Real Estate

Phoenix — The Habit Burger Grill is opening its sixth Arizona location in Scottsdale in the Promenade at Scottsdale Road and Frank Lloyd Wright.

The Irvine, Calif.-based restaurant also operates more than 60 locations in California and two in Utah.

Lowe's expects to complete its West Coast acquisition of 72 Orchard Supply Hardware stores by the end of August. When that happens, current CEO Mark Baker will be replaced at the helm of Orchard Supply by Lowe's executive Richard D. Maltsbarger.

Baker, a former Home Depot executive, took over the Orchard Supply job back in March of 2011. According to the press release announcing the move, Baker "informed Lowe's of his decision to accept a position as president and CEO of the Aircraft Owners and Pilots association following the closing."

Los Angeles — Hong Kong is by far the world’s most expensive city for global retailers, but prime rents in New York City, London, Tokyo and Zurich are on the rise, according to research from CBRE Group, Inc.

CBRE’s second quarter 2013 ranking of the top 10 prime global retail markets saw little change relative to previous quarters; however, four of the top 10 markets — New York City, London, Zurich and Tokyo — saw quarterly increases in prime retail rents. Only one market saw a quarterly increase in the first quarter.

The Valley Forge Shopping Center on West DeKalb Pike is adding Target to its tenant roster July 2014, making it the first Target store in the city of King of Prussia. 

The King of Prussia store will be approximately 165,000 sq. ft. and will include a selection of fresh produce, fresh packaged meat and pre-packaged baked goods, as well as a Starbucks, Target Optical and Target Pharmacy.

Minneapolis -- Target announced plans to open a store in King of Prussia, Pa., in July 2014. 

The new store, located on West DeKalb Pike, will be part of the Valley Forge Shopping Center. This will be the first Target store in the city of King of Prussia.

“Pennsylvania continues to be a strong market for Target, and we’re eager to expand our presence in the state this year,” said Samir Shah, Target’s senior VP of stores, Northeast. 

I think it’s exciting to watch retail going back downtown.
 
I remember shopping in big downtown department stores years ago, and I remember when the big retailers began their exodus to suburban malls leaving huge, sad-looking buildings behind.
 
But retail, as they say, follows rooftops, and the rooftops were springing up in suburbia and then further out in edge communities. Today, we all have a number of friends and acquaintances that commute for an hour or more in each direction every day.
 

Evanston, Ill. — Three new tenants are coming to the 212,373-sq.-ft. Evanston Plaza on Chicago’s North Shore, according to Mid-America Asset Management Inc. www.midamericagrp.com, the exclusive representative of the center.

DaVita, a division of DaVita HealthCare Partners Inc., signed a lease for 10,000 sq. ft. and plans to open a kidney dialysis center in the fall of 2013. The U.S. Army & Marines lease 2,424 sq. ft. for a recruitment center. Papa Romeo’s Pizza has taken 1,464 sq. ft.