Real Estate

NYC BEST BETS: TOP 10 NEW STORES
The past year saw the opening of dozens of exciting new stores in Manhattan. Here’s my annual list of faves:
• Barneys: In a spectacular homecoming, the upscale retailer opened a stunning flagship downtown on the same block the company was founded in 1923. The multi-level, 55,000-sq.-ft. store combines the ultimate in modern luxe with the latest technology, from beacons to a store clienteling app to mobile checkouts. (101 Seventh Ave.)
Northeastern Exposure
Packed and bursting with opportunities
Ground-up projects are hard to come by here, but shopping center innovation and new retailers are not
Density and diversity. The two D’s. That, in short, is what sums up the Northeast market for retailers. It’s the place where chains with national expansion plans or new formats to test need to be.

Expanding North

DLC Management Corp.’s grocery-anchored shopping centers can be found in places such as Dallas; Milwaukee; Columbus, Ohio; and Birmingham, Ala.; but the company has a special stake in the Northeast. In October, DLC closed the biggest deal in its history, acquiring a passel of 16 centers, all but one of them in New York state. Chain Store Age Real Estate Editor Al Urbanski talked with DLC CEO Adam Ifshin and asked him what retailers need to know about the Northeast market.
Done deal: Penney sells headquarters campus in leaseback deal

J.C. Penney continues to lower its debt load. The retailed has sold its sprawling headquarters campus in Plano, Texas, to Dreien Opportunity Partners, general partner of Silos Opportunity Partners, for a gross sale price of $353 million before closing and transaction costs.
Sears gets another lifeline from CEO — this time backed with real estate

For the second time in a week, Sears Holdings Corp. is borrowing money from the hedge fund of its CEO. The embattled retailer has entered into a $500 million secured loan facility (maturing in July 2020) with ESL Investments, the hedge fund controlled by Sears chairman and CEO Edward Lampert. Of the total, $321 million was funded immediately, and an additional $179 million may be drawn in the future.
Shop Talk

TRENDING STORES: Two Canadian brands are dropping anchor in the United States. Health and beauty retailer Saje Natural Wellness, which operates 45 locations up north, will open two stores in the Los Angeles area by year end. Another 25 stores are on tap for 2017. Featuring natural wellness, personal and home care products and accessories, Saje stores are open, light and airy, with a high level of design. The Saje store at Toronto’s Sherway Gardens features a 30-foot Italian tile façade.
ON THE LEVEL with Al Urbanski

Oculus Populi: The mall at the center of the World Trade Center
New Orleans Saints champion, partner, to expand Dunkin’ Donuts in Louisiana

A new partnership plans to open dozens of Dunkin’ Donuts locations in Louisiana. The company announced that New Orleans Saints Quarterback Drew Brees, in partnership with existing franchisee Vik Patel, has signed an agreement to develop up to 69 new Dunkin' Donuts restaurants in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, Louisiana over the coming years. Brees is a New Orleans Saints Super Bowl champion and MVP and former New York Giants offensive lineman.
Ping pong club rounds out leasing at Philadelphia center

Spin, an entertainment concept that had its genesis in “Naked Ping Pong” parties in New York’s Tribeca neighborhood, has taken the ground floor space to close out leasing at a new retail venue in Philadelphia. The glass-fronted, 55,000-sq.-ft. center in Rittenhouse Square, owned by an affiliate of Midwood Investment & Development, is co-anchored by The Cheesecake Factory and Verizon. Also inhabiting the three-story building is &Pizza and WeWork, a collaborative work space.
Gracious Homes New York location up for grabs

Gracious Homes’ lease on a 17,000-sq.-ft. store in the Chelsea neighborhood of Manhattan is on the auction block. The location, which has 70 ft. of frontage on 25th Street between Broadway and 6th Avenue is being made available at a “substantially below market” rate, according to Andy Graiser, co-president of A&G Realty Partners, which is handling the auction for the retailer that recently filed for bankruptcy protection.