Real Estate

Chicago — OfficeMax has leased a 4,942-sq.-ft. space at the Shops of Sherman Plaza in Evanston, Ill. The CBRE Group represented the landlord, Inland American Retail Management, in the transaction.

OfficeMax will join other Sherman Plaza brands including The North Face, Ann Taylor Loft, Barnes & Noble Booksellers and LA Fitness.

New York -- A buyout of Saks could further downgrade the retailer’s already low credit rating. According to a report in the Wall Street Journal, credit rating provider S&P has placed Saks’ already non-investment-grade rating on watch for potential downgrade because any buyout would likely be leveraged with a large amount of debt. S&P currently gives Saks a credit rating of BB, the second-highest “junk bond” rating, which affects Saks’ loan interest rates.

Parma, Ohio — Phillips Edison & Company has broken ground on The Shoppes at Parma — formerly Parmatown Mall. Phase I will focus on infrastructure. Work will include new lighting, new sidewalks and the restoration of the parking lots. In addition, the contractor will prepare out-parcels for development. Phase I will wrap up this fall.

Richmond, Va. — Divaris Real Estate has renewed its lease with CitiTrends for 12,000 sq. ft. at the Brookhill Azalea Shopping Center in Richmond, Va.

DRE represented BSV Premier Brookhill LLC, the landlord. Specializing in low-priced urban brands for the whole family, CitiTrends operates six stores in Richmond.

Chattanooga, Tenn. — CBL & Associates Properties has announced that Dunham’s Sports has leased a 60,200-sq.-ft. space in Randolph Mall in Asheboro. N.C. Scheduled to open for the 2013 holiday shopping season, the new Dunham’s will replace Dillard’s, which closed in late July.

Belk, J.C. Penney, Sears and Cinemark theatre anchor the 380,000-sq.-ft. regional Randolph Mall.

Erie, Pa. — Zoom Tan has leased a 1,559-sq.-ft. space for a tanning parlor at Liberty Center II in Erie, Pa., according to Levin Management. Flaum Management Co. Inc. represented the tenant in the transaction.

The 7,443-sq.-ft. Liberty Center II is directly across the street from the 227,000-sq.-ft. Liberty Center, which is anchored by Top’s Markets and Peebles department store.

New York -- Starwood Capital Group LLC, the investment firm headed by real estate developer Barry Sternlicht, has joined the bidding for Saks Inc., according to a report by the New York Post. Starwood Capital invests in retail, office and residential real estate.

The bid by Starwood is worth about $2.5 billion, or $17-$18 per share, according to the report. The amount is roughly equal to a previously existing bid from Canadian retail conglomerate Hudson’s Bay, which also owns the Lord & Taylor department store chain.

Columbus, Ohio — Glimcher Realty Trust has released the tenant list for The Outlet Collection | Seattle, which is nearing completion of a major, $35 million renovation. The renovation is transforming the center into a designer fashion outlet mall.

The tenant list includes several retailers new to center. They are Coach, Nike, Michael Kors, J. Crew, Brooks Brothers, Loft Outlet, H&M and Sketchers.