Tenant Update

New York City -- Fast-fashion retailer Forever 21 will open a three-level, 39,000-sq.-ft. store in Miami Beach, Fla., Women’s Wear Daily reported.

The store, scheduled to open this fall, will be located on Lincoln Road. Also heading to Lincoln Road is H&M, which plans to open a 22,000 sq. ft. in the pedestrian mall.
 

Wheaton, Ill. -- Oakbrook Terrace, Ill.-based Mid-America Asset Management said that Yoga By Degrees and Smashburger recently signed leases at Rice Lake Square in Wheaton, Ill., a western suburb of Chicago.

The independently owned yoga studio is slated to open this spring in 4,598 sq. ft. of space. Denver-based Smashburger, a privately held gourmet burger chain, leased 2,200 sq. ft. of space, with plans to open this summer.

Rice Lake Square is a 251,313-sq.-ft. shopping center anchored by Whole Foods, Stein Mart, Borders and PetSmart.

Silver Spring, Md. -- Jacksonville, Fla.-based Regency Centers said it has leased 1,990 sq. ft. of restaurant space in Silver Spring, Md., at Woodmoor Shopping Center to Chipotle Mexican Grill.

The restaurant is slated to open this summer.

The 67,403-sq.-ft. shopping center includes national retailers such as CVS/pharmacy, Starbucks, The UPS Store and Tuesday Morning.

Charlotte, N.C. -- Lincoln Harris, which handles the leasing and management for luxury retail center Phillips Place, said that Brooks Bros. has moved from its current location in SouthPark Mall, in Charlotte, N.C., and opened a new store in Phillips Place.

The new 8,800-sq.-ft. store is located in the courtyard area of Phillips Place in space previously occupied by Modern Salon.

By Sandra Gold Slon

Who needs an exit strategy? In this economy, most of us are aware of tenants facing difficulties in meeting their lease obligations. If we weren’t thinking about it front and center, it was brought front and center when Borders declared bankruptcy, closing hundreds of stores.

Beaumont, Texas -- Conn's said Thursday that it lost $3.4 million in its fiscal fourth quarter, reflecting charges tied to planned store closings and other items.

Conn's, which sells consumer electronics, home appliances, furniture, mattresses and lawn and garden products, operates 76 stores in Texas, Louisiana and Oklahoma. It plans to close five underperforming stores and let the leases expire for two additional locations.

Columbia, S.C. -- Edens & Avant announced it has appointed Peter Melmed as VP construction and development. 

Melmed will be based in Bethesda, Md., and will oversee the construction of large-scale development and redevelopments throughout the Edens & Avant portfolio.

Prior to joining Edens & Avant, Melmed was a real estate consultant at PJM Realty.

Washington, D.C. -- Combined Properties announced that Jessica Berets has joined the company as Assistant General Counsel. 

Berets will be responsible for drafting, negotiating and consummating a variety of legal documents, including lease agreements with tenants in the commercial retail real estate portfolio managed by Combined Properties, and providing advice and counsel to the company's leasing, construction and property management departments.