Real Estate

Fayetteville, Ark. - A report Monday said that Wal-Mart Stores is preparing to test a small-format store it is calling “Walmart on Campus” at the University of Arkansas in Fayetteville.

According to the report by Advertising Age, the pilot appears to be part of a series of tests of Walmart’s smaller-format stores.

Walmart removed all doubt about how it intends to enter Russia this week when it announced the closure of its office in Moscow. The office was opened two years ago to investigate opportunities in the country, but international division president and CEO Doug McMillon said it no longer made business sense to maintain the facility.

CONSHOHOCKEN, Pa.  - Ikea announced that it plans to install solar energy panels on two East Coast stores: Paramus, N.J. and Stoughton, Mass. Pending governmental permits, rooftop installation will begin in the new year, with completion expected in spring 2011. The plans bring the number of U.S. Ikea locations that will have a solar energy system to a total of 13. According to the company, these two systems will represent the largest store-top solar installations for Ikea in the United States.

New York City -- Centro NP Residual Holding LLC said Friday it has sold a portion of its interest in 25 shopping centers and formed a joint venture with Inland American CP Investment, LLC, a wholly owned subsidiary of Inland American Real Estate Trust.

The new joint venture has secured $310 million of term loans with J.P. Morgan and Goldman Sachs, which mature in 10 years and are secured by assets within the joint venture.

Los Angeles -- Grubb & Ellis Co. announced Monday that Arlene Sommer and Mark Robinson have joined the company’s Office Group as executive VPs, along with Evan Kantor who joins as a senior associate.

Specializing in office tenant representation, primarily in the media, entertainment, legal and financial industries, the team joins from Studley, where they served as executive managing director, senior managing director and assistant director, respectively.

Baltimore -- Jacksonville, Fla.-based Regency Centers on Tuesday announced the completion of an interior and exterior store remodel of Shoppers Food & Pharmacy at Southside Marketplace, located in Baltimore. 

The newly renovated anchor includes an upgraded shopping experience with updated finishes, lighting and store fixtures inside and out.

New York City -- Winick Realty Group announced that Smart Fashion, a national importer and exporter of women’s apparel, has leased its first retail location at 149B West 36th Street, between Broadway and 7th Avenue in Manhattan’s Garment District.

Smart Fashion already operates a wholesale showroom nearby at 1407 Broadway.

The 2,000-sq.-ft. store will focus on trendy junior sportswear.

Addison, Texas -- Coyote Management, LP and Garrison Investment Group, through their affiliates, announced they acquired Decatur Mall, in Decatur, Ala., and Lakeshore Mall, in Gainesville, Ga., in September and have made enhancements and changes to the properties.

A new corporate ad campaign for both malls was launched Nov. 1, and each mall has added a Customer Service Center, a new MasterCard gift-card program, children’s stroller program, new website and social media.