Real Estate

Smithfield sells five Chicago properties
Smithfield Properties has sold five properties in Chicago to the Acadia Realty Trust for $150 million, reported the deal’s broker, Mid-America Real Estate Corp. The properties were: • North Kingsbury Center on the corner of North Avenue and North Kingsbury Street, with tenants including Old Navy, Pier 1 Imports, Blick Art Materials, and Modani Furniture.
Target thinking small is best for store expansion
More smaller, “flex-format” stores are in Target’s future.

Target Corp. CEO Brian Cornell sees the chain eventually opening hundreds of smaller “flex-format” stores, he told reporters Wednesday prior to the company’s fall national meeting at its Minneapolis headquarters, Bloomberg reported.

Target has opened 23 smaller stores in major cities, with plans to add nine more this year, including one in the Tribeca section of downtown Manhattan.

Parrot heads will flock to this new Mall of America tropical oasis

Come this winter, shoppers in frigid Minnesota will be able to escape to a tropical paradise without leaving the state.

Jimmy Buffett’s Margaritaville restaurant will open a location at Mall of American, Bloomington, Minn., on Sept. 20. The 315-seat restaurant and bar will be Margaritaville’s first in the state of Minnesota.
Home furnishings giant in new solar deployment

Ikea is installing the largest solar rooftop array in the state of Tennessee atop its location in Memphis.

The store’s 250,675-sq.-ft. solar array consists of a 1.46 MW system, built with 4,424 panels that will produce approximately 2,000,000 kWh of electricity annually for the store, the equivalent of reducing 1,406 tons of carbon dioxide (CO2)).

For the development, design and installation of the Memphis customized solar power system, Ikea selected Hannah Solar, an Atlanta-based full service, certified solar integrator.
Brookshire opens 25 smaller-format stores

Brookshire Grocery Co. is expanding its portfolio with a new, smaller-store store format.

The chain held three ribbon-cutting ceremonies on Sept. 13, completing the openings of 25 new Spring Market stores in Texas. The stores are located on former Walmart Express sites, which Brookshire acquired in July.

The stores bring Brookshire’s total store count to 177.
‘Workbars:’ The new gym membership?

The mobile workforce is changing the face of the workplace, and Staples wants to lead the next phase of this change.
Extreme-value teen retailer enters new market

Five Below will open its first store in the state of Minnesota, Marketplace Shopping Center in St. Cloud, on Sept. 23. And more are in the works. The company will also be opening two other Minnesota locations, in Brooklyn Center and Osseo, on Oct. 7.
CSA to select ‘Top Redevelopers’ for 12th-annual listing

Chain Store Age magazine is accepting nominations for its 12th annual “Top Redevelopers” listing, which recognizes shopping center owners and developers’ retail redevelopment efforts over the last 12 months. Selections will be based on square footage redeveloped between June 30, 2015 and June 30, 2016, financial investment, and project significance.
Hotel construction begins at One Daytona

Construction has started on the first hotel at One Daytona, the $120 million-plus project going up next to the Daytona International Speedway in Florida. The 105-room Fairfield Inn & Suites being erected by Shaner Hotel Group is a short walk from the track. It will be joined by a Marriott Autograph Collection hotel to be called The Daytona.
Weis Markets in store conversions

Weiss Markets is expanding its store portfolio.

The retailer plans to convert 38 Food Lion supermarket locations to Weis Markets stores. Weiss Markets has completed the purchase of 38 Food Lion stores and plans to convert the locations to the Weiss banner by the end of October. The acquired stores are located in the states of Maryland, Virginia and Delaware.
Nickelodeon to headline theme park at American Dream

Triple Five’s American Dream project in the New Jersey Meadowlands got closer to the finish line today with the announcement that Nickelodeon would be attaching its name and entertainment brands to the retail-entertainment center’s theme park. To be called Nickelodeon Universe, the 8.5-acre indoor amusement park — reputed by Triple Five to be the Western Hemisphere’s largest — will feature rides themed by Mutant Ninja Turtles, SpongeBob SquarePants, Blaze, and the Monster Machines.
St. Georges Crossing reaches full occupancy

Boating goods retailer West Marine has leased 14,650 sq. ft. at St. Georges Crossing, bringing the Woodbridge, New Jersey, center to full occupancy. Leasing agent for the center, Levin Management, reports that several other centers in its portfolio have reached 100% occupancy in recent months, indicating renewed strength in both the economy and retail in the Northeast. Levin handles a portfolio of 95 properties in that region and in Mid-Atlantic states.