Real Estate

New York  -- Ikea will open its largest U.S. store on a 22-acre site in Burbank, California. As the first step in the construction process, the retailer must demolish 19 existing structures on the site. The new 456,000-sq.-ft. store is slated to open in spring 2017.

Reflecting the company’s commitment to sustainability, Ikea plans to recycle, repurpose or salvage as much of the existing buildings’ equipment, materials, and parts as possible.
 

The end of a retail icon is always big news in commercial real estate, and it’s particularly relevant when the brand in question is closing more than 4,000 stores around the country.

By Roy Higgs

Tampa, Fla. – The Melting Pot Restaurants Inc. has opened its first restaurant outside of North America in Jakarta, Indonesia. The latest opening comes on the heels of the company announcing its plans for continued international expansion.

The Melting Pot is on track to open its first restaurants in Dubai, United Arab Emirates and Riyadh, Saudi Arabia later in 2015, as well as its fourth location in Mexico City, Mexico.

Alpharetta, Ga. - McAlister's Deli is targeting Phoenix for franchise growth. The fast-casual dining chain is seeking experienced multi-unit restaurant operators to help expand McAlister's presence in the market through multi-unit development agreements in areas such as Mesa, Tempe, Chandler, Gilbert, Glendale and Goodyear.

The resurgence of the housing market has Lowe’s feeling optimistic, to the tune of $5 billion.

The company’s board of directors announced that it has authorized a new repurchase program of $5 billion of the company's common stock. This new repurchase program has no expiration date and adds to the previous program's balance, which was $2.4 billion as of Jan. 30.

New York -- High-end home appliances and outfitting retailer Pirch will open its first store in the Northeast, at Garden State Plaza in Paramus, New Jersey, on March 28.  

The 20,000-sq.-ft. store, the company’s eighth to date, allows shoppers to "test-drive" a carefully-curated collection of premier kitchen, bath, laundry, and outdoor living brands in a highly interactive and sensory environment.

New York -- Fresh & Easy plans to close 55 stores, which would leave the chain with about 110 locations, the Orange Country Register reported. Fresh & Easy is owned by the Yucaipa Cos., which bought the supermarket chain out of bankruptcy in 2013 from U.K. retailer Tesco. It operates stores in Nevada, California and Arizona.

The stores slated for closing do not meet Fresh & Easy’s new model of “modern convenience.”