Real Estate

Look for J.C. Penney to close some stores as it moves forward.    In remarks at the The Weitzman Group’s annual forecast event, Penney CEO Marvin Ellison said the company’s 1,014-store portfolio is too large and that the retailer is analyzing which locations don’t meet its “brand standard,” the Dallas Business Journal reported.   

Some two decades ago Times Square underwent a radical transformation from New York City’s sin center to its version of Disneyland, a magnet of bright lights of wholesome fare that has become a must-stop for all tourists.  

In keeping with its fast-paced growth, Petco is starting the new year by celebrating the grand re-opening of 14 remodeled stores in Los Angeles.    Last year, Petco expanded its retail presence nationwide by opening 71 new stores and one new Unleashed by Petco store, remodeling 41 stores and expanding five stores.     Fourteen Petco stores will celebrate grand re-openings on Jan. 13-15.  

Dakota REIT has acquired what instantly became the largest shopping center in its portfolio — the 114,102-sq.-ft. Pinehurst Square East in Bismarck, North Dakota.   The Fargo-based REIT’s retail holdings consist primarily of neighborhood centers under 60,000-sq.-ft. in the Dakotas and Minnesota. Its largest center prior to the Pinehurst acquisition was the 103,860-sq.-ft. First Center South in Fargo.  

Houston-based developer Levcor Inc. has asked a North Carolina town to rezone an 11-acre parcel to accommodate a shopping center of up to 100,000 sq. ft.   The site resides just south of CBL’s Hanes Mall and a power strip consisting of Home Depot, Lowe’s, Costco, and Sam’s Club in Winston-Salem. Levcor is asking that the property, assembled from multiple lots, be rezoned from residential, single family use to general business special use.  

Sportsman’s Warehouse is building out its retail portfolio in familiar territory.   The Utah-based retailer announced three new locations: Everett, Washington; Pueblo, Colorado; and Visalia, California. The new stores are expected to open in the second half of 2017.     The location in Everett will be the tenth Sportsman’s Warehouse store in the state of Washington and will be located in the Greentree Plaza.    

O’Connor Capital Partners has acquired The Shops at Stonefield in Charlottesville, Virginia, from Edens for $121 million.   The 231,761-sq.-ft. Town Center portion of the property, which is two miles from the campus of the University of Virginia, opened in 2013. A 33,422-sq.-ft. Northside portion was completed in 2016. Key Tenants include Trader Joe’s, Regal Cinema, Pottery Barn, Brooks Brothers, and Bluemercury.  

The Howard Hughes Corporation announced it has purchased the 11.4-acre Macy’s store and parking lot at its Landmark Mall in Alexandria, Virginia, and will set about transforming the enclosed property into an open-air center.