Real Estate

Pacific Place, a 20-year-old luxury retail center in downtown Seattle, will be undergoing an extensive re-do beginning the fourth quarter of this year.   The 330,000-sq.-ft. home to Nordstrom’s flagship store, Barneys New York, and Tiffany & Co. will get a new South Lake-facing grand entrance to make way for added space that will accommodate upgraded restaurant tenants.  

Sears Holdings Corp.’s acknowledgement in a filing on Tuesday that the retailer had “serious doubt” about its future came as no big surprise to the retail industry, including Joseph Coradino, chairman and CEO of PREIT, a publicly traded real estate investment trust that owns and manages 23 million square feet of retail and lifestyle space.   

Four years of losses are catching up with Bebe Stores Inc.    The fashion retailer is hoping to turn its brand around by closing its stores and putting all its focus on e-commerce, according to Bloomberg. Bebe currently operates about 170 stores.   

Jeff Gordman, the former CEO of Gordmans, plans to submit a bid for the bankrupt 106-store chain that would rescue it from liquidation. But he isn’t the only interested party.   

Rouse Properties has divested itself of an 821,564 center in Eugene, Oregon, whose tenants include Target, Cinemark, Cabela’s, Kohl’s, Hobby Lobby, and Ulta. The Shoppes at Gateway was purchased by Balboa Retail Partners for an undisclosed amount.   “The Shoppes at Gateway is a thriving shopping center that drew significant investor interest," said JLL EVP Geoff Tranchina, who represented Rouse in the deal. JLL will continue on as the managing agent of the property.  

Avison Young has bought a Raleigh, North Carolina-based leasing and property management company and, in the process, added 65 shopping centers to its listings in the Carolinas.   The acquired company, Hunter & Associates, was founded in 1989 by Banks Hunter when he took over management of the historic Professional Building in downtown Raleigh. Hunter focused its efforts on the leasing and management of neighborhood and community centers to become the largest, locally-based retail brokerage in the region.  

Developers of a 350,000-sq.-ft. outlet mall in Staten Island’s burgeoning St. George district have looked across the New York Narrows to enlist the help of one of Manhattan’s most noted real estate brokers.  

Target Corp. is bringing its small-format store to the heart of Manhattan.   The discounter plans to open its first location in mid-town Manhattan, a 43,000-sq.-ft. store in Herald Square, just west of the 34th Street and Broadway intersection, and one block from Penn Station — and across the street from the Macy’s flagship.  

Detroit is one of the most encouraging and intriguing stories to develop in the wake of the Great Recession. With investment, development, and redevelopment booming downtown, office and multi-family momentum has spurred a retail revival. The Motor City is revving its retail engine and is well on the way to arriving as a true retail destination for the first time in decades.   

An official from the town of North Myrtle Beach in South Carolina is looking forward to more jobs and tourist income from the expansion of a shopping center in the beach resort area.   RealtyLink, a developer of power centers in the Southeast and Midwest, is about halfway done with its phase three expansion of the Coastal North Town Center & Village Shoppes on Highway 17. The 147,000-sq.-ft. addition will take the center size beyond 540,000 sq. ft.