Real Estate

Stamford, Conn. -- General Electric is spinning off its Synchrony Financial consumer credit business in an initial public offering (IPO) and seeking a market valuation as high as $22 billion. Synchrony offers store credit cards for retailers such as Wal-Mart Stores Inc. and J.C. Penney Co.

Dublin, Calif. -- Ross Dress for Less opened two new stores in the Pacific Northwest on July 19. The stores opening are in Columbia Crossing in East Vancouver, Washington, and Pioneer Crossing in Bend, Oregon.    

These new openings are part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year.

Montgomery, Ala. -- With the completion of Selas Drive, Eastchase will welcome the beginning of construction for Eastchase Station, a multi-tenant shopping center, and Kobe Japanese Steakhouse and Sushi Bar.

Located at the southwest corner of Eastchase Parkway and Eastchase Lane, Kobe Japanese Steakhouse and Sushi Bar will provide over 7,300 sq. ft. of dining space on the 1.4-acre site. Construction is scheduled to begin in late 2014 and be completed in the spring of 2015.

Ross Stores is in the process of opening 23 Ross Dress for Less and seven dd's Discounts stores across 17 different states. The new locations are part of the off-price retailer's plans to add a total of 75 Ross and 20 dd's Discounts stores during 2014.

"These latest openings reflect our ongoing expansion strategy to fill in our presence in existing markets while also increasing penetration in our newer Midwest region where we added another eight Ross locations in July,” said Jim Fassio, president and chief development officer.

Maywood, Calif. -- CBRE senior VP Philip D. Voorhees announced that he, Jimmy Slusher and the National Retail Investment Group – West (NRIG-West) team, along with CBRE’s managing director, Richard Rizika, completed the sale of Maywood Village Square, a 48,324-sq.-ft. convenience strip center located in Maywood, California. The center is anchored by O’Reilly Auto Parts and features Subway, U.S. Bank, Yoshinoya, Western Dental Services and a new Fitness 19 health club.

Hackensack, N.J. -- Dress Barn has renewed its lease for 4,200 sq. ft. at Summit Plaza in Hackensack, New Jersey. The 100,000-sq.-ft. retail property is owned and managed by Alfred Sanzari Enterprises.
 

Topeka, Kan. -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Wanamaker Shopping Center in Topeka, Kansas.  The regional shopping center was purchased for $18 million by Fort Wayne, Indiana-based Equity Investment Group.

The 269,875-sq.-ft. center is anchored by Big Kmart, Hobby Lobby, and Bed Bath & Beyond.

Hamilton, N.J. -- Discount optical retailer America’s Best Contacts & Eyeglasses has leased 4,500 sq. ft. at Hamilton Plaza in Hamilton Township, announced Levin Management, exclusive leasing and managing agent for the 175,000-sq.-ft. shopping center.

The lease signing brings the Mercer County retail destination to 100% occupancy.

Virginia Beach, Va. -- Home furnishings retailer West Elm will open a new store at Town Center of Virginia Beach, the retailer’s first in the Hampton Roads market.

The new store will be located on Main Street on the first floor of the newly constructed 4505 Main Street Tower, next to the recently announced Anthropologie store. A grand opening is slated for 2015.

New York – Uniqlo will open a store at Great Mall in Milpitas, California, on Sept. 12. The store will be the first Uniqlo location to feature a 100% eco-friendly design, with LED lighting, greener materials and high-efficiency elements throughout.

The new Uniqlo also include specialty shopping vignettes that will create a store-within-a-store feel in the women and children’s departments. In-store display materials will also include updated digital screens.