Real Estate

While generally steady post-recessionary economic performance has led to an extended period of retail growth, retailers and retail real estate professionals around the country have begun openly wondering about just how high rental rates can continue to climb. In the last few years, occupancy costs are up significantly virtually across the board; most dramatically in dense urban locations in larger markets.

Diverse and high profile is how Schostak Brothers & Company describes the tenant mix at their southeastern Michigan shopping center and several recent additions ensure the venue lives up to that billing.

Trader Joe’s, DentalWorks, One Society and Brain Balance Achievement Centers have joined the Northville Park Place shopping center located on the southwest corner of 7 Mile and Haggerty Road in the Detroit suburb of Northville.

Pre-leasing has begun on a $100 million mixed-use complex developed by Forest City Realty Trust that offers retailers an interesting opportunity to serve the bustling Chinatown area of Los Angeles.

The project, named Blossom Plaza, will feature 237 apartments and 19,000-sq.-ft. of commercial space on a two acre tract at the intersection of Broadway and College Street. Leasing the space on behalf of Forest City will be JLL VP Lorena Tomb and associate Danielle Cornwell.

Cross-border expansion is on the rise and an extensive new study from JLL identifies the top 50 major cities worldwide that offer the top growth prospects.

Shopper center operators have a new ally in their efforts to drive traffic called Cowboys Saloon: American Bar & Grill.

Cowboys is a new food and entertainment concept billed as a destination restaurant and country-western venue that is looking to grow rapidly the next few years. Founded six years ago, Cowboys is on a growth trajectory to operate more than 20 locations by 2018, up from the seven locations that will be open by year end.

The steel framing on Ikea’s future Memphis store has progressed far enough to allow for the installation of the chain’s iconic blue panels, a construction milestone that keeps the store on track to open this fall.

The 271,000-sq.-ft. store is being built on 35 acres in the Wolfchase Corridor along the southwestern side of Interstate-40 near the Germantown Parkway exit.

Sears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses.

The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.

A major Manhattan subway station concourse that had been closed since 2009 has been transformed into a lively shopping and dining destination.

TurnStyle, an underground marketplace inside the Columbus Circle 59th Street subway, is now open to the public.

Financing for the project was provided by Goldman Sachs, through its Urban Investment Group.