Real Estate

MIAMI — Regency Centers Corp. has announced the development of Fontainebleau Square, a 320,339-sq.-ft. grocery anchored community center, the company’s first ground-up retail development in Dade County.

Fontainebleau Square has signed Publix Sabor (45,600 sq. ft.) and Target (139,751 sq. ft.) as anchors. Construction starts this month, with anchor openings expected as early as October 2014.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. The Canadian retail conglomerate, which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks and its 41 stores for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

ABILENE, Texas — Law firms Brodsky & Smith LLC and Levi & Korsinsky are investigating potential claims against the board of directors of Alco Stores Inc., in relation to a merger agreement between Argonne Capital Group, LLC and Alco. Under the terms of the transaction, announced July 25, Alco shareholders will receive $14 in cash for each share of Alco stock they own.

KATY, Texas — CBRE’s National Retail Investment Group has closed on the sale of Highland Knolls Shopping Center in Katy, Texas, to Revesco Properties. The 87,469-sq.-ft. grocery-anchored shopping center is 94.6% occupied.

SILVER SPRING, Md. — Regency Centers Corp. and a co-investment partner have acquired the 31,316-sq.-ft. Shoppes of Burnt Mills in Silver Spring, Md., just north of Washington, D.C., for $13.6 million. Regency’s share of the off-market acquisition was $1.7 million.

St. Louis — Build-A-Bear Workshop narrowed its second-quarter loss to $6.2 million from $7.5 million in the year-ago period, boosted by improved sales and store productivity.

Total revenues were $81.9 million , up 1.9% from the $80.4 million reported in the second quarter of 2012.  Same-store sales rose 7.3%, including an 8.6% increase in North America and 1.7% increase in Europe. E-commerce sales rose 5.2%.

Halifax — Walmart Canada on Friday opened its first supercenter in Atlantic Canada, in the Halifax Shopping Centre Annex in Halifax.

The store is one of 37 supercenter projects planned for the company's current fiscal year, which ends January 31, 2014. The projects, which were announced earlier this year, include building new stores and expanding, remodelling or relocating existing stores and represent an investment of more than $450 million in the Canadian economy.

Walmart has opened its first supercenter in Canada’s eastern Maritime provinces of New Brunswick and Nova Scotia. The retailer, which has operated in Canada for nearly two decades, plans to invest $90 million this year in the renovation and expansion of nine locations in New Brunswick and Novia Scotia.