Real Estate

The private equity firms that paid a premium to take Michaels private nearly a decade ago continue to gradually unwind their majority position in the nation’s largest arts and crafts retailer.

Phoenix -- DTZ, a leader in commercial real estate services, announced that a limited partnership formed by Weingarten Realty Investors of Houston acquired The Summit at Scottsdale, a 190,408-sq.-ft. retail center anchored by Safeway and Target, for $54.1 million.

Donahue Schriber Realty Group, L.P., of Costa Mesa, California, was the seller of the property located on the southeast corner of Scottsdale Road and Ashler Hills Drive in Scottsdale, Arizona.

New York -- Trader Joe’s is opening a store in the heart of what is arguably the nation’s hippest enclave.

The grocer has signed a lease to open an 18,000-sq.-ft. in the Williamsburg section of Brooklyn, New York, reported Crain’s New York.

Read more.

Phoenix -- DTZ, a leader in commercial real estate services, announced the $52 million sale of Crossroads Towne Center in North Las Vegas -- a 148,791-sq.-ft. neighborhood retail center located on 16.34 acres -- on behalf of the sellers, a company formed by The Eagle Group, Los Angeles. The buyer was a company formed by Cornerstone Advisers of Santa Monica, California.

At Home is accelerating its pace in its race to operate 100 stores by opening its first store in the state of Louisiana.

The retailer is opening a 90,000 square foot store in Kenner, La., on July 9.

Following the store opening, the Kenner location will have a grand opening ribbon-cutting July 14 at 9 a.m. with the Jefferson Chamber of Commerce and onsite giveaways for customers and a radio remote on July 18.

Plano, Texas -- Home décor superstore At Home is entering a new market.

The retailer announced opening of its store in Kenner, Louisiana, on July 9. The 90,000-sq.-ft. is At Home’s first store in Louisiana.

At Home currently operates more than 90 stores across 25 states.
 

Photo via Boston Business Journal

Minneapolis – Target Corp. is taking its urban-format to the East Coast.

The retailer will open a CityTarget location in Boston’s Fenway neighborhood on July 22. Boston Business Journal offers a sneak peek at the three-level, 160,000-sq.-ft. store.

Click here.

 

Atlanta – Home furnishings retailer Havertys is on a roll. Sales for the second quarter of fiscal 2015 increased 7% to $187.7 million from $175.1 million a year earlier, and the company plans to open a new store in Fort Lauderdale, Florida, in the third quarter.  

Same-store sales for the quarter increased 4.8%. Total written sales increased 5% and written same-store sales increased 2.4%. Havertys also plans to complete two store renovations in the third quarter.