Real Estate

Conyers, Ga. -- Brixmor Property Group announced a 24,920-sq.-ft. lease was executed with Jo-Ann Fabric and Crafts at Conyers Plaza, located in Conyers, Ga.

Brixmor, based in New York City, is the owner of Conyers Plaza.

Farmington Hills, Mich. -- Agree Realty Corp. said Thursday it acquired a portfolio of four Applebee's restaurants, as well as an Advance Auto Parts in late December 2012 for about $10 million.

These latest acquisitions bring Agree’s 2012 total purchase activity to approximately $81.5 million.

The recently acquired Applebee's assets are located in Harlingen, Texas, and Wichita Falls, Texas, as well as two properties in Pensacola, Fla. The Advance Auto Parts is located on an outlot to a Walmart Supercenter in Lebanon, Va.

Minneapolis -- Supervalu Inc. announced Thursday that it has reached a deal to sell its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to a private equity group in a transaction valued at $3.3 billion.

AB Acquisition, a consortium of investors led by Cerberus Capital Management, will get 877 stores across the various banners in the deal. The investor group also includes Kimco Realty Corp., Klaff Realty LP, Lubert-Adler Partners and Schottenstein Real Estate Group.

Los Angeles -- CBRE Group reported Thursday that, despite sluggish economic growth, the U.S. commercial real estate market remained on a recovery path in fourth quarter 2012.

The retail availability rate declined slightly to 12.8%, down 10 bps compared with the previous quarter.

“The broken record of slow but positive progress toward a real estate recovery continues to repeat,” said Jon Southard, managing director of CBRE’s Econometric Advisors Group.

Philadelphia and New York -- Law firm Duane Morris announced that it has named partners Chester Lee in New York and George Kroculick in Philadelphia as co-chairs of its firmwide Real Estate Practice Group.

Lee and Kroculick succeed partner Marc Brookman in heading the practice.

Lee and Kroculick will take over a national practice involving more than 90 lawyers with broad experience in real estate and development matters.

North Plainfield, N.J. -- A Thursday report by Levin Management Corp. found that leasing activity in New Jersey, New York and Pennsylvania improved in 2012.

NEW YORK — A major renovation may be underway at Lululemon’s flagship store in Manhattan, but the fast growing retailer isn’t missing a beat.

The Vancouver, B.C.-based operator of 201 stores has set up a temporary store at 1142 Third Ave., across from its flagship location to satisfy the New Yorkers’ needs while the four-month renovation is underway.

Seattle -- Nordstrom announced plans to open two new Nordstrom Rack stores, with one in Atlanta, at the Perimeter Expo shopping center, which is owned by Kimco Realty Corp., and the other in Naples, Fla., at The Mercato.

The 36,000-sq,-ft. Atlanta store is scheduled to open in fall 2013. The 30,000-sq.-ft. Naples store is scheduled to open in fall 2013.