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Tenant Update

  • Report: San Francisco has lowest retail vacancy rate in the U.S.

    New York -- Prospects for stellar rent growth and low vacancy helped make San Francisco the top-ranked city, followed by New York, in Marcus & Millichap’s 2015 National Retail Index, an annual real estate ranking of 46 major U.S. markets. Rounding out the top five: San Jose (#3); Austin (#4) and San Diego (#5).

  • Target to close its remaining Canadian stores by April 12

    Minneapolis — Target Canada announced that it will complete its inventory liquidation efforts and close the last of its 133 Canadian retail stores to the public on April 12.

  • Sears to raise $2.5 billion in REIT; announces joint venture with General Growth

    Hoffman Estates, Ill. – Sears Holding Corp. is forming a real estate investment trust (REIT) called Seritage Growth Properties, which will purchase 254 Sears and Kmart stores for more than $2.5 billion. Seritage will partially fund the transaction through a public rights offering.

  • Mall of San Juan opens in Puerto Rico

    The mall is certainly not dead in Puerto Rico, where Taubman Centers Inc. held the grand opening for the Mall of San Juan on Thursday.

    The island's first upscale shopping center features a singular collection of retailers, more than 60% of which are unique-to-market and the Caribbean's only Nordstrom and Saks Fifth Avenue. The 650,000-square-foot shopping center was developed through a partnership between Taubman and New Century Development, Inc.

  • Pirch enters the Northeast, opens 20,000-sq.-ft. store at Garden State Plaza

    New York -- High-end home appliances and outfitting retailer Pirch will open its first store in the Northeast, at Garden State Plaza in Paramus, New Jersey, on March 28.  

    The 20,000-sq.-ft. store, the company’s eighth to date, allows shoppers to "test-drive" a carefully-curated collection of premier kitchen, bath, laundry, and outdoor living brands in a highly interactive and sensory environment.

  • Bob’s Discount Furniture to open at former Fortunoff building

    Paramus, N.J. -- Ripco Real Estate has leased the former Fortunoff Building at 150 Route 17 northbound in Paramus, New Jersey, to Bob’s Discount Furniture.

    Without a permanent tenant since July 2009, Ripco was hired in mid-October 2014 to lease the property.  Five months later, through the efforts of Ripco’s New Jersey team, lead by Ira Kerner and Alison Horbach, the landlord has executed a lease with the discount retailer.

  • Report: Toys ‘R’ Us Times Square flagship to close when lease expires

    New York -- Toys "R" Us is not going to renew the lease of its Manhattan flagship, according to various reports. The lease for the massive 110,000-sq.-ft. retail space, at 1514 -1530 Broadway, between 44th and 45th Streets, is set to expire at the end of January 2016. The ground floor of the prime space, in the heart of busy Times Square and with access to Broadway, commands a whopping $2,500 per foot per year in rent, with the second and third floors costing considerably less, according to CNN Money.

  • Trader Joe’s: Time-lapse construction video

    Trader Joe’s will open its first-ever Schaumburg (Illinois) location on March 20, at Woodfield Village Green, a 687,015-sq.-ft. foot shopping center owned by DDR.

    Check out this quick time-lapse video of the nine-month construction process, which involved filling in a man-made retention pond and building the store on top.

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