Real Estate

San Francisco -- Gap has opened its first Banana Republic store in Russia, in Moscow's AfiMall City. In related news, the company will open its first Gap store in Belgrade, Serbia, on Friday.

“We are very proud to not only be introducing Banana Republic to Russia, but also opening our 200th franchise store,” said Stephen Sunnucks, president, international, Gap. “This is a significant landmark for our goal of growing our franchise store base to 400 by 2014.”

Eden Prairie, Minn. --- Supervalu announced the sale of 107 fuel centers located in the Midwest, Intermountain West and West Coast regions following the acceptance of four separate bids to purchase the centers. The transactions include the majority of fuel centers within the Albertsons, Cub Foods, Hornbacher’s and Jewel-Osco banners.

Washington, D.C. -- Grosvenor Americas said Wednesday it has appointed Jonathan E. Carr to the position of development manager in the company’s Washington, D.C., office. He previously held the same title in Grosvenor Americas’ San Francisco office.

The company also announced that Michael Ward has been appointed to the position of VP in the company’s Calgary office. He previously served as VP for Grosvenor Americas in Washington, D.C.
 

Columbus, Ohio -- Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies. 

DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.

The transaction is expected to close in the fourth quarter of 2011.

New York City -- Lowe’s Cos. plans to build a 1.4-million-sq.-ft. distribution center in Rome, Ga.

The facility, due to open in 2013, will service Lowe’s stores in western Georgia, northern Florida and Alabama

 

Columbus, Ohio -- Casto said Wednesday that Larry Schwenker has joined the firm as VP property management.

Schwenker’s primary focus will be on the organization’s Midwest and Alabama commercial portfolio, which totals approximately 15 million sq. ft.

Schwenker was most recently a principal at Bryant Management Services, based in Atlanta.
 

Beaumont, Texas -- Conn's said Wednesday it lost $3.4 million in the second quarter, compared to net income of $1.6 million the year before. The company said that the loss was due to one-time charges, which included $3.7 million for closing three stores and $11.1 million for repaying a loan earlier than expected. Without those items, the company would have earned $5.5 million.

Revenue fell 13% to $184.4 million on declining sales of TVs and computers.

Algonquin, Ill. -- Oak Brook, Ill.-based Inland Real Estate Corp. said Wednesday that Niko’s Lodge has leased the space formerly occupied by Barley House at Algonquin Commons in Algonquin, Ill.

Niko’s Lodge, a wilderness-themed steak and seafood restaurant, will open in the 8,824-sq.-ft. space in late October. This will be the restaurant’s second location.