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Real Estate

  • Electronics/appliances retailer files Chapter 11; finds buyer

    Indianapolis-based Hhgregg has filed for bankruptcy.    The move came just days after the struggling chain announced a big wave of store closings.    In a statement, Hhgregg said it has reached an agreement with an anonymous party to purchase its assets, which will allow the company to exit Chapter 11 debt free “with significant improvement in liquidity for the future stability of the business.” Terms of the agreement were not disclosed.   

  • Off-pricer to open 90 stores in 2017

    Ross Stores continues to maintain an aggressive store expansion strategy.   The retailer recently opened 23 Ross Dress for Less stores and five dd's Discounts stores across 15 different states in February and March. The new locations are part of the company's plans to add approximately 70 Ross stores and 20 dd's locations during 2017.  

  • Decron continues shedding retail properties

    Decron Properties’ sale of a Target-anchored center in Las Vegas was its sixth disposition of an office or retail asset in the last two years as it continues to focus on multi-family housing projects.   The $17.5 million sale of the Flamingo Maryland center near the Las Vegas Strip added to a bank of $300 million in proceeds realized from the deals that the Los Angeles based company put toward the purchase of seven multifamily communities in California.  

  • CBL sells Belk-anchored Florida center

    CBL has sold Cobblestone Village, ad 96,891-sq.-ft. center in Palm Coast, Florida, to RCG Ventures, a privately funded real estate investment group. The selling price was not disclosed.   The Belk-anchored center is a quarter-mile from the Interstate 95 interchange and is adjacent to Lowe’s and Walmart. It was “highly sought after by a variety of institutional and private investors,” said John Crossman, president of Crossman & Company, which handled the sale on behalf of CBL.  

  • Ethically-sourced Brilliant Earth expanding in brick-and-mortar

    Another online retailer has made the jump to the physical space.   Brilliant Earth announced plans to open three new locations, in San Diego, California; Washington, D.C.; and Denver, during the spring and summer. The new showrooms will join the retailer’s five other existing locations in San Francisco, Los Angeles, Boston and Chicago.  

  • Saks Off 5th continues Canadian expansion

    Saks Fifth Avenue is adding to its store fleet up north.   On Thursday, March 9, Saks Fifth Avenue Off 5th will open two new locations in the greater Toronto area,      “This month marks our one year anniversary of entering the Canadian market, and we’re excited to continue our Canadian expansion with two new stores in the GTA,” said Jonathan Greller, president, Saks Off 5th and Gilt.   

  • Equity One team named to lead DDR

    Equity One CEO David Lukes has accepted the chief executive’s position at DDR Corp., it has been announced in a press release from DDR. Equity One was acquired by Regency Centers in November to form the largest REIT focused on shopping center development.   Two of Luke’s lieutenants at Equity One will join him in leading the Beachwood, Ohio-based company. COO Michael Makinen and CFO Matthew Ostrower will perform the same roles at DDR.  

  • Consumer electronics/appliance retailer to close stores

    Hhgregg is cutting lose its weakest locations.    The struggling chain said it plans to close three distribution facilities and 88 stores as part its effort to improve liquidity and return to profitability. The closings, expected to be completed by mid-April, will leave the retailer with 132 stores.   The announcement comes just days after the New York Stock Exchange delisted Hhgregg for failing to meet the minimum listing requirement, and amid rumors the chain plans to file for bankruptcy protection.
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