Development/Redevelopment

ST. LOUIS, Mo. — Save-A-Lot announced that it will break ground for a new 325,000-sq.-ft. food distribution center in Lexington, N.C.  The state-of-the-art center located in Lexington’s Business Center is expected to open by December 2011 and employ more than 40 employees initially with the potential for hiring additional employees once the facility is at full capacity.

Lexington, N.C. -- Grocery retailer Save-A-Lot announced Thursday it will break ground on a new 325,000-sq.-ft. food distribution center in Lexington, N.C.

The center is expected to open by December 2011. It is the result of collaboration with the state of North Carolina and its One North Carolina Fund, the North Carolina Department of Commerce, Davidson County and the City of Lexington.

Oak Brook, Ill. -- Inland Real Estate Acquisitions said Thursday it has purchased nine Dollar General stores in Alabama and Georgia for $8.5 million.

According to a report by the Atlanta Business Chronicle, the stores were built in 2010 and all leased to Dollar General Corp. through 2025 with multiple renewal options.

The stores range in size from approximately 9,000 sq. ft. to 10,600 sq. ft.

Chicago -- Oakbrook Terrace, Ill.-based Mid-America Real Estate Group said Thursday that TJX's HomeGoods has signed a lease for 25,503 sq. ft. of space at 600 N. Michigan Avenue.

The site is the largest single-footprint space available in the district.

Little Rock, Ark. -- In a regulatory filing on Wednesday Dillard's said it plans to form a real estate investment trust, with the objective of improving liquidity.

According to the department store retailer, various company entities will transfer interests in properties to the REIT, which will then lease the properties back to them.

"Dillard's believes the formation of a REIT may enhance its ability to access debt or preferred stock and thereby enhance its liquidity," the filing said.

New York City -- Saks Fifth Avenue Off 5th announced that it plans to open a store at the Tuscany Place Designer Outlets, a new, upscale pedestrian-friendly lifestyle outlet development in Madison, Miss.

The center and the Saks Fifth Avenue Off 5th store are expected to open in the spring of 2012.

"We look forward to opening our first Saks Fifth Avenue Off 5th store in Mississippi where the temperate climate allows for year round shopping," noted Robert Wallstrom, president of Saks Fifth Avenue Off 5th.

New York City -- Home furnishings retailer City Furniture has opened its first store built to LEED (Leadership in Energy and Environmental Design) standards. The 93,680-sq.-ft. location, in Boca Raton, Fla., houses a City Furniture and Ashley Furniture HomeStore under one roof.

New York City -- The real estate recovery is well under way, though not without some bumps, workout specialist Dennis P. Yeskey recently told a gathering of more 100 real estate professionals at the "Industry Spotlight: Finance -- Global Trends in the 2011 Real Estate Capital Markets" discussion sponsored by NYCREW, the New York area chapter of the Commercial Real Estate Women network.

An announcement last week that Target plans to open 21 stores in the coming fiscal year was interesting on a number of levels.

For starters, the disclosure was rather uncharacteristic for a company that in years past would publicly release its stores openings a week or two in advance of the actual openings. In this case, the company shared its full list of openings for the entire year two weeks before its new fiscal year even begins.

MINNEAPOLIS -- Target announced that Tony Fisher has been named president of Target Canada.  In this position, Fisher will be responsible for building the team, establishing the headquarters and leading the day-to-day operations of the corporation's recently announced expansion into Canada, the company reported.