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Development/Redevelopment

  • Wal-Mart Mexico cuts 2012 store openings as new procedures delay process

    Mexico City -- Wal-Mart Stores’ Mexico subsidiary said Wednesday that new store openings for 2012 will be cut from the originally planned 410 to 430 stores to 325 to 335, due in large part to added real estate documentation procedures.

    Expansion plans for new stores will be delayed by 60 to 90 days, said Wal-Mart Mexico, as the retailer institutes reinforced documentation around real estate projects. Wal-Mart Mexico has been in the throes of a bribery scandal involving alleged payments to middlemen to accelerate the store-opening process.

  • Blackstone and DDR close $1.4 billion EDT acquisition

    Beachwood, Ohio -- Blackstone's flagship real estate fund and DDR Corp. announced Thursday hat a joint venture formed by the two entities has closed on the acquisition of a portfolio of 46 shopping centers previously owned by EPN Group.

    The joint venture has assumed approximately $635 million of senior non-recourse debt and has originated an additional $320 million non-recourse loan facility, which has a five-year term.

  • Report: Home Depot to spend $1.3 billion on technology and $700 million on new stores

    New York -- The Home Depot plans to spend $1.3 billion on new technology and $700 million to build 36 new stores from 2013-15, according to a report by Investors Daily.

    The report was based on remarks chain’s senior VP finance, Ted Decker, made Tuesday at Jefferies Global Consumer Conference.

    Decker also said the company plans to build “new state-of-the-art distribution facilities” to leverage its stores.
     

  • Saks Off 5th to open in Carousel Center, Syracuse, N.Y.

    New York -- Saks Fifth Avenue’s Off 5th plans to open its doors in Syracuse’s Carousel Center on June 21.

    The 24,962-sq.-ft. store will be located in the center’s new expansion area called Destiny USA, which is the largest LEED certified commercial retail project in the country.

  • USM headquarters received LEED Silver

    Norristown, Pa. -- As part of its continuing commitment to sustainability, USM Inc. has recently received LEED Silver CI (Leadership in Energy and Environmental Design for Commercial Interiors) certification for its headquarters facility in Norristown, Pa. The facility opened in October 2011.
     
    A national provider of interior and exterior facilities maintenance programs, USM is a subsidiary of EMCOR Group, a leader  in mechanical and electrical construction, energy infrastructure, and facilities services for a diverse range of businesses.

  • Starbucks names broker for sites in Northern New Jersey

    Garden City, N.Y. -- Starbucks Coffee Co. has appointed Sabre Real Estate Group LLC as its exclusive broker for northern New Jersey.

    Sabre’s Scott Sher and Russel Helbling will spearhead the cafe chain’s site search in Bergen, Passaic, Essex, Union and Hudson Counties, where the chain currently has 52 locations.

  • SRS announces exec promotions

    Dallas -- SRS Real Estate Partners announced the promotions of two team members. Tom Power and Todd Wallace both have been promoted to executive VP.

    Power has more than 13 years at SRS and is a managing partner for SRS Real Estate Partners – Northwest, LLC. He also serves as market leader for SRS' Northern California markets: San Francisco, San Jose and East Bay.

  • Easton Town Center announces new tenants, renovation project

    Columbus, Ohio -- Easton Town Center co-developers Steiner + Associates and The Georgetown Co. announced Monday that they will be adding more than 50,000 sq. ft. of new tenants this year and renovating more than 150,000 sq. ft. of existing space.

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