Real Estate

In 2013, Newport Capital Partners paid just over $31 million for Danada Square East, a 200,000-sq.-ft. center in Wheaton, Illinois, anchored by a Dominick’s supermarket. Yesterday, Newport sold the property for $63 million.  

On the heels of Golfsmith and The Sports Authority declaring bankruptcy, PGA Tour Superstore is picking up momentum and opening stores.     The privately held chain recently acquired a Sports Authority location in Glendale, Arizona, which it will reopen under its own banner in January 2017. PGA Tour is also planning new stores in Hilton Head, South Carolina, and in Jacksonville, Florida, with both opening in 2017.  

The Wet Seal is going to be very busy on Nov. 3.   That’s the day the retailer, in partnership with GGP, will open 13 holiday pop-up locations at GGP regional shopping centers throughout the nation.   "We see an opportunity for additional brick and mortar locations during the peak holiday season," said Wet Seal CEO Melanie Cox.    The temporary stores will range from 3,000 sq. ft. to 5,000 sq. ft. each.  

Amazon shoppers will have new venues where they can pick up and re-turn orders — local malls.   Washington Prime Group Inc. has entered into a partnership with Ama-zon to add self-service Amazon Lockers at 50 of its retail centers. The lockers, which are destinations where customers can pick up and return Amazon.com packages, will begin popping up as soon as next month.    

Once the mecca of “Valley Girls” lured by white marble interiors and retailers like Saks and I. Magnin, the Promenade Mall in Warner Center north of Los Angeles will be razed and replaced by a $1.5 billion mixed-use development.   Westfield, owner of the 43-year-old, 550,000-sq.-ft. mall, has announced a re-imagination of the site in line with the Los Angeles City Council’s Warner Center 2035 plan to urbanize the area.  

Starbucks Corp. announced its most ambitious expansion plans to date for China, and also named its first CEO for the country.   Starbucks said it plans to double its store count in China, growing to 5,000 stores by 2021. Overseeing the expansion will be Belinda Wong, who has promoted from president to CEO of Starbucks China, effective immediately.   

Apple is turning its stores into mini town squares.   The tech giant is redesigning its stores along the lines of its new San Francisco Union Square and London Regent Street locations, Fortune reported. It expects to have 95 stores fully revamped by year end.    

Dick’s Sporting Goods has cast its eye on another bankrupt sports retailer and former competitor.   In June, Dick’s acquired the intellectual property of the bankrupt Sports Authority. Dick’s is now preparing a bid for the U.S. business of Golfsmith International Holdings Inc., according to Reuters.      In making a bid, Dick’s is going up against an offer by Worldwide Golf Shops, according to the report.     

Gap to shut all Banana Republic stores in the U.K.   Shoppers in the United Kingdom will soon be able to buy Banana Republic merchandise only via the chain’s website.   Gap Inc. plans to close all eight of its Banana Republic stores in United Kingdom by the end of its fiscal year, Bloomberg reported.    In May, Gap announced that it planned to shut about 75 stores across its Old Navy and Banana Republic brands, with most of the closures overseas.

Michael O’Hanlon, a 35-year real estate industry veteran, has been hired as OliverMcMillan’s new chief operating officer. The company’s properties include The Shops at Buckhead in Atlanta and the River Oaks District in Houston.