Real Estate

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 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 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.  

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.  

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.   

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.

InvenTrust Properties has acquired The Shops at Town Center in Germantown, Maryland for $53.6 million. The necessity-based property boasts a strong lineup of food and beverage tenants including Baja Fresh, Chipotle, and Zoe’s Kitchen.  

The asset disposition company A&G Realty has entered into a joint venture with a supermarket real estate veteran with the business proposition that better data analysis will help retailers be more proactive in managing real estate portfolios.