Real Estate

Seven out of 10 commercial real estate executives believe that the Trump administration will have a positive impact on their business in 2017.   Seyfarth Shaw, one of the most active real estate law firms in the U.S., polled 151 owners, developers, and brokers and found them bullish on the embattled President. They foresee efforts in deregulation, tax reform, and the potential dismantling of Dodd-Frank as aiding their causes.  

Pret a Manger has signed leases for four new stores in Manhattan and renewed leases on three others, reported RKF, which handled the lease agreements.   In its third location at Penn Station, Pret will debut its wine bar concept for the first time in the U.S. This shop will be located near the station entrance on 34th Street and 7th Avenue. The fast-casual chain’s other new locations in the Big Apple will be on West 27th Street in Chelsea, Park Avenue and 39th Street, and in Midtown at 53rd and Broadway.  

Bartaco, an expanding food and beverage concept that combines beer, fresh-squeezed juices, and yes, tacos, will debut in Texas at Trademark Property’s WestBend development in Fort Worth.   The mixed-use facility just completed construction on its first phase, which includes office as well as retail space and aims to create a new hub of activity near the campus of Texas Christian University. It features new landscaping, gathering areas along the Trinity River and Trinity Trails, along with a rotating public art program.

CBRE has brought in a former Sears executive to help retailers monetize under-performing retail space through partnerships with outside brands.   Kevin Marschall, formerly director of strategic partnerships and licensed business at Sears, has joined CBRE as a store-within-a-store specialist in the company’s retail partnerships unit.  

Nordstrom Inc. reported better-than-expected profit for its fourth quarter amid a strong performance by Nordstrom Rack and cost cuts.    The department store retailer reported that it earned $201 million, or $1.15 per share, for the quarter ended Jan. 28, compared with $180 million in the year-ago quarter. Excluding certain items, the adjusted earnings came to $1.37 per share. Analysts had estimated $1.15 a share on average.  

Ron Rubin resigned his post as chairman of the board of PREIT and will be succeeded in that role by CEO Joseph Coradino. His departure was expected, having been announced last month.  

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

The Limited is in line to get a new lease on life.    Sycamore Partners has won the auction for the e-commerce business and intellectual property of the bankrupt women's apparel retailer with a bid of $26.8 million, according to Reuters.