Real Estate

Baker Katz redevelops Texas center
Houston-based Baker Katz has redeveloped and fully leased a retail site in Beaumont, Texas.

Baker Katz principal Kenneth Katz made the announcement.

Baker Katz completely redeveloped the site, beginning with demolishing the previous building with an end plan to create five new spaces for retail tenants. Starbucks, Mattress One and Wingstop will occupy the 6,100-sq.-ft. building. T-Mobile and Access Dental will each have 2,800-sq.-ft. in the second building. There is a new H-E-B located immediately east of the property.
KTGY aids South Bay Pavilion expansion
The SouthBay Pavilion Center in Carson, California, is getting a little bigger.

KTGY Architecture + Planning has unveiled the design for Vintage Real Estate’s retailer expansion at SouthBay Pavilion, a 1.2 million-sq.-ft. enclosed shopping center. KTGY adapted Forever 21’s F21 RED brand for the new SouthBay Pavilion store, which includes large floor-to-ceiling display window boxes, textured wall treatments and red metal panels.

New York grocer gets Chapter 11 ruling

Fairway Group Holdings Corp., the parent company of Fairway Market, has received a verdict on its May 2016 bankruptcy filing.

The iconic New York food retailer had its Chapter 11 bankruptcy reorganization plan unanimously accepted by 100% of voting secured lenders and confirmed by Bankruptcy Judge Michael E. Wiles. Fairway is expected to emerge from bankruptcy during the week of June 20, 2016 with approximately $50 million in cash, a $140 million reduction of its debt and a reduction of annual debt service obligations by up to $8 million.
Bebe launches new global growth initiative

Bebe Stores Inc. is building upon efforts to turn itself around and boost its international presence.

The specialty apparel retailer, which launched a China growth plan in 2015, has entered into a joint venture with Bluestar Alliance LLC to license its brand domestically and globally. Bebe has received $35 million in connection with the formation of the joint venture.
Massive Ralph Lauren restructuring to include shuttering 50 stores

Ralph Lauren Corp. is seeking to rectify what it acknowledges have been operational mistakes with a program of cuts and organizational streamlining it calls “The Way Forward Plan.”
Phillips Edison adds to portfolio

Phillips Edison Grocery Center REIT I Inc. is acquiring a grocery-anchored shopping center, expanding the company’s holdings in Massachusetts.

Northwoods Crossing is a 159,562-sq.-ft. grocery store-anchored shopping center in Taunton, Massachusetts, a suburb 40 miles south of Boston. The center is anchored by BJ’s Wholesale Club. It also features national and regional tenants such as Tractor Supply Company, Dollar Tree, Subway, Ruby Tuesday and Wendy’s.
Dollar General adds to fulfillment network

Photo: Dollar General executives and local leaders cut the ribbon to celebrate the grand opening celebration of the company's new San Antonio Distribution Center. (L to R, Steve Sunderland; Wayne Peacock, Chairman, San Antonio Economic Development Foundation; Bexar County Judge, Nelson Wolff; Mike Kindy; Mario Tort; Todd Vasos, Dollar General CEO; Jeff Owen; Alan Warrick, San Antonio City Council; Jeff Owen; Bob Ravener; Jim Thorpe)
Hudson’s Bay names new directors

Hudson’s Bay Co. (HBC) shareholders have spoken.

In good news for the Canada-based department store operator, all of the nominees listed in its management information circular dated April 28, 2016 were elected as directors of HBC at the annual meeting of shareholders held Monday, June 6 in Toronto.

The newly-elected directors are:

· Richard A. Baker
· Robert C. Baker
· David G. Leith
· William L. Mack
· Lee Neibart
· Denise Pickett
Commentary: Everything Must Go

The term “post-department store era” was once considered so controversial that many in the retail world avoided using it, fearing backlash from powerful industry giants like Macy’s and Sears. Some saw the very idea of department store obsolescence as pure folly while others saw it only as a vague possibility too far in the future to consider.
JLL acquires construction-related consulting firm

JLL has broadened its project and development services (PDS) with the acquisition of Merritt & Harris (M&H), a leading provider of construction-related consulting services for real estate lenders and investors during new construction, renovations and workouts.
Rochester mall to make historic change

The Marketplace Mall located in the Henrietta area of Rochester, New York, will convert to an outlet center. The mall will undergo capital improvements, remerchandising of the retail mix, and will be rebranded as Marketplace Outlets. This is a first-of-its-kind full conversion of an enclosed regional mall to an outlet center.
Home furnishings retailer entering new state

West Elm will open its first Idaho store, in downtown Boise, on Thursday, June 9.

The 14,158-sq.-ft. -store incorporated wooden “Tater Blocks” salvaged from the renovation of Simplot’s Caldwell-based potato storage facility into the store’s custom interior design. The blocks, once used as industrial flooring for potato storage facilities, have been repurposed to create a unique art installation at the new store.