Real Estate

Report: RadioShack to auction 2,000 stores in March; GameStop bids
Fort Worth, Texas – RadioShack Corp. will reportedly auction the leases of 2,000 stores in March, while GameStop has entered the picture as a bidder. According to Reuters, the bankrupt retailer received court approval to hold the auction on March 17 with Standard General making an initial “stalking horse” bid of $200 million and will move the date back to March 23 if more bidders emerge.
Chico’s Q4 loss widens; to close more stores, reduce headcount
Fort Myers, Fla. – Chico’s FAS Inc. announced plans to open 40 new stores and spend $30 million rolling out new POS systems, including mobile technology, in fiscal 2015. But the retailer also said it would shutter 120 existing locations over the next two years to improve its overall store fleet productivity and slash jobs. The closings are expected to ultimately result in expense savings of approximately $55.2 million upon completion.

RPAI acquires Cedar Park Town Center

Austin, Texas -- Retail Properties of America, Inc., closed on the acquisition of Cedar Park Town Center, a 181,000-sq.-ft. community center located in Cedar Park, an Austin, Texas submarket. The purchase price was $39.1 million.

The property is situated at the intersection of two major freeways, with visibility and access to more than 73,000 vehicles per day. Cedar Park is shadow-anchored by Costco and is 94.5% occupied and leased to a lineup of national and regional tenants, including At Home, Chipotle, BJ’s Brewhouse and In-N-Out Burger.
Mid-America handles sale of The Plaza at Prairie Ridge

Pleasant Prairie, Wis. -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of The Plaza at Prairie Ridge located in Pleasant Prairie (Kenosha County), Wisconsin. The 9,035-sq.-ft. three-tenant center was purchased by Mark Cosenza, VP of Oak Brook, Illinois-based Inland Real Estate Acquisitions, Inc. The seller was Milwaukee-based Evo Properties, LLC.
Hilldale brings two new local concepts to Madison

Madison, Wis. -- Two locally owned businesses – Mes Amies and Waxing the City – will join the tenant lineup as part of the redevelopment of Hilldale shopping center, located in Madison, Wisconsin.

Women’s apparel boutique Mes Amies will open this summer, a relocation from Chicago. And waxing and personal care studio Waxing the City will make its Wisconsin debut with the Hilldale store, also slated to open summer 2015.
dd's Discounts to open a new store in Jacksonville, Florida

Dublin, Calif. -- dd’s Discounts, a division of Ross Stores, Inc., will open a new store in north Jacksonville, Florida. The opening is slated for Feb. 28.

The new store is located in Highland Square at Dunn Avenue and Monaco Drive off Interstate 95. Florida is the retailer’s third largest state with a total of 25 stores. Including this new location, dd’s Discounts will operate over 150 locations in 15 states.
RSA to lease Crosswinds in St. Petersburg; Beall’s Outlet to anchor

Lakeland, Fla. -- Retail Solutions Advisors (RSA) has been selected as the exclusive leasing representative for Crosswinds, a 139,037-sq.-ft. community shopping center near Tyrone Square Mall in St. Petersburg, Florida.

Current anchors include Marshall’s, Michael’s and Bed Bath and Beyond.

The property is owned by Crosswinds St Pete, LLC, who will continue to manage the center.
Growth accelerating at Steinmart

Off-price department store operator Steinmart is looking to capitalize on favorable business trends this year with an aggressive expansion plan that will see the company add 11 new stores.

The Jacksonville, Fl.,-based operator of 270 stores had indicated last fall it would open 10 new stores this year, but after reporting better than expected sales results the growth target was increased by one location. Steinmart opened nine new stores last year as part of a renewed commitment to physical expansion.
Chico's loss widens, will close more stores

Chico’s FAS Inc. has revealed plans to close more stores, cut jobs and decrease its capital spending to $100 million for fiscal 2015, a 29% decrease to its three-year average.
Hudson’s Bay in joint ventures with Simon Property, RioCan

Toronto -- Canadian retail giant Hudson’s Bay Co. (HBC) has entered into two blockbuster deals, forming joint ventures with Simon Property Group and Canada’s RioCan Real Estate Investment Trust to target real estate growth opportunities in the United States and Canada. Both ventures are structured to facilitate an IPO at a later date.

The partnerships, which combined are valued at about $3.4 billion at the current exchange, are the latest example of retail companies moving to leverage their valuable real estate assets.
Tractor Supply Company ups domestic store target to 2,500 units

Brentwood, Tenn. - Tractor Supply Company has increased its domestic store growth target to 2,500 stores from 2,100 stores and its long-term operating margin target to 11.5% from 10.5%. The company is basing this enhanced guidance on the positive effects of key sales and gross margin initiatives, along with ongoing system enhancements such as demand planning, inventory allocation, and price optimization
Lumber Liquidators profit drops in Q4; will open 30-35 stores

Toano, Va. – Despite falling net income, Lumber Liquidators Inc. plans to open 30-35 new stores and remodel 15-20 stores, all in an expanded showroom format, during fiscal 2015. In the fourth quarter of fiscal 2014, the retailer reported net income of $17.3 million, down 17% from $20.8 million in the same quarter the prior year.

Selling, general and administrative (SG&A) expenses $6.5 million, or 9%, to $77.8 million primarily due to higher advertising, depreciation, occupancy and payroll expenses.