Real Estate

Demand from e-coms raises the roof on warehouse rates
The mad dash to provide same-day delivery on the part of e-commerce players like Amazon is sapping warehouse space in the U.S. As a result, retailers should budget for higher leasing rates in the year ahead.
Muji goes suburban with New Jersey store
Muji, the low-cost, high-design Japanese retailer that had heretofore concentrated its stores in fashionable districts of New York, San Francisco, and Los Angeles, is making a move into New Jersey. Muji will open an 8,600-sq.-ft. store next month at the Westfield Garden State Plaza in Paramus, its first mall location in the Greater New York area. Current shops are found on Fifth Avenue and in Soho and Cooper Square in Manhattan.

Toys ‘R’ Us eyes New York for brick-and-mortar return

Toys “R” Us may have closed its New York name brand stores, but the retailer still has a fondness for the city. According to Fortune, Toys “R” Us CEO David Brandon has indicated he would like to add new Toys “R” Us stores to the company’s existing Babies “R” Us New York footprint. Just don’t mention the word “flagship.”
DLC restructures its leasing team; Ressa named senior VP

DLC Management announced several promotions within its national leasing team, chief among them the naming of Chris Ressa as senior VP of the department. A one-time Sherwin Williams real estate rep, Ressa joined DLC as a leasing rep in 2007 and rose through the ranks to become VP of the Midwest region and senior VP of the Northeast/Midwest region before being put in charge of nationwide leasing for this major owner and operator of open-air shopping centers.
Amazon plans new DC, pickup center

Amazon.com is continuing its aggressive strategy of launching new distribution facilities and physical pickup centers. The retailer will open a new fulfillment center in Kansas City, Kansas by the end of 2016. The 855,000-sq.-ft. facility, the second large-sized fulfillment center Amazon has announced within a span of four months, will create more than 1,000 full-time roles. In addition to this center and an upcoming facility in Edgerton, Amazon has existing Kansas facilities in Lenexa.
Newegg takes another step into the physical world

Newegg.com is expanding its physical footprint, this time in Canada. The online electronics retailer opens its Hybrid Centre in Richmond Hill, Ontario on Friday, July 15. The facility serves a dual purpose of allowing customers to pick up their will-call orders, as well as browse tech products or attend an educational seminar. Some of the products on display are available exclusively through Newegg, many of which are making their North American debut at the Hybrid Centre.
Pet Supplies Plus heads west

Specialty pet retailer Pet Supplies Plus is entering three new states as part of an aggressive 2016 expansion plan. The chain is entering California, Colorado and Oklahoma, as well as furthering its expansion in the states of New Jersey, Texas, Missouri, Iowa and Georgia. In addition, Pet Supplies Plus recently signed a deal to open 10 new stores in Kansas City, and is on target to open approximately 60 new stores by the end of the year.
Victoria’s Secret, Bath & Body Works to join Miami’s Brickell City

The retail tenant roster is filling out at the retail portion of Brickell City Centre, the billion-dollar residential and mixed-use project near completion in Miami. Signing on this week were Bath & Body Works, Pinko, Stitched, Suit Supply, and Victoria’s Secret.
Kimco asset transactions topped $1 billion in Q2

Sales and purchases of shopping center assets at Kimco Realty Corp during the second quarter of 2016 exceeded $1 billion dollars, according to details released by the company. The Hyde Park, New York-based Kimco sold 22 Canadian shopping centers totaling 28 million sq. ft. for $474.4 million, which included the assignment of $213.5 million of existing mortgage debt. It also disposed of 12 unencumbered U.S. properties totaling 1.5 million sq. ft. for $220.5 million.
Management shakeup at DDR; August is named CEO

DDR fired president and CEO David Oakes and replaced him with 40-year industry veteran Thomas August. A company press release says Oakes’ termination was unrelated to financial or operating results, though DDR showed a net loss of $93.5 million in 2015 after posting income of $91.3 million the previous year.
Off-price retailer continues to expand

Nordstrom remains in expansion mode with its Nordstrom Rack division. A 26,000-sq. ft. Nordstrom Rack is scheduled to open in spring 2017, at CityPlace, a 100-acre, master-planned development in Woodbury, Minn. The property is owned and managed by Elion Partners, a Florida-based real estate investment firm.
Tommy Bahama, Disney Springs, Lake Buena Vista, Florida