Tenant Update

Many mall retailers have been having a tough time lately attracting shoppers, and Christopher & Banks was not immune to struggles with weak traffic in the third quarter.

The women's specialty retailer posted a net loss of $0.3 million, or 1 cent per share, for the third quarter ended Oct. 31, versus a year-ago profit of $9 million, or 24 cents per share. Net sales totaled $103.6 million, as compared to $110.6 million for the prior year. Same-store sales decreased 6.5%.

San Juan, Puerto Rico -- Taubman announced eight new shopping and dining options will debut at The Mall of San Juan located in San Juan, Puerto Rico, before the end of 2015, seven of which are exclusive to the market. Additional more than 20 stores and restaurants are scheduled to open in 2016.

“We’re bringing a taste of New York, Tuscany and Florence to the island with the addition of three new dining experiences,” said Marnie Marquina, marketing and sponsorship director for The Mall of San Juan.

Saks Fifth Avenue Off 5th continues to expand north of the border.

The off-price retailer and Ivanhoé Cambridge announced an agreement to bring four new Saks Off 5th locations to Canada. The stores, the brand’s first in their respective markets, will open in four Ivanhoé Cambridge shopping centers: Tsawwassen Mills, Tsawwassen, B.C., Outlet Collection Winnipeg; Place Ste-Foy, Quebec City; and Montreal Eaton Centre, Montreal.

Here are the details on the four locations:

Rockville, Md. -- Federal Realty Investment Trust announced the addition of Ramsey D. Meiser to the newly created position of senior VP of mixed-use development reporting to executive VP of development Donald Briggs.

Phoenix-Mesa-Scottsdale, Ariz. -- Kimco Realty Corp. announced that it purchased Christown Spectrum power center in the Phoenix-Mesa-Scottsdale, Arizona for $115.3 million. The property is an 850,000 sq. ft. center situated one mile east of Interstate 17 and lies adjacent to the second-busiest light rail station in Phoenix.

Baker Katz announced that the 90,000 sq. ft. multi-tenant center redevelopment project in Port Arthur, Texas is complete with the opening of PetSmart.

The former Sutherlands Hardware was transformed into a multi-tenant retail center with the addition of national anchor tenants, including Hobby Lobby, PetSmart and Party City. Chipotle, Firehouse Subs and Gulfside Dental, are scheduled to open by early 2016, will occupy a 7,000 sq. ft. building in the foreground of the project.

Mid-America Real Estate announced three new retail leases recently signed.

New Bohemi signed a lease for 4,209 sq. ft. at Eagan Towne Centre located in Eagan, Minnesota off of Interstate 35. The 153,781 sq. ft. center is anchored by Cub Foods, Big Lots and Dollar Tree.

Title Boxing Club signed a lease for 3,495 sq. ft. at 55th and Lyndale located in Minneapolis. The 4,736 sq. ft. center is shadow-anchored by Walgreens, Midas, Enterprise and Kowalski’s.

Some parts of the country are still waiting for economic recovery, but the Northeast is already enjoying a return to financial prosperity.

The Northeastern U.S. offers a consumer base that is better educated and wealthier than that of many other areas. As a result, vacancies in Northeast centers tend to be low, giving landlords leverage in determining rents and tenant mixes.