Real Estate

New York -- Brixmor Property Group announced today that it has named Daniel Hurwitz, former CEO of DDR Corp. and the founder and CEO of Raider Hill Advisors as Interim CEO, effective immediately. Hurwitz will also be appointed to serve on the company's board of directors.

The company also announced that CEO Michael Carroll, president and CFO Michael Pappagallo, and chief accounting officer Steven Splain, along with an accounting employee, have resigned, effective immediately. Carroll has also stepped down from the company's board of directors.

Houma, La. -- X Team International announced that partners Venture Commercial Real Estate and SRSA Commercial Real Estate completed a 20,023 sq. ft. lease for Northern Tool + Equipment in Houma, Louisiana, at the Houma Power Center.

This location will be Northern Tool + Equipment’s second in Louisiana, and will join a strong tenant mix including: Old Navy, Burkes Outlet, Shoe Carnival and Pier 1 Imports.

Fabletics, the athleisure brand co-founded by actress Kate Hudson in 2013, continues to expand in the physical space.   The e-commerce retailer, which opened its first brick-and-mortar outpost in 2015, plans to open 12 stores in 2017, giving it a total of 30 locations throughout the continental United States in just 23 months.       

JCPenney is pursuing a possible sale and partial leaseback of its headquarters building in Plano, Texas, as part of an ongoing effort to reduce debt and manage expenses.

The company announced Friday that a combination of favorable market conditions and a surplus of available square footage within the building make this an attractive real estate opportunity.

Lululemon Athletica will open the first U.S. outpost of the brand’s design incubator “lab” format in downtown Manhattan, in March.

It’s only the second location for the unusual concept. The first, opened in 2009, is in the company’s hometown of Vancouver, British Columbia.

The nation’s two leading mattress specialty firms are one.

On Friday, Mattress Firm completed its $780 million acquisition of rival Sleepy’s. The combined company will have annual sales of over $3.6 billion through approximately 3,500 retail locations in 48 states.

Sports Authority is taking steps towards filing for Chapter 11 bankruptcy protection, according to Bloomberg.

The retailer has a debt payment due in 10 days and in talk with its lenders about a reorganization plan under which it would close as many as 200 of its more than 450 stores, the report said.

Sports Authority reportedly skipped a $20 million in interest payment in January on a $343 million loan. It has 10 days to make the payment.

As we look at the white hot commercial real estate market, it’s clear that value-add and opportunistic investors are chasing deals in new asset classes and locations that are less than ideal. And it makes sense: they are return-driven, happy to take more risks to chase higher yields. But when the market inevitably comes down, they’ll have more to lose.

J.C. Penney is pursuing a possible sale and partial leaseback of its headquarters building in Plano, Texas, as part of an ongoing effort to reduce debt and manage expenses.

The company announced Friday that a combination of favorable market conditions and a surplus of available square footage within the building make this an attractive real estate opportunity.

It makes no sense for Amazon.com to open the type of physical bookstores it helped obliterate, not when the online giant already has the physical infrastructure in place to support a large scale rollout of another type of store in one of retail’s hottest sectors.