Real Estate

New York – Saks Inc. plans to open seven new Saks Fifth Avenue Off 5th stores in 2014: The Outlets at Bloomfield in Pearl, Miss.; Potomac Mills in Woodbridge, Va.; Palm Beach Outlets in West Palm Beach, Fla; Outlet Shoppes at Louisville/Lexington, Ky.; Twin Cities of Eagan in Minneapolis, Minn.; The Mayfair Collection in Mayfair, Wis.; and Easton Gateway in Columbus, Ohio.

Conshohocken, Pa. -- Ikea plans to incorporate the largest geothermal heating and cooling system in the state of Kansas (and neighboring Missouri) in its upcoming store in Merriam, Kan. The 359,000-sq.-ft. store is now under construction.

The related drilling and underground work should be complete by winter, with the system operational when the building opens in fall 2014. The Ikea Merriam will be the second U.S. Ikea location with geothermal technology. (In 2011, Ikea opened a store Centennial, Col., that uses geothermal technology.)

New York -- Saks Fifth Avenue Off 5th plans to open a new store in Aventura, Fla., on Sept. 20.

The store will be located in Town Center Aventura developed in partnership with Turnberry Media and will be the third Saks Fifth Avenue Off 5th location in Miami. The 28,000-sq.-ft. layout includes an open floor plan, moveable fixtures and bright lighting.

Indianapolis -- Hhgregg will open a new store in the Cincinnati area on Sept. 19. The new store, located at 5045 Glencrossing Way in the Western Hills section of Cincinnati, will replace the previous location at 5111 Glencrossing Way.

Seattle -- Nordstrom announced plans for two new Nordstrom Rack stores, one in Nevada, and the other in Massachusetts.

The retailer said it will open a 36,000-sq.-ft. Nordstrom Rack in fall 2014 at The Shops at Summerlin, a 1.6 million-sq.-ft. mixed-use center in the Las Vegas suburb of Summerlin.

Mokena, Ill. — Micoley.com’s Sept. 28 property auction will offer a restaurant and banquet facility in Mokena, Ill. The two-story restaurant spans 14,754 sq. ft. The site includes 162 parking spaces. Zoning allows other kinds of commercial activity.

The property has an opening bid of $995,000, substantially lower than the initial asking price of $1,795,000. Offers are expected during the lead up to the auction. Properties such as this frequently sell ahead of their auction date.

Have you heard of Silicon Beach? No, it isn’t an offshoot of Silicon Valley. It is a phenomenon emerging in West Los Angeles, home of The Promenade at Howard Hughes Center, a mixed-use development with office, residential, hotel, retail, restaurant and entertainment offerings.

Silicon Beach has taken its name from Silicon Valley — both are notable for the number of creative business start-ups.

Alpharetta, Ga. -- McAlister's Deli announced plans to develop 17 restaurants in Indiana, South Carolina, and Georgia as part of new multi-unit development agreements with two existing franchise groups.

"We are pleased that our existing franchisees are continuing to expand with McAlister's Deli," said McAlister's Deli president and CEO Frank Paci. "Their commitment to develop demonstrates their confidence in the brand's strength and its ability to provide franchisees with an attractive investment."