Tenant Update

Burlington, Mass. — Big Lots has signed a lease for 31,000 sq. ft. at Wonderland Marketplace in Revere, Massachusetts. KeyPoint Partners represented the landlord in the transaction.

Wonderland Marketplace is a 135,000-sq.-ft. shopping center anchored by Marshalls and Staples. In line tenants include Hair Cuttery, Ninety-Nine restaurant, and the U.S. Post Office. The Big Lots space is in a former Stop & Shop. Another 33,687 sq. ft. is available for lease in that building.

Atlanta — CBL & Associates Properties has closed the sale of Lakeshore Mall to a private investor for $14 million. JLL brokered the transaction.

Belk, Bealls, Kmart, J.C. Penney and Carmike Cinema anchor the 490,086-sq.-ft. retail center in Sebring, Florida. A nearby Sears is a shadow anchor.

With its 95% occupancy rate, Lakeshore Mall anchors the retail hub that serves central Florida along U.S. Highway 27, the major north-south thoroughfare. Traffic counts average about 38,500 vehicles per day.

New York -- There are more store closings in Sears’ future. In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

"Closing stores is going to be part of our future," Lampert said. "I'd rather do (fewer closures) rather than more, but the world has shifted."

Indianapolis — Simon Property Group plans to distribute all of the common shares of Washington Prime Group Inc. to Simon stockholders. Following the distribution, Washington Prime will be an independent, publicly traded company listed on the New York Stock Exchange under the symbol “WPG.”

Washington Prime (www.washingtonprime.com) will own or have an interest in 54 strip centers and 44 smaller enclosed malls across the United States, comprising approximately 53 million sq. ft.

Montreal -- After a failed attempt to restructure under bankruptcy protection, Canadian fashion retailer Boutique Jacob said it will liquidate its inventory and close all 92 stores.

The Montreal-based chain, which operates the Jacob, Jacob Outlet and Jacob Liquidation banners, exited bankruptcy protection in 2011 and has been unable to return to profitability. According to a Reuters report, the company said it was hurt by a challenging economy as well as competition from international brands that have debuted in Canada in recent years.

Alameda, Calif. — Charming Charlie has signed a 10-year lease for a new 5,570-sq.-ft. store at Alameda South Shore Center in Alameda, California. Cornish & Carey Commercial Newmark Knight Frank represented the landlord, Jamestown, the real estate investment and management firm, in the transaction.

Slated to open in September, the new Charming Charlie will join Carter’s and Crazy 8, two more recently signed tenants, in the 594,000-sq.-ft. open-air shopping center.

Chevy Chase, Md. — Formerly known as 2b Bebe, Bebe has rebranded at six Mills properties across the country.

Shoppers will find the new Bebe concept at Arizona Mills (Phoenix), Franklin Mills (Philadelphia), Great Mall (San Francisco), Ontario Mills (Los Angeles), Potomac Mills (Washington, D.C.) and Sawgrass Mills (Ft. Lauderdale/Miami).

The Mills, a hybrid outlet concept, is one of Simon Property Group’s five real estate platforms.

Virginia Beach, Va. — Anthropologie has signed a 9,431-sq.-ft. lease in The Town Center of Virginia Beach, Va., and expects to open in fourth quarter 2014. The McDevitt Co. represented Anthropologie in the transaction. Divaris Real Estate, which leases The Town Center, represented the landlord, Armada Hoffler Properties.

New York — RKF has announced that it will lease the entire seventh floor of 521 Fifth Avenue in midtown Manhattan.

With the expansion RKF will occupy 20,987 sq. ft., roughly 30% more space than the current lease. The expansion will enable the firm to increase its ranks by 25%.

Smart retailers can succeed in a tight real estate market with limited capital

Even as the economy continues on a path of slow improvement, brick-and-mortar retailers still find themselves in a real estate market with few vacancies and even fewer new malls under construction. In addition, corporate management remains reluctant to expend any more capital than it feels is absolutely necessary to meet immediate needs.