Real Estate

Fort Worth, Texas -- Trademark Property said Wednesday it has purchased two retail centers located directly across from La Palmera mall in Corpus Christi, Texas.

The 15.5-acre Staples Center, built in the 1980s, and the 3.8-acre Mt. Vernon Center, built in the 1940s, will undergo rebranding along with a major redesign and renovation, scheduled to begin late 2012 with completion slated for 2013.

The redeveloped center, to be named The Shops at La Palmera, will total approximately 200,000 sq. ft.

Dallas -- Dave & Buster's Inc. named John Mulleady as senior VP development, responsible for leading the company's expansion strategy into new and under-penetrated markets. He most recently served as VP real estate and construction at BJ's Wholesale Club.

"Dave & Buster's has big plans for expansion, and we needed a leader with experience opening a large number of new stores. John's background in developing large-format brands makes him the ideal person to lead this charge,” said Steve King, CEO of Dave & Buster's.
 

New York -- Private equity firm Oak Hill Capital Partners has acquired an 80% ownership stake in the 25-store natural food chain Earth Fare. The deal values the company at $300 million.

PARAMUS, N.J. — Ikea has officially plugged in the solar energy system installed at its location in Paramus, N.J.

Ikea contracted with REC Solar for the development, design and installation of the customized solar power system. The 132,000-sq.-ft. PV array consists of a 1,063-kW system, built with 4,620 panels. It will produce approximately 1,359,100 kWh of clean electricity annually, the equivalent of reducing 1,033 tons of carbon dioxide, eliminating the emissions of 184 cars or powering 117 homes yearly.

Indianapolis -- Simon Property Group said Wednesday that, in partnership with Mitsubishi Estate Co., it began construction of Shisui Premium Outlets (Shisui Town, Inba District, Chiba Prefecture), the ninth Premium Outlet Center in Japan.

Phase I, comprising 234,000 sq. ft. of GLA, is scheduled to open in spring 2013 with approximately 100 stores, including international brands, Japanese brands and restaurants. Simon owns a 40% interest in the project.
 

Rio de Janeiro, Brazil -- Indianapolis-based Simon Property Group and Latin American retail real estate company BR Malls Participacoes S.A. announced Tuesday that they signed a 50/50 joint venture agreement to develop and own outlet centers in Brazil.

The first outlet center of the joint venture is slated to open in Sao Paulo in 2013.
 

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Coco Fruit will open a 180-sq.-ft. kiosk in the Macy’s wing of Cherry Hill Mall, located in Cherry Hill, N.J.

The company also announced that Chicken Now has opened in the mall’s food court, in a 441-sq.-ft. location.

In 2012, Cherry Hill Mall has welcomed The Art of Shaving, Henri Bendel is opening this summer, and additional will be announced shortly, including an upscale home furnishing retailer, according to PREIT.
 

New York -- Uniqlo announced that it will open a 29,000-sq.-ft. flagship in San Francisco, in the fall of 2012. The store, which will be located at 111 Powell Street, close to the Union Square shopping district, marks the brands’ first location outside of New York and will act as the epicenter for expansion along the West Coast.