Real Estate

Inland Real Estate Acquisitions has purchased an 85-unit residential property with ground floor retail in Vernon Hills, Illinois.   Constructed in 2010, The Commons at Town Center is a six-story structure consisting of 85 multifamily units and 10,609-sq.-ft of retail space. Current tenants are Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry, and Giuseppe’s Pizza Restaurant.   

Jewel Food Stores (Jewel-Osco), a wholly-owned subsidiary of Albertsons Companies, is expanding its footprint in Indiana.    Jewel-Osco said it has entered into an asset purchase agreement with Central Grocers to acquire 19 Strack & Van Til stores and other certain assets. Strack & Van Til is owned by Central Grocers, which filed for bankruptcy protection at the beginning of May.   

Outdoor retailer REI is setting up shop in a fast-growing gym niche.   REI and Momentum TM Indoor Climbing are launching REI Co-op Climb, which will serve as a hub for climbing gear, programming and events at each of Momentum’s new climbing gyms. Expert instructors from REI’s Outdoor School will help Momentum members and guests gain skills and confidence through gym to crag classes.   

L.L. Bean is going to set up camp in Boston.   The Freeport, Maine-based retailer will open its first permanent, full-line store in an urban location in spring 2018, in the Seaport District of Boston. The store will feature active and casual apparel, outerwear, and footwear, as well as outdoor lifestyle gear curated for residents and visitors of Boston. At 8,600 sq. ft., the Boston outpost will be significantly smaller than Bean’s traditional retail footprint.  

An online menswear brand that is expanding its store footprint has expanded its senior team.      Vancouver, Canada-based Indochino has appointed Randy Binning as VP of retail operations. The 15-year Guess Inc. veteran most recently served as director of stores for Guess and Marchiano Canada. Prior that he was a regional director for Guess. Binning is charged with leading a consistent and exceptional customer experience across all locations and ensure continued profitability as the company continues to grow.  

Southeastern Grocers’ announcement it would close six Bi-Lo stores in South Carolina leaves two Wheeler centers anchors, and the REIT has put out a call out for replacements.   CEO Jon S. Wheeler said his company would entertain a grocer or non-grocer to fill the vacancies at Cypress Shopping Center in Boiling Springs and Shoppes at Myrtle Park in Bluffton. Bi-Lo will shut down operations at the 47,260-sq.-ft. Cypress store and the 37,900-sq.-ft. Myrtle Park store in June.  

CBL continued to reduce its credit position with the disposition of mall assets this week and announced the dawning of a new day for the company.   The mall owner and developer closed on the sale of two Tennessee properties for a total of $53.5 million — Foothills Mall in Maryville and College Square in Morristown. Proceeds of the sales, CBL reported, were used to reduce outstanding balances on its lines of credit.  

Macy’s reported disappointing earnings for its first quarter, as its sale continued to slide.    Macy's posted a first quarter profit of $71 million, or 23 cents a share, down from $116 million, or 37 cents a share, in the year-ago period. Excluding some costs, Macy's adjusted per-share profit fell to 24 cents from 40 cents, below analysts' expectations for 35 cents.