Real Estate

On the heels of announcing accelerated plans for expansion in the Northeast and Midwest, Stein Mart has reported impressive sales results for the second quarter.

The Florida-based off-price retailer reported net income of $4.1 million, up 58% from $1.7 million the prior year quarter. Sa,e store sales rose by 3%. Net sales rose 4% to $311.58 million from $298.16 million.

San Juan – Puerto Rico calls to many with warm weather, beautiful beaches and friendly people. The U.S. island territory is also calling to Starbucks Corp., who is answering with a new franchise deal that will significantly expand its Puerto Rican presence.

Starbucks has signed a licensing agreement with Baristas Del Caribe LLC, an affiliate of Puerto Rican conglomerate Empresas Fonalledas. Starbucks opened its first store in San Juan, in 2002 and today has 19 stores across the island, employing more than 340 employees.

Los Angeles – Fast-casual pizza chain PizzaRev is cutting into the Mexican market. PizzaRev has signed a franchise agreement with Grupo Galería to bring PizzaRev to Mexico.

The agreement calls for 20 PizzaRev restaurants to be developed throughout Mexico City and the states of Mexico, Nuevo León and Coahuila. The group is the largest Carl’s Jr. franchisee in Mexico and opened the first international store for PizzaRev parent company Buffalo Wild Wings outside of Canada.

Norfolk, Va. -- The Cordish Companies announced its comprehensive $40 million overhaul and rebranding of Norfolk, Virginia’s iconic Waterside Festival Marketplace as Waterside District.

Annapolis, Md. -- Roy Higgs International, LLC, a provider of architectural design services, is moving into a new studio in the commercial office complex on the Yacht Haven of Annapolis, Maryland, to accommodate its recent growth.

Founded in 2012, the firm provides architectural design services in the retail real estate industry — doubling its employee base from last year to 12 staff members. The move on Sept. 1 marks Roy Higgs Internationals’ third expansion in three years.
 

San Diego – The ranks of publicly traded retailers are going to have a new member. Petco Holdings Inc. has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common stock.

Chicago – Japanese fast-casual dining chain Jinya Ramen Bar, is using tenant representation from JLL to expand its U.S. brand. Jinya expects to add an additional nine U.S. franchise locations in key cities.

Currently, there are 14 locations throughout Japan, the U.S., Canada and Indonesia, all of which operate under Jinya brands. Senior VP Greg Ferrante and associate Arris Noble are leading the JLL team on this project.

Cincinnati - The Kroger Co.is establishing two new supermarket divisions in Texas -- a Dallas division and a Houston division. Previously, both markets were served as part of Kroger's Southwest division.

New York - Saks Fifth Avenue Off 5th plans to open a new store in spring 2016 at Gateway Shopping Centers in Austin, Texas. The new 50,000-sq.-ft. store will be fashioned in an open, modular layout, and feature a unique and unparalleled selection of designer finds for both men and women.

Dallas – Encore Retail, LLC, a subsidiary of Encore Enterprises, Inc., has acquired land to develop a 16+ acre high-density Class A mixed-use development in the affluent Town of Bedford, New Hampshire. The development is planned to be over 200,000 sq. ft. and will consist of fashion, recreation, fitness, dining and office space located in New Hampshire's retail and business hub.

The property is positioned along South River Road at the intersection of Route 101 and Everett Turnpike