Real Estate

Bassett, Va. - Bassett Furniture Industries Inc. has named Ann Zaccaria has joined the organization as VP, real estate and new store development. She will be responsible for site selection, lease negotiation and store planning for new Bassett retail locations.

Zaccaria served as VP, real estate with Ethan Allen Interiors for the last 22 years.

Bassett Furniture is a manufacturer and marketer of mid-priced home furnishings with 92 company- and licensee-owned stores.

Irvine, Calif. - Irvine Company Retail Properties is opening new restaurants across its Orange County portfolio in California, including Fashion Island, Irvine Spectrum Center, The Market Place, and several community centers.  

Charlotte, N.C. – Belk Inc. is expanding its presence in Alabama. The regional department store chain will open a new 237,000-sq.-ft. flagship store at The Shoppes at Bel Air in Mobile, Alabama.

Belk will be taking the place of an existing Sears, and expanding on its existing presence at The Shoppes at Bel Air. This activity is taking place following recent Reuters reports that private equity firm Sycamore Partners may be preparing to bid up to $3.5 billion for Belk.

Brooklyn, N.Y. - Home furnishings retailer West Elm will open its first South Carolina retail store in the Charleston on Aug. 13.

The nearly 10,000-sq.-ft. store will open with West Elm’s fall 2015 product assortment, a suite of complimentary design services and feature crafted goods by nine local artists and makers as part of West Elm’s “Local” initiative.

The new store is expected to bring an estimated 25-30 jobs to the Charleston community.

Las Vegas – Privately held real estate company Vestar has completed a buyout of The District at Green Valley Ranch, in Henderson, Nevada. Vestar paid $120 million to its joint venture partner Rockwood Capital to take full ownership of the 37-acre, 384,107-sq.-ft. landmark retail property minutes from Las Vegas.

New York - Rizzoli will open its new flagship bookstore to the public on July 27 in New York City's NoMad district. The 5,000-sq.-ft. space occupies the ground-floor level of the historic St. James Building.

Houston - Sub Zero Ice Cream & Yogurt has leased 1,200-sq.-ft. of retail space in Vintage Marketplace, a Whole Foods-anchored shopping center, for its first Houston location. Jacob Grossman with The Weitzman Group handled negotiations as exclusive tenant representative for Sub Zero.

At Vintage Marketplace, Sub Zero joins a line-up that includes, in addition to Whole Foods, concepts including Verts, Orangetheory Fitness, Mod Pizza, Supercuts and several others.

Cincinnati - Phillips Edison Grocery Center REIT II Inc. has acquired two grocery-anchored shopping centers, expanding the company's portfolio in Colorado. Meadows on the Parkway is a 216,437-sq.-ft. grocery store-anchored shopping center in Boulder, Colorado, The center is anchored by Safeway and also features national tenants Subway, Regus, Great Clips, Michaels, Anytime Fitness and Fast Signs.

Montvale, N.J. – So far, chapter 11 bankruptcy appears to be going as planned for The Great Atlantic & Pacific Tea Company (A&P). A&P has received approval for financing from the U.S. Bankruptcy Court of the Southern District of New York, bids for some stores, and will close 25 stores in the near term due to “lack of interest” and ongoing losses.

At a time when the future of the company is unclear, Belk Inc. is reportedly building another flagship store.

Rouse Properties Inc. announced it has signed a lease with Belk Inc. to open a new 237,000 square foot flagship store at The Shoppes at Bel Air in Mobile, Ala. Belk will be taking the place of an existing Sears, and expanding on its already integral presence at The Shoppes at Bel Air.