Real Estate

New York City -- Ikea announced that its 415,000-sq.-ft. store in Centennial, Col., will open on July 27.

“The excellent construction progress made this past fall and winter by Saunders Construction and the subcontractors -- as well as professional and timely reviews by local authorities -- created an opportunity for us to open much earlier than originally envisioned,” said Ikea project construction manager Doug Wolfe.

New York City -- Westwood Town Center, a shopping center located in West Seattle, has sold for $78.1 million.

The buyer was MEPT Westwood Village LLC. The seller was Wesbild Holdings of Vancouver, B.C.

Newmark Realty Capital of Seattle arranged $39 million of the financing of the center.
 

By Jason Pierson

New York City -- Big Lots, which plans to open 90 stores this year, has made two key merchandising moves to facilitate its planned growth.

The retailer has hired former Sears merchandising executive Doug Wurl to serve as its executive VP merchandising. He assumes responsibilities previously held by John Martin, who was named executive VP administration. In his new role, Martin will have responsibility for store operations and human resources.

New York City -- Wal-Mart Stores is making progress bringing items and shoppers back to its U.S. stores, president and CEO Mike Duke said Tuesday at the Barclays Capital analyst conference in New York City. 

Duke noted that improving the chain’s U.S. same-store sales remains its top priority. He said the chain is on its way to having the right assortment.

Frisco, Texas -- Jacksonville, Fla.-based Regency Centers said it has leased restaurant space to Tutti Frutti Yogurt, which will open a 1,412-sq.-ft. store at Legacy Center, in Frisco, Texas.

The specialty frozen yogurt retailer is slated to open its new store in July.
The 119,500-sq.-ft. shopping center includes national retailers such as Starbucks, Subway, Great Clips and The UPS Store.

New York City -- Borders Group won approval of an amended executive bonus plan after a judge sought changes to resolve objections from an arm of the U.S. government that oversees bankruptcies, Bloomberg reported.

Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan said the amended bonus packages, which tie the $6.6 million in payments closer to the financial performance of Borders, were needed so Borders could "maintain its experienced work force."

Cincinnati -- Macy’s on Monday said it will open three Bloomingdale’s Outlet stores in the fall. The new locations will join the first four Bloomingdale’s Outlet stores opened in fall 2010 when the concept was launched.

The new Bloomingdale’s Outlet stores, which will range from 25,000 sq. ft. to 24,000 sq. ft. are scheduled to open in the following shopping centers with an upscale outlet store focus: Miromar Outlets, Estero, Fla.; Wrentham Village Premium Outlets, Wrentham, Mass.; and Woodfield Village Green, Schaumburg, Ill.