1, 2011 to January 31, 2012). The company is investing approximately $500 million in the project, which also includes expanding, remodeling and relocating existing stores.

Although Walmart Canada did not disclose exact locations, it did reveal that it will enter two new new markets this year: the provinces of Quebec and Manitoba.

Honolulu, Hawaii -- Colliers Monroe Friedlander, an affiliate of Colliers International, said that BlackSand Capital, LLC, a Hawaii-based real estate investment firm, acquired Pearlridge Uptown II from Inspiration International, LLC.

Minnetonka, Minn. -- Centro Properties Group said that Way to Go Sports recently opened a 2,089-sq.-ft. store at Westwind Plaza, located in Minnetonka, Minn.

Westwind Plaza is owned by Centro Properties Group, based in New York City.

Chicago -- Urban Retail Properties, LLC announced the appointment of John N. Christen as executive VP director of new business development.

Christen has been actively engaged in the commercial real estate industry in several capacities for over 15 years, most recently as founder of Christen Realty Capital, LLC.
 

Cleveland -- Forest City Commercial Management announced the appointment of Kym Espinosa as marketing director for Promenade Temecula, a regional lifestyle center in Temecula, Calif.

Espinosa, who has more than 20 years of experience in the shopping center industry, is responsible for marketing program strategy and implementation for the 1.1 million-sq.-ft. retail center.

Wyckoff, N.J. -- Inserra Supermarkets said Wednesday that its redevelopment plans for a 7.6-acre underutilized site in the heart of Wyckoff, N.J., which has been vacant for more than 10 years, are progressing.

The Mahwah, N.J.-based supermarket chain plans to raze an uninhabitable 53,000-sq.-ft. building to develop a new 62,174-sq.-ft. ShopRite within the Township’s central business district.