Real Estate

Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.   Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.   

One of the most active acquirers in the retail real estate business has made its 292nd purchase in the great State of Texas.    Inland Real Estate Acquisitions announced the purchase of Denton Village in the town of the same name, situated 40 miles north of Dallas. The North Dallas region has been a hotbed of job growth, housing starts, and new retail development.  

Formula. Format. Familiarity. The retail recipe is tried and true, based on brand dress and standards developed over years and, often, decades. Standards meticulously define everything from the logo to the physical layout of stores. Storefronts, where the visual expression of the brand identity is most evident and most essential, is especially prescriptive. A Barnes & Noble in Miami looks the same as a Barnes & Noble in Minneapolis.   

Sprint is expanding its growing store network in the Pacific Northwest.   The company plans to open 12 new retail locations throughout Washington by the end of 2017. Currently, Sprint operates more than 107 stores throughout the state.   In Oregon, Sprint plans to open nine stores in the Portland Metro area by yearend. The carrier current has more than 64 locations throughout the market.  

A clothing brand know for its "radical transparency" is putting down roots in its hometown.   Everlane will open its first permanent brick-and-mortar location, in San Francisco. The opening date hasn't been announced yet, but the company has posted a variety of available jobs, including "flagship store leader," on its website.  The storefront, on Valencia Street in the city's Mission District, is already identified with the brand's "100% Human"  tagline.   

On the heels of opening its first location in Arizona, West Elm is entering a new state.   The home furnishings retailer, a division of Williams-Sonoma, will open its first store in Maine, in the historic Old Port district of Portland. The 12,000 sq. ft. location will open its doors on Thursday, July 27.   

The TJX Companies will debut a new, off-price home store concept in August.    HomeSense will open its initial U.S. location on  August 17, in Framingham, Mass.  Three additional stores are planned by the end of 2017, with locations in East Hanover, N.J., Ocean Township, N.J., and Westwood, Mass.  

Ross Stores continues to build out its store footprint at an aggressive pace.   The off-price retailer opened 21 Ross Dress for Less stores and seven dd's Discounts locations across 15 different states in June and July. The openings are part of the company's plans to add approximately 70 Ross and 20 dd's locations in 2017.   

Chain Store Age’s “Fastest-Growing Acquirer” for 2016 continues to be hard at it in 2017.   Phillips Edison has purchased Sierra Del Oro Towne Center in Corona, California, about midway between Los Angeles and Palm Springs, for $28.6 million, it was announced this week.  

Retail tenant specialist Jack Gray has joined Mid-America Real Estate’s Minnesota operation. He will be representing clients that include Starbucks, Buffalo Wild Wings, and Mills Fleet Farm.   Gray arrives at Mid-America from an internship on Cushman & Wakefield Northmarq’s industrial brokerage team.   Gray is a recent graduate of University of St. Thomas, where he earned a Bachelor’s degree in marketing.