Real Estate

Dick’s Sporting Goods will be relocating one of its stores in the Harrisburg, Pennsylvania, metro to space formerly inhabited by Sears at PREIT’s Capital City Mall.  

The largest proposed mall and entertainment center in North America  has been granted its first approval.    The comphrehensive master plan of the massive,  6.2 million-sq.-ft.  American Dream Miami project won preliminary approval from the Miami-Dade County Commission, reported The Read Deal.  

PriceSmart is ready to break ground on its newest locations.    The warehouse club retailer has acquired approximately 242,000 sq. ft. of land in Santa Ana, Costa Rica — the home of its newest warehouse club set to open in the fall. This will be the chain’s seventh club operating in Costa Rica.  

The Wet Seal has filed for Chapter 11 bankruptcy protection for the second time in a little over two years.   The move comes after the struggling teen apparel retailer said it planned to close all its stores after it was unable to find a buyer or fresh capital.  The company’s website is still selling merchandise, with all goods discounted.     

Dillard’s has signed an agreement to move into a shuttered Macy’s store at the Layton Hills Mall in Layton, Utah, north of Salt Lake City. Construction on the 160,000-sq.-ft. site is set to begin in April, looking toward a fall 2017 opening.  

Lowe’s has signed on as the third anchor at Lake Nona Landing, the newly opened shopping center within the 17-square-mile Lake Nona master-planned community outside of Orlando, Fla. The 158,000-sq.-ft. home improvement store joins current anchors Walmart Supercenter and Sam’s Club.   Developer Tavistock Development announced it has also executed leases for seven other retailers at the 53-acre site: TJ Maxx, Mattress One, Firehouse Subs, Anthony Jewelers, UPS, Rubio’s, and GNC.  

A blockbuster deal in retail could be on the horizon. Or not.   Canada’s Hudson's Bay Company has approached Macy’s about a takeover, reported The Wall Street Journal, citing people familiar with the matter.   The talks between the companies are in the early stages and could lead to something other than an acquisition, according to the Journal, such as a deal for Macy’s real estate, which could be valued at roughly $14 billion. The talks could also go nowhere.

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.