Real Estate

Conshohocken, Pa. -- Ikea said Thursday it is submitting plans for a Miami-Dade store in the City of Sweetwater, Fla., as the second South Florida Ikea store and fourth in the state. 

According to the Swedish home furnishings retailer, construction could launch as early as spring 2013 on the new store, with an opening tentatively slated for fall 2014.

Minneapolis -- William & Friends, the company behind Lili Salon and Spa concept in Minnetonka, Minn., has opened a second location at Galleria Edina, in Minneapolis.

The company worked with Shea, a Minneapolis-based design and marketing firm, on the design of a 5,000-sq.-ft. space formerly occupied by Smith & Hawken.

Lili opened on Aug. 13.
 

New York -- H&M will open its largest store in the world, on Fifth Avenue in Manhattan, Women’s Wear Daily reported.

The company will open a six-level, 57,000-sq.-ft. store on Fifth Avenue at the corner of 48th Street sometime next year, according to the report.
 

By James H. Donell, CPM  CCIM, [email protected]

When a commercial real estate property goes into foreclosure, the effects can be damaging for all parties involved – not only for the owner of the property who has defaulted, but also the lender and any additional creditors who may have a lien on the property.

Fort Worth, Texas -- Dallas-based Cypress Equities said that CD Ski & Sports will open its fifth Climate store, locating it at the West 7th mixed-use project in Fort Worth, Texas.

The new 4,221-sq.-ft. store is slated to open in late September.

Gurnee, Ill. -- Indianapolis-based Simon Property Group said that Bed Bath & Beyond, along with Buy Buy Baby, will open this fall in a shared space at Gurnee Mills outlet center, in Gurnee, Ill.

The Bed Bath & Beyond/Buy Buy Baby prototype store will be located near Last Call by Neiman Marcus, The Gap Outlet and Build-a-Bear Workshop at the value center.
 

IRVING, Texas — Michaels Stores reported a second quarter same-store sales increase of 2.9% driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket.

Net sales for the quarter increased 4.1% to $892 million from $857 million in the second quarter of fiscal 2011.

Net income for the quarter increased 30% to $13 million, and as a percent of net sales increased 20 basis points to 1.4%.
   

Los Angeles -- Commercial builder Bernards said it has broken ground on a $105-million, mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in the mid-city section of Los Angeles.  

Three years in pre-construction and scheduled for completion in April 2014, the project is being developed by BRE Properties, based in San Francisco.