Real Estate

Simon has opened the doors on a new 155,000-sq.-ft. wing at its King of Prussia Mall that connects the five-anchor Plaza and two-anchor Court. The Pennsylvania mega-mall’s footprint now encompasses 2.9 million sq. ft.   Longtime tenants Burberry, Hermes, Louis Vuitton, and Tiffany relocated to the new addition. Some 50 new stores will populate the space, led by high-fashion and luxury brands such as Calligaris, David Yurman, Jimmy Choo, CH Caroline Herrera, and Diane von Furstenberg.   

The Northfield Crossing Shopping Center in Murfreesboro, Tennessee, that featured a Hastings Entertainment store has been purchased by Baker Storey McDonald Properties on behalf of an unnamed client. Terms of the sale were not disclosed.   Meanwhile, RCS Real Estate Advisors announced it would be auctioning off 120-plus store leases for the bankrupted music, movie, and video game retailer. The chain’s inventory was purchased by Hilco Merchant Resourses and Gordon Bros. Retail Partners in a Chapter 11 filing.   

It’s the pizza chain on the rise in the U.S. and in Houston, too, apparently.   MOD Pizza will open 11 new locations in H-town this year, bringing its total in the metro to 15, according to Transwestern, which served as the leasing agent. The fast-casual chain is well on its way to 200 locations, with for 50 new shops in 2016.   MOD Pizza’s $65 million in sales represented a 21% increase in 2015, making it the fastest-growing new food chain in the U.S., according to Nation’s Restaurant News.

Skechers continues to expand its global footprint.   The brand on Tuesday opened a flagship store in the shopping center at the new World Trade Center in lower Manhattan. With some 1,545 stores worldwide, Skechers anticipates having more than 1,600 locations up and running by yearend.  

PREIT announced it had completed the sale of the Washington Crown Center in Washington, Pennsylvania, to the Kohan Retail Investment Group for $20 million. The 674,000-sq.-ft. mall — 25 miles south of Pittsburgh on I-70 — is anchored by Bon-Ton, Macy's, Gander Mountain, and Sears.   

After a long, post-recession lull, leasing activity at shopping centers and strip malls in the Phoenix area is picking up, according to a report in Tempe’s East Valley Tribune.   Local real estate investor Michael Pollack is so bullish on the scene that he said he envisions tenant waiting lists as a possibility for the near future.    “We are in a red-hot market right now,” said Pollack, who invests in financially distressed centers and renovates them. 

In what it says is part of an expansion into the western United States, New York-based Time Equities Inc. (TEI) purchased the Newgate Mall in Ogden, Utah from General Growth Properties for $69.5 million.   The 718,035-sq.-ft. mall is anchored by Burlington Coat Factory, Cinemark, Dillard’s, and Sears. TEI reports it is 98% leased with approximately 100 tenants. Bath & Body Works, Kay Jewelers, Gymboree, and Victoria’s Secret are among those on the roster.  

Dick’s Sporting Goods on Tuesday hit a home run, posting second quarter results that surpassed analysts’ expectations and lifting its earnings forecast for the year.   Dick's reported net income of $91.4 million for the quarter ended July 30, up from $90.8 million in the year-ago period.   Net sales increased 7.9% to $1.97 billion. Online penetration for the second quarter was 8.5% of total net sales, compared to 7.3% last year. Same-store sales increased 2.8%.