Real Estate

Modern furniture retailer opens largest store to date
Design Within Reach has opened a store in Portland, Ore., in an historic building that dates back to the end of the 19th century. The retailer opened in the city’s North Pearl District, in a circa 1890 two-story brick warehouse that originally served as a distribution center for pottery and housewares. "We're thrilled to be a part of the vibrant, evolving Pearl District and the opportunity to support the preservation of this historic building," says DWR president John McPhee.
Walgreens CEO: Company in 'active discussions' to get approval for Rite Aid deal
With the deadline for the deal set to expire Friday, Jan. 27, Walgreens Boots Alliance CEO Stefano Pessina told shareholders attending the Walgreens Boots Alliance annual meeting Thursday morning that the board of directors for both Walgreens and Rite Aid were in "active" discussions toward getting the deal approved even as the Federal Trade Commission continues to deliberate over the proposed retail pharmacy merger.

Kimco completes renovation and announces new tenants

Kimco’s $18 million renovation of Wilde Lake in Columbia, Maryland, has been completed and the mixed-use development is welcoming three new retail tenants. Starbucks will open both a café and a drive-thru this year and Salons by JC plans a fall opening. Dynamic Dental Care opened in December. Wilde Lake has 230 residential units, 30,000 sq. ft. of office space, and 41,000 sq. ft. of retail.
Off-pricer expanding

Nordstrom Rack is bullish on Chicago. The retailer announced plans to open a store at Mellody Farm in Vernon Hills, Ill. The property, which is being developed by Regency Centers, is located 30 miles north of downtown Chicago. The approximately 30,000-sq.-ft. store, scheduled to open in fall 2018, will be the 15th Rack store in Chicagoland following the announcement of new locations in Kildeer, Ill., and Schererville, Ind., which are opening this spring.
$33 million renovation planned for Hawaii’s largest mall

Washington Prime Group has announced a $33 million renovation plan of Pearlridge Center in Aiea, Hawaii, near Pearl Harbor. The 1.2 million-sq.-ft. property is the largest retail center in the state, consisting of Uptown and Downtown complexes joined by a monorail.
Warby Parker, Palo Alto, Calif.

Warby Parker has set up shop in downtown Palo Alto in a Spanish Colonial Revival building built in 1927. The hot eyewear retailer has a knack for combining its signature library-inspired design details, which include walnut shelving, terrazzo tiled flooring, and plush leather seating, with unique elements in each location. In Palo Alto, a mural of original illustrations by artist Maira Kalman adds color and a touch of humor.
Walsh joins Trademark leasing department

Gavin Walsh has joined Trademark Property Co. as a senior leasing representative focused on mixed-use properties in Texas. They include Waterside in Fort Worth, Watters Creek in Allen, and Hillside Village in Cedar Hill. Walsh arrives at the Fort Worth-based developer from The Shopping Center Group in Raleigh, North Carolina, where he handled a portfolio exceeding three million sq. ft. He also worked as a broker for Katz & Associates in the state.
Elion spruces up Jupiter center

Following its success in renovating another center in the Florida town of Jupiter, Elion Partners had embarked on a renovation of Jupiter Reserve, which will be re-christened as Pennock Square. Plans for the 43,172-sq.-ft. center include a cosmetic makeover to a more contemporary look, new signage, and parking and landscaping upgrades. Elion’s re-do of the nearby Fresh Market Village inspired the effort.
Developer extends its Walmart shadow

Schostak Brothers has added six multi-tenant properties to its “Shadow Walmart” portfolio of retail space adjoining supercenters, bringing it to a total of 67. The new additions are located in Louisiana, Mississippi, and Texas. “In the last decade, we have pursued an aggressive growth strategy in order to assemble one of the largest Walmart Supercenter shadow-anchored shopping center portfolios in the United States,” said Schostak COO Warren Strietzel.
Forest City sells Bronx center for $32 million

Forest City announced it has closed on the sale of Shops at Bruckner Boulevard in the Bronx to Urban Edge Properties for $32 million. The seller expects to net $9.2 million in the transaction.
Former retail landmark transformed

An historic department store building that closed its doors and has been empty for 30 years — long enough for a tree to start growing inside it — has been given a brand new lease on life.
Cinemark to renovate theatres at New Jersey center

Cinemark and XD will be upgrading all 16 of its auditoriums at CooperTowne Center in Somerdale, New Jersey. The renovated theaters will include electric-powered, oversized recliners, and movie-goers will be able to reserve them ahead of time via computer or smartphone. XD theaters feature wall-to-wall and floor-to-ceiling screen with enhanced JBL sound systems.