Real Estate

At a time when the world of commercial real estate continues to evolve in new and different directions, many traditional malls find themselves at crossroads. To survive, mall owners and operators must make significant and sometimes dramatic changes in order to remain commercially relevant and financially viable.
 

The latest chapter in Detroit’s ongoing real estate revival is being written by a $65 million mixed-use project called The Scott at Brush Park, which features 199 luxury residences and roughly 15,000-sq.-ft. of ground-floor retail and restaurant uses.
 
Scheduled to open later this year, the five-story project is being developed by Birmingham, Michigan-based Broder & Sachse Real Estate Services Inc. and Southfield, Michigan-based Woodborn Partners LLC.
 

For anyone looking at the current state of retail in the Midwest, one of the most fascinating things to track is how some of the macro trends we see in the marketplace today are the end result of years (sometimes decades) of evolutionary change.
 

Ikea has broken ground for its second store in Ohio.

The new Ikea will open in summer 2017. The 355,000-sq.-ft. store is being built on 33 acres at the northeastern corner of Interstate-71 and Gemini Place in the Polaris Centers of Commerce development, approximately 15 miles north of downtown Columbus.

The retailer has contracted with Pepper Construction to build the project. The chain also will evaluate potential on-site power generation to complement its current U.S. renewable energy presence at nearly 90% of its U.S. locations.
 

A popular goose from up north is about to nest in two high-profile locations.  

Canada Goose, best known for its signature — and pricey — goose-down jacket with Arctic Circle logo and fur-trimmed hood, will open its first two freestanding stores this fall. The flagship locations are set to open at Yorkdale Shopping Centre in Toronto, and in downtown Manhattan, in SoHo.

Empire Outlets is New York City’s first and only outlet center so it was only fitting that a contract related to the major project was consummated at the retail real estate industry’s biggest show.
 

Forget South Beach. Brickell City Centre is shaping up as the place to be and be seen in the Miami area with 11 more retail tenants added ahead of a planned November opening.
 
Eleven new tenants have joined the 500,000-sq.-ft. Brickell City Centre retail development scheduled to open this November in an area of Miami developers of the project describe as underserved.
 

The 27th annual Chain Store Age survey of Fastest-Growing Acquirers features some familiar names, but a diversity of philosophies and experiences when it comes to driving long-term growth.
 

Retail has been the foundation of shopping centers throughout their existence, but new entertainment concepts are making inroads in traditional retail venues.
 

Amazon.com Inc. is supporting continued growth in California with fulfillment centers launching in the cities of Tracy and Eastvale.