Real Estate

Sears Holdings Corp. is doing a much better job at cutting costs than at stopping its sales decline.

The retailer’s total revenue in the third quarter, ended Oct. 31, fell 20% to $5.75 billion, from $7.21 billion in the year-ago period, amid store closings and divestitures and a drop in apparel and consumer electronics sales. (Sears had 1,687 stores at the end of the quarter, down from 2,249 a year earlier.)

Total same-store sales were down 8.6%. Kmart same-store sales declined 7.5%. Sears domestic same-store sales fell 9.6%.

San Juan, Puerto Rico -- Taubman announced eight new shopping and dining options will debut at The Mall of San Juan located in San Juan, Puerto Rico, before the end of 2015, seven of which are exclusive to the market. Additional more than 20 stores and restaurants are scheduled to open in 2016.

“We’re bringing a taste of New York, Tuscany and Florence to the island with the addition of three new dining experiences,” said Marnie Marquina, marketing and sponsorship director for The Mall of San Juan.

Sears Holdings Corp. is doing a much better job at cutting costs than at stopping its sales decline.

Hennes & Mauritz AB (H&M) is going green for its first store in Lower Manhattan.

The retailer will open a 25,000-sq.-ft. store at Westfield World Trade Center, set to open in spring 2016. It will be H&M’s 17th location in New York City, and its first U.S. store to apply for LEED (Leadership in Energy & Environmental Design) certification.

Phoenix-Mesa-Scottsdale, Ariz. -- Kimco Realty Corp. announced that it purchased Christown Spectrum power center in the Phoenix-Mesa-Scottsdale, Arizona for $115.3 million. The property is an 850,000 sq. ft. center situated one mile east of Interstate 17 and lies adjacent to the second-busiest light rail station in Phoenix.

Virginia Beach, Va. -- Wheeler Real Estate Investment Trust announced that the company has entered into a contract to acquire 13 properties located in South Carolina and one property located in Georgia from a private third party. The company expects to close on the properties in first quarter 2016 and will use a combination of cash, debt and operating partnership units to acquire the assets.

The nation’s largest supermarket operator has been on a tear since 2014, increasing its portfolio through acquisitions, reports The Cincinnati Enquirer. “We could get more deals by Kroger – and we should get more deals, more stores and more growth,” Scott Mushkin, an analyst with Wolfe Research in New York, said in the report. [The Cincinnati Enquirer]

JTRE Holdings announced it purchased the cooperative shares of the ground floor retail portion of 349 W Broadway in Soho, New York. Adding to its rapidly growing portfolio of commercial and mixed-use assets, the property was acquired for $5 million.