Tenant Update

Nordstrom Rack is coming to Memphis.

The off-price retailer plans to open a 33,000-sq.-ft. store at Poplar Commons in Memphis, in the fall of 2017. The store is leased from Seritage Growth Properties who is replacing an existing Sears building with a 135,000-sq.-ft. shopping center.

“We're excited to bring our first Nordstrom Rack to Memphis and can't wait to open our doors in 2017," said Geevy Thomas, president of Nordstrom Rack.

North Plainfield, N.J. -- Levin Management announced a series of promotions and new hires to support continued growth and expansion in 2016.

“This is an exciting time for our company,” noted Matthew K. Harding, president for Levin. “We ended 2015 on a very positive note, and expect this momentum to continue throughout 2016. Our internal promotions and new staff additions ensure that we will consistently meet, and exceed, client expectations as we strengthen Levin’s presence in key markets throughout the Northeast.”

Hanford, Calif. – Passco Companies announced four leases at Hanford Mall located in Hanford, California. Set to open summer 2016, the new retailers include Buffalo Wild Wings, Five Guys, Dunkin Donuts, and Pieology.

So much for the argument that the U.S. market is saturated with retail stores and e-commerce is hurting mall traffic. Tanger Factory Outlet Centers brought four new properties online in 2015 and still managed to achieve a portfolio occupancy rate in excess of 95% for the 35th consecutive year.

Chicago -- CBRE announced that Sara Spicklemire has joined the firm as a SVP of its agency leasing team.

Bloomfield Hills, Mich. -- Mid-America Real Estate announced the addition of Eric Unatin to its brokerage team. In his new position as VP, Unatin will be specializing in landlord and tenant representation throughout the state of Michigan.

Dillard’s says sales were particularly weak in the Southern states as the department store retailer reported a 35.6% drop in fourth quarter profit.

For the period ended Jan. 30, Dillard's had revenue of $2.07 billion for the fourth quarter, down from $2.1 billion during the same period a year ago. Net income was $130.5 million, or $3.17 per share, for the prior year fourth quarter. Same-store sales declined 2%. Net sales for the fourth quarter were $2.074 billion.

Dublin, Ohio -- Crawford Hoying announced that they have completed two leases totaling 18,900 sq. ft. of retail space in its Bridge Park development for The RAM Restaurant & Brewery (The RAM) and Mesh Fitness.