Real Estate

Retail’s history and future plays out in one building in Detroit
The address of Under Armour’s new brand house in Detroit — 1201 Woodward Avenue — is an historic one in retail. There, in 1917, S.S. Kresge, the forerunner of Kmart, opened its first Detroit “five-and-dime.” The Kresge Building figures in recent retail history, too, as one of the bloc of buildings purchased by Quicken Loans founder Dan Gilbert in his quest to revitalize Detroit’s blighted downtown.
Golf superstore retailer continues to expand
PGA Tour Superstore is betting on Las Vegas. The retailer has signed a lease to open its first store in the Las Vegas market, a 30,000-sq.-ft. space in downtown Summerlin. The location, expected to open later this year, is the company's 31st store. It will be staffed with PGA teaching professionals, have five state-of-the-art swing simulators, multiple practice hitting bays, an expansive putting green and a junior putting green along with an in-house club-making and repair facility.

Phillips Edison acquires Bakersfield center

Phillips Edison has acquired another grocery-anchored center, this on in Bakersfield, California. Riverlakes Village is a 92,212-sq.-ft. neighborhood center anchored by Von’s Supermarket and augmented by a classic necessity-based mix of CVS, Verizon Wireless, Bank of America, Supercuts, Steak and Grape’s, and Chipotle. The center is 97% leased, according to broker CBRE, which did not disclose the sale price.
Louisiana center changes hands

Kimco Realty has sold the Ambassador Plaza neighborhood center in Lafayette, Louisiana, to Westwood AC Properties for $5.3 million. According to Transwestern VP Fred Victor, who brokered the deal for Kimco, the property benefits greatly from being shadow-anchored by an Albertson’s grocery store. Ambassador Plaza boasts a wide variety of dining options, including Subway, Little Caesars, and Fruiti Smoothie.
Home furnishings chain adds new hotel location

West Elm is expanding its hotel portfolio — even before it opens its first location. The retailer, a division of Williams-Sonoma, announced Portland, Maine as the newest location for its West Elm Hotels collection. Expected to open in 2020, the 150 room, full-service boutique hotel will be developed on Portland’s waterfront by Portland Foreside Development Company LLC, and operated by hotel development and management company DDK, which is West Elm Hotels’ exclusive operator.
Levin hired to pump life into Meadowlands center

The Plaza at Harmon Meadow in Secaucus, New Jersey, has a new managing agent charged with revitalizing the 192,000-sq.-ft. property. Levin Management Corporation has taken over day-to-day operations at the center, which is located in a busy entertainment, transportation, and business corridor in the New Jersey Meadowlands. It is directly accessible off the New Jersey Turnpike and Route 3 and minutes from routes 17 and 46, I-80, the George Washington Bridge, and the Lincoln Tunnel.
Department store retailer plans $40 million investment in remodels, new stores

Not all department store retailers are closing stores. Charlotte, North Carolina-based Belk said it plans to open three new stores, part of a nearly $40 million investment in store remodels, capital improvements and new store openings in 2017.
Godiva, New York City

Godiva has opened its first in-store cafe in the United States, in Manhattan's Rockefeller Center.

The newly renovated store features a seating area where customers can enjoy a new collection of French-style desserts or Godiva’s signature chocolates, along with beverages. Godiva first introduced its cafe concept in London, where it operates a 40-table cafe on the second floor of the famous Harrods department store.
New Market closes on 34th center

Formed just three years ago, an aggressive acquirers of grocery-anchored centers has purchased its 34th property. New Market Properties, a wholly-owned subsidiary of Preferred Apartment Communities, has acquired Irmo Station, a Kroger-anchored center in Columbia, South Carolina. The company targets high-yield suburban markets in Texas and the mid-Atlantic and Southeast regions and market-leading grocery anchors such as Publix, Kroger, and HEB.
Tennessee center to get new owner and new image

The willow is associated with weeping, and the appearance of WillowTree Plaza in Cookeville, Tennessee, is certainly sad by modern standards. But now the center near Tennessee Tech University has a new owner and, soon, will get a new look. Boca Raton-based Fimiani Partners has purchased the 110,000-sq.-ft. center for $4.2 million and plans to invest in a new roof, a repaved parking lot, and a new paint job for Willow Tree.
Another department store retailer targeted for its real estate

Macy's and Sears are by no means the only department store companies with valuable real estate. Activist investor Snow Capital Partners has built a position in Dillard's Inc. and is planning to push for changes at the retailer, including unlocking the value of its real estate portfolio, Bloomberg reported.
Staples is one step closer to being acquired

Staples met the first requirement on its road back to private ownership. The office supplies giant, which is being acquired by private equity firm Sycamore Partners, has been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. This act states that no merger or acquisition can take place until the United States Federal Trade Commission and Department of Justice have determined that the filed transaction will not violate U.S. commerce antitrust laws.