Real Estate

Woodbury Common agrees to drop New York trade restrictions
Simon Property Group has agreed to a settlement with the office of New York State Attorney General Eric T. Schneiderman that will have it loosening its stranglehold on the outlet business in Metropolitan New York. Schneiderman maintained that Simon’s Woodbury Common outlet center in the Hudson River Valley owned a virtual monopoly in the region — including New York City — by virtue of a clause in tenant leases that forbid the opening other outlet stores within a 60-mile radius.
Milestone store opening for Dollar General
Dollar General is celebrating an important milestone. The discounter has opened its 14,000th retail location. The store is located in Dauphin, Pa. “Dollar General is excited to celebrate our company’s continued growth by celebrating our 14,000th store grand opening today,” said Todd Vasos, CEO, Dollar General. “For nearly 80 years, Dollar General has continually been focused on delivering everyday low prices, convenience and value to the communities we serve."

Slideshow: TJX's new U.S. concept opens

TJX Companies has taken the wraps off its newest U.S. retail format, Homesense, which debuted at Shopper's World plaza in Framingham, Mass. The new concept, which TJX has described as a complement to its Home Goods format, has expanded departments for large-scale furniture, lighting and art. It also features new departments, including a general store.
Westwood names DDR veteran to head finance

Westwood Financial hired away DDR’s finance chief, hailing the move as central to its evolution from a “real estate sponsor into a sophisticated real estate institution,” according to Co-CEO Randy Banchik. New Executive VP Matt Lougee will facilitate financing for Westwood’s retail investments, oversee capital formation and investor relations, and negotiate joint ventures. Lougee spent the entirety of his career to date at DDR, departing the company as senior VP of finance.
Center changes hands in ‘fast-growing’ Folsom

Citing favorable demographics and a steady income stream, Nazareth Enterprises acquired the Walmart Central Shopping Center in Folsom, California for $39.7 million. Besides Walmart, the 139,377-sq.-ft. center contains a 24-hour Fitness SuperSport Gym, the 99Cent Store, and Great Clips. It’s shadow-anchored by a Super Walmart.
Levin tapped to build and lease New Jersey center

Levin Management Corp. will be building, leasing, and managing a new neighborhood center on the former site of an auto repair shop in Union, New Jersey. Rising household incomes in the area make it a prime location for new retail in a dense urban region, according to Levin’s senior VP of Leasing and acquisitions Joseph Lowry, who points to a daytime population 86,000 and an average household income of $110,000.
Wegmans may lose out to parking garage in Boston

The paucity of parking in Boston could scuttle hopes of residents there to obtain their first Wegmans supermarket. A Wegmans had for years been in Samuel Associates’ planned Landmark Center expansion in the Fenway section of town. But, with parking lot rates zooming upwards in Boston, the developer is now leaning toward keeping the garage it was to demolish to make room for the supermarket, reports the Boston Globe.
Upcoming store will be a first for Wegmans

Wegmans Food Markets is expanding its footprint with a new concept. In a first for the 101-year-old grocer, Wegmans said it will open a two-level store, at Natick Mall, Natick, Mass., with direct access to the shopping center. The 134,000-sq.-ft. store will be located in a building that formerly housed one of the mall's anchors, J.C. Penney.
Sears Canada chairman to make bid for troubled chain

There's a new person running things at Sears Canada. Brandon Stranzl, executive chairman of Sears Canada has been removed from his day-to-day responsibilities of running the company in order to work on a management bid for the retailer, the Globe & Mail reported. Sears COO Becky Penrice is now leading the chain's executive team.
Dick’s Sporting Goods to open at another CBL property

CBL is getting ready to open its 28th Dick’s Sporting Goods store, this one at Richland Mall in Waco, Texas. “This new store will drive significant traffic to the center and illustrates our ongoing commitment to enhancing the tenant mix at the property,” said CBL CEO Stephen Lebovitz. Other new arrivals at Richland include H&M, PINK, and White Barn. Bath & Body Works and Victoria’s Secret recently completed remodels. Dick’s is set to open in spring 2018.
Will sales clauses in leases soon become obsolete?

The retail landscape today looks different than it did just a few years ago. Brick-and-mortar retail is becoming more diverse. Brands are embracing different operational models and integrating more closely with online and mobile channels. Retailers like Bonobos, Warby Parker and Restoration Hardware are using physical locations purely as showrooms, a new trend that appears to be gaining significant traction.
SoCal center sells for $20.7 million

A limited partnership has purchased the 110,359-sq.-ft. Southridge Plaza in Fontana, California for $20.7 million. Anchored by a Rio Ranch Market, the necessity-based center is strong among Hispanic consumers in this town just east of San Bernardino. Other tenants include Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill, and Cricket Wireless.