Real Estate

Sears loss widens but beats estimates; doubles 2014 store closings
Hoffman Estates, Ill. – Sears Holdings Corp. reported a third quarter fiscal 2014 net loss of $548 million, up from the $534 million loss it reported in the year-ago period but smaller than its previously estimated. Cost-cutting measures helped Sears reduce its net loss growth. The discounter also revealed that it plans to close a total of 235 underperforming stores in 2014, which is nearly double the projection of 130 it made in August. Sears said eliminating those stores should boost EBITDA by $50 million.
Avison Young completes $15 million sale of Brannon Crossing
Atlanta - Avison Young has completed the $15 million sale of Brannon Crossing, an upscale shopping center with 60,780 sq. ft. of leasable space located at 405-435 Peachtree Parkway in Cumming, Georgia, just outside of Atlanta. The transaction comes on the heels of the firm’s recent disposition of the 27,057-sq.-ft. Lindbergh Crossing Shopping Center in Atlanta for $7.06 million.

Baker Katz completes leases of five Chipotle locations in Texas

Houston - Baker Katz, an X Team International partner and full-service commercial real estate brokerage firm, announced that it has negotiated five Chipotle leases in Texas. Jason Baker negotiated the leasing of the five Chipotle locations, ranging in size from just over 2,000 sq. ft. to 3,000 sq. ft. with a variety of different brokers.
Avison Young completes $15 million sale of Brannon Crossing

Atlanta - Avison Young has completed the $15 million sale of Brannon Crossing, an upscale shopping center with 60,780 sq. ft. of leasable space located at 405-435 Peachtree Parkway in Cumming, Georgia, just outside of Atlanta. The transaction comes on the heels of the firm’s recent disposition of the 27,057-sq.-ft. Lindbergh Crossing Shopping Center in Atlanta for $7.06 million.
Watch out Starbucks—Martha Stewart to open a cofffe shop

NEW YORK - Lifestyle guru Martha Stewart plans to open a coffee shop in New York.

A spokeswoman for Martha Stewart confirmed Wednesday that plans are in place for the company to open a New York coffee shop. She declined to offer more details, such as when it will open.

The shop will be located in Manhattan’s Chelsea neighborhood, the Associated Press reported, in the same building where Stewart’s company— Martha Stewart Living Omnimedia Inc.—is based holds the company's headquarters.
Project Spotlight: Steelpointe Harbor

Bridgeport, Connecticut - A major Northeastern waterfront project has achieved lift-off. Bridgeport Landing Development, a subsidiary of The RCI Group, announced that it has completed the $15-million Phase I infrastructure improvements at its mixed-use Steelpointe Harbor project in Southern Fairfield County Connecticut and it has begun going vertical.
Vera Bradly names industry veteran, former Saks exec as head of store development

Fort Wayne, Ind. - Vera Bradley has hired industry veteran-and former Saks executive— Harry Cunningham as head of store development, effective December 8, 2014.

Cunningham has nearly 25 years of experience in store design and visual merchandising. He has been with Saks Fifth Avenue since 2006, most recently as senior VP of store planning, design and visual merchandising.

Prior to that, he held various visual merchandising roles of increasing responsibility with Liz Claiborne, Saks Department Store Group and Dillard's.
Brixmor makes strategic leasing hires

New York City - Brixmor Property Group announced the hiring of Chardell Steves and Jerry Teitelbaum as VPs of Strategic Leasing for the West and North regions, respectively. Both seasoned mall leasing professionals, Steves joins Brixmor from General Growth Properties and Teitelbaum joins from Taubman Centers.
JLL names president of Americas Retail Brokerage Services

Houston - JLL has appointed Naveen Jaggi as president of JLL Americas Retail Brokerage. Jaggi comes to JLL from CBRE, where he was a senior managing director of Retail Services.

In his new role at JLL, Jaggi will oversee more than 100 brokers, spanning 25 major markets, who serve the firm’s 500 retail owner and occupier clients. Jaggi is also tasked with creating deeper integration, collaboration and consistency across the Americas retail platform and globally.
Metropol Instanbul will debut as one of largest mixed-use projects in Turkey

Istanbul, Turkey - Annapolis, Maryland-based architectural firm Roy Higgs International has been retained to design the retail portion of Metropol İstanbul, a global mixed-use project and architectural landmark of Istanbul that is rising within the borders of the Istanbul International Financial Center in Ataşehir.

“Metropol İstanbul will breathe new life into this vibrant city, elevating its architectural significance,” said Elif Ozbay, design manager for Metropol İstanbul.
Lululemon opens West Coast flagship

New York - Lululemon on Thursday will open a 5,766-sq.-ft. flagship at Third Street Promenade in Santa Monica, Calif.. The visual centerpiece of the store is an intricately-laid domed mosaic ceiling—in a vibrant blue hue—that reads, "Breath deep & appreciate the moment." The storefront boasts a colorful, two-story, illuminated glass corner.
Ikea taps Inovateus Solar to expand solar array on Detroit-area store

CONSHOHOCKEN, Pa. - Ikea plans to increase the solar array atop its store that opened eight years ago in Canton, Michigan. In September, IKEA began work on a 44,000-sq.-ft. expansion to the store, atop which new panels will be installed beginning spring 2015, with a completion by summer.