Real Estate

RCG Ventures has purchased Oak Brook Square in Flint, Michigan, for $14.2 million. Anchored by TJ Maxx and Hobby Lobby, the 152,073-sq.-ft. center is located across the street from the Genesee Valley Mall in Flint’s largest trade zone.

TJX Cos. is preparing to debut a new retail banner.   Speaking on the chain’s quarterly call with analysts, TJX CEO Ernie Herrman said the company will open four home goods stores in the United States under a new nameplate this year, CNBC reported.   The new concept will allow TJX to enter new markets and sell products that it hasn't currently penetrated with its HomeGoods footprint, Herrman said, according to the report.     

Staying true to its recently announced growth plan, Dollar General is preparing to break ground on a new distribution center.   

The Shops at Stonehenge in Chesterfield County, Virginia, south of Richmond, will be sold in a foreclosure auction this week, according to a report in the Richmond Times-Dispatch.  

Neil Saunders, managing director of GlobalData Retail, comments on Macy’s fourth quarter results:   

Nordstrom Rack announced it would open its first Baltimore store at The Shops at Canton Crossing in spring 2019. It will be part of the center’s 90,000-sq.-ft. Phase II addition, which is expected to begin construction in November.  

Dick’s Sporting Goods is expanding its breadth.   The chain is preparing to open five stores during the second week of March, a move totaling approximately 180,000 sq. ft. of retail space.    Specifically, a new Dick’s Sporting Goods will open in the Glendale area of Queens, New York, in one of the former Sports Authority locations that the company took over late last year. Another Dick’s store will open in Hinesville, Georgia.   

Restaurants are the current darlings of the shopping center developers. It was reported last year that Americans spent more money at bars and restaurants (a total of nearly $55 billion) than they did on groceries. In case you were wondering how big a deal that is, consider this: It was the first time in recorded history that that was the case. But that’s not the only reason that shopping center owners are mad for restaurants. They are also hubs of social activity that contribute to that all-important and often elusive experiential energy.