Real Estate

Women’s apparel retailer Joyce Leslie is calling it a day.

The company announced that it has received approval from the U.S. Federal Bankruptcy Court for a sale of its intellectual property and retail store leases, along with the lease of its corporate office and distribution center.

A combined 7.1% same-store sales decline at Sear and Kmart stores in the fourth quarter has parent company Sears Holdings vowing to undertake a wide range expense reduction and cash generating moves, including more store closings and asset sales.

Chattanooga, Tenn. -- CBL & Associates Properties announced plans to add home retailer West Elm at Friendly Center in Greensboro, North Carolina, as part of a 12,700-sq.-ft. expansion project for the center. West Elm will occupy approximately 9,000 sq. ft. of the total expansion, which also includes Pieology Pizzeria and an additional soon-to-be-named retailer.

The new development will be located between Anthropologie and Whole Foods. Construction on the space is currently underway, and both West Elm and Pieology are scheduled to open fall 2016.

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When Walmart announced in January that it planned to close 269 stores this year (154 locations in the U.S.), there was a good deal of chatter out there comparing the planned closures to a Macy’s announcement just over a week earlier revealing the upcoming closure of 40 stores and a restructuring plan that would eliminate more than 4,500 jobs.

Tractor Supply Company continues its rapid expansion, with the grand opening of its 1,500th store, on Feb. 13, in Odessa, Texas.

The retailer opened a total of 114 stores in 2015, and expects to open between 115 and 120 locations in 2016. Tractor Supply stores are located primarily in towns outlying major metropolitan markets and in rural communities.
  

Sak Off 5th's first location in New York City will feature a pop-up shop that appeals to the retailer's target market.

Saks announced that Gilt will open its first ever in-store shop at the Saks Off 5th store in New York. The pairing of these two brands in a physical space marks Gilt's entry into brick-and-mortar retail and demonstrates the company's plans to bring an all-channel shopping experience to Gilt customers.

Minneapolis -- Mid-America Real Estate announced five new retail leases recently signed on behalf of retailers. Mid-America Tenant Representation team represented the tenants in the following transactions, listed below in order of transaction size.

St. Louis Park, Minnesota (Hennepin County) – J. Crew Factory signed a 6,500 sq. ft. lease at Shoppes at Knollwood located in St. Louis Park, Minnesota. The 456,554-sq.-ft. center is anchored by Kohl’s and Nordstrom Rack.

Pier 70, the extensive waterfront redevelopment project in San Francisco, has announced its first official tenant and it’s a big one.

Restoration Hardware will open a five-story, 60,000-sq.ft. gallery-store in the historic Bethlehem Steel building. The high-end home furnishings retailer, slated to open in 2017, will be a subtenant of Orton Development, which master-leased eight buildings along 20th Street that will comprise the core of Pier 70.