Real Estate

Redefining the space
Retailers, developers attempt to turn shopping centers into gathering places with stores
Digital moves fast. Business people who disregard the devastating waves of changes it leaves will inevitably be engulfed by them. Consider this rising marketplace tsunami detected by Deloitte Consulting:
Shop Talk
TRENDING STORES: PetSmart debuted a new store concept that puts a big emphasis on pet services. The 7,400-sq.-ft. PetSmart Pet Spa, in Oceanside, N.Y., is decidedly smaller than PetSmart’s typical footprint and features a self-service dog wash, a grooming salon and a coffee bar-lounge area. The overall modern design includes a circular “concierge” desk with a bakery full of dog treats.…Amazon Books plans to open its fourth location, a 7,200-sq.-ft. store in Chicago’s Lakeview neighborhood.

Time Equities buys Dearborn power center for $20.6 million

Mid-America Real Estate reported it has arranged the sale of the Fairlane Meadows Shopping Center in Dearborn, Michigan, to Time Equities for $20.6 million. The seller was Ramco-Gershenson Property Trust. The 157,225-sq.-ft. center is situated within a residential development of the same name. The store roster includes Best Buy, Citi Trends, David’s Bridal, Five Below, and Dollar Tree. It is shadow-anchored by Target and Burlington Coat Factory.
A retail crossroads continues to expand in Texas

New shopping center construction may be in a nationwide lull, but not in Tarrant County, Texas, where a developer is poised to break ground on a 90-acre parcel flanked by two other sizeable centers. A partnership controlled by the De La Vega Group will begin building a mixed-use project called The Citadel across Interstate 35 from Alliance Town Center and adjoining the newly opened Presidio Town Center north of Fort Worth. Upon its completion, retail space will top 2 million sq. ft. in the submarket.
West Elm goes for three in Nevada

Between a partnership with Sonos and its expansion into the boutique hotel business, it’s been a busy couple of weeks for West Elm. And with it all, the home furnishings retailer continues to grow its core business. West Elm will open its third store in Nevada, in Downtown Summerline, on Oct. 6. As part of the retailer’s Local program, eight Nevada-based makers and designers will sell their products with the store’s holiday assortment of modern furnishings and décor.
Twin Cities mall slated for $76 million makeover

One of Minnesota’s highest-volume malls is about to get a $76 million renovation that will give it new retail space and sight lines and – more rare these days – a new department store tenant. Rosedale Center, a 1.14-million-sq.-ft. property situated between the Twin Cities of Minneapolis and St. Paul, will soon break ground for a two-level Von Maur store and parking deck with 1,100 spaces, according to owner JLL. Macy’s and J.C. Penney already do business there.
Ground is broken at Kentucky value center

Construction is underway at a planned 185,000-sq.-ft. center that will bring a top-level roster of value retailers to the western Kentucky town of Hopkinsville. Thompson Thrift is the developer. Hopkinsville Town Center, located just north of Clarksville on the Tennessee border, will count Hobby Lobby, TJ Maxx, Ross Dress for Less, Ulta, Burke’s Outlet, Hibbett Sporting Goods, and Rack Room Shoes among its tenants when it opens in late 2017 or early 2018.
PetSmart in growth spurt

The retailer opened 11 new stores in the U.S. and Canada for the quarter ending Aug. 1, 2016. This adds to the 12 new stores it opened in the first quarter, bringing the total for the year to 23. PetSmart is on track to achieve its goal of 80 net new stores in 2016. The new stores average around 14,000 sq. ft., with service offerings such as grooming and pet training.
Bonobos takes Madison Avenue space

Bonobos opened its fifth Manhattan store this week on Madison Avenue, surrounded by neighbors that include Porsche Design, Tourneau, Dino Baldini, and Lladro. Called the Bonobos Guideshop NYC, the store inhabits a 1,725-sq.-ft. ground floor space with all-glass frontage on the southwest corner of 52nd Street in the shadow of St. Patrick’s Cathedral. The deal was brokered by RKF.
Starbucks, South Side of Chicago
Time Warner Center debuts luxury pop-ups

It houses one of the nation’s premier jazz performance centers, as well as Michelin-star restaurants, so New York’s Time Warner Center couldn’t have any old pop-up shops lining walkways with spectacular views of Central Park South.
Bass Pro Shops to acquire rival in $5.5 billion deal

Bass Pro Shops has agreed to acquire Cabela’s in a deal that will allow the privately held Bass Pro to nearly double its store count. Bass Pro plans to purchase Cabela’s for about $65.50 a share in cash, which represents a 19% premium over Friday’s closing price. The agreement will create an outdoor retail powerhouse that specializes in fishing, hunting and boating merchandise. Both companies are known for their elaborate, wilderness-themed store interiors.