Tenant Update

One of the most active acquirers in the retail real estate business has made its 292nd purchase in the great State of Texas.    Inland Real Estate Acquisitions announced the purchase of Denton Village in the town of the same name, situated 40 miles north of Dallas. The North Dallas region has been a hotbed of job growth, housing starts, and new retail development.  

Retail tenant specialist Jack Gray has joined Mid-America Real Estate’s Minnesota operation. He will be representing clients that include Starbucks, Buffalo Wild Wings, and Mills Fleet Farm.   Gray arrives at Mid-America from an internship on Cushman & Wakefield Northmarq’s industrial brokerage team.   Gray is a recent graduate of University of St. Thomas, where he earned a Bachelor’s degree in marketing.  

CBL has named Alan Lebovitz senior VP of management to succeed Jerry Sink, who has retired after a 25-year career at the company. Lebovitz will oversee the staff and operations at the company’s 123 properties, a responsibility that encompasses some 300 employees and 77 million sq. ft. of retail.  

Its Macy’s and J.C. Penney’s continue to do business. In-line stores close, but new tenants quickly assume their spaces. Shoppers continue to arrive from as far as 75 miles away.   The Empire Mall in Sioux Falls isn’t exactly bucking trends. It’s merely an example of a core precept of retail which states that malls will survive where jobs and rooftops are rising, according to a report in the local Argus Leader.   

Bed, Bath & Beyond, which missed sales and earnings expectations for its first quarter, is focusing online for growth.   Citing strong digital growth, CEO Steven Temares said on the chain's quarterly earnings call that he expects store closings to increase as leases expire and as the way customers shop continue to evolve.  

The nation’s fastest-growing planned community keeps speeding along.   The Tavistock development, which already has 12,000 permanent residents, will add another thousand visitors a week thanks to a KPMG training facility that broke ground this week. In addition, the $400 million facility will house an employee staff of 330.  

In the Mohave Valley of Arizona, a town has punched a hole through a hill to unite a challenged shopping center with the local mall to improve traffic.   Kmart will close its store in the City Square shopping center in Bullhead City, across the Colorado River from Laughlin, Nevada, leaving it without the anchor that was its prime draw. In fact, few locals even knew the name of the center, referring to it just as Kmart, according to the Mohave Valley Daily News.  

The J.C. Penney store in Edina, Minnesota, with little movement in the aisles is about to see a lot more action.    Simon has announced that the 120,000-sq.-ft. space at its Southdale Center will close and be replaced by a Life Time ‘athletic resort.’ The company runs 123 centers in the U.S. promoting healthy eating and exercise regimens. Centers are one-stop fitness shops offering tennis, swimming, basketball, and yoga along with weight loss and nutrition education.