Real Estate

Seattle – Everyone from mass merchandisers to dollar stores has been getting into the grocery business in recent years, and the vertical may soon have a new and very large participant.

Germantown, Tenn. - Trademark Property Co. has broken ground on the second phase of redevelopment at its Saddle Creek shopping center in Germantown, Tennessee, focusing on enhancements to the north side of the property. Combined with the initial phase, which is nearing completion, the redevelopment efforts will add approximately 25,000 sq. ft. of new retail space to the property.

Minneapolis – Target Corp. is reportedly planning to expand upon existing solar plans for its North Carolina store base. According to the Charlotte Business Journal, Target has added eight stores to the existing 19 stores in the state it plans to equip with rooftop solar panels.

West Elm plans to open a 10,000-square-foot shop in one of the most up and comng urban centers in the South.

The store will open with West Elm’s fall 2015 product assortment, a suite of complimentary design services and feature crafted goods by nine local artists and makers as part of West Elm’s “Local” initiative. The new store is expected to bring an estimated 25-30 jobs to the Charleston community.

Oak Brook, Ill. – Retail Properties of America Inc. (RPAI) has named Heath R. Fear as its new CFO and treasurer, effective Aug. 17. Fear will play a key role in the continued execution of the company’s portfolio and balance sheet strategy, in addition to oversight of all of financial activities, including capital markets, accounting, investor relations, internal audit, internal reporting and treasury.

Houston - Transwestern represented Mod Pizza in five leases totaling approximately 13,662 sq. ft. in the Houston market. Grant Walker, VP, and Chris Reyes, broker associate, who serve as exclusive advisors for Mod Pizza in the Houston market, represented the retailer in the transactions.

Mod will be operating more than 100 stores across the U.S. by the end of 2015 and has plans to open more than 30 additional locations in Houston within the next four to five years.

Mod Pizza’s newest Houston locations include:

Toronto – Lowe’s Canada is in growth mode. In addition to completing the acquisition of 12 former Target sites, the company also plans to open two more locations in Ontario, which will bring its total store count to 54 from 40.

Sidney, Neb. – Specialty outdoor retailer Cabela’s Inc. missed the target Wall Street set for profit and revenue during the second quarter of fiscal 2015. Cabela’s reported net income of $40.5 million, down 8% from $43.5 million the same quarter the prior year.   Growing cost of revenue helped drive down profit. Total revenue grew 10% to $836.28 million, from $761.2 million. Consolidated same-store sales dropped 0.9% due to Canadian currency fluctuations, although same-store sales in the U.S. increased 0.8%.