Tenant Update

New York -- Gap Inc. is eyeing the 110,000-sq.-ft. Toys “R” Us flagship at 1514 -1530 Broadway, according to The Real Deal.

Sources say the specialty apparel retailer may split the space between Old Navy and Gap stores.

The massive retail space comes with a hefty price tag: the ground floor alone goes for $2,500 per square foot per year in rent, while the top floor is going for $150 per square foot, and the basement for $350 per square foot.

Gap Inc. is eyeing the 110,000-sq.-ft.

The rebound in the nation’s economy is boosting retail sales and spurring an uptick in the number of retailers seeking to expand their presence in existing markets or grow into new trade areas. However, the boom does have a downside for those tenants, as most are finding out.

Hingham, Mass. -- WS Development and Derby Street Shoppes continue to add new and exciting retailers to the vibrant mix of existing shops, boutiques and restaurants by announcing the opening of DavidsTea and Sephora. DavidsTea, expects to open its only location on the South Shore in mid-summer, while perfume and cosmetics retailer, Sephora, hopes to open later this year.

Des Moines, Iowa - Two leases have been signed for ground-floor retail space at The Foundry in Ames, Iowa, including Starbucks. Committed tenants for the luxury student housing complex near Iowa State University also include Barefoot Campus Outfitter.

New York -- Saks Fifth Avenue Off 5th will open its first metro downtown store, on Market Street in downtown San Francisco. The new 40,500-sq.-ft. store will celebrate its grand opening on May 28.

“This store is the first Saks Fifth Avenue Off 5th store in a city center, and we believe San Francisco is an ideal location as we begin to expand into metropolitan markets,” said Jonathan Greller, president of outlets, Hudson’s Bay Company, parent company of Saks.
 

Tampa, Fla. -- Ashley Furniture Industries announced that it is establishing, through its wholly owned subsidiary, Ashcomm LLC, its U.S. e-commerce headquarters in Ybor City.

The headquarters office will occupy 70,000 sq. ft. of space in Centro Ybor in the heart of Tampa’s historic business and entertainment district. It will eventually house more than 100 employees in executive, administrative, marketing, design, and information technology positions for both the e-commerce business as well as other Ashley corporate operations.
 

Seattle -- Nordstrom plans to further expand its San Diego County presence with the addition of a Nordstrom Rack at The Shops at La Jolla Village in La Jolla, California.

The approximately 32,000-sq.-ft. store is scheduled to open in fall 2016. The property is owned by Alecta Real Estate USA, LLC. When it opens, it will be the fifth Nordstrom Rack in the San Diego area and about one mile west of Nordstrom at University Towne Centre.