Real Estate

New York -- Express is going full-steam ahead with its outlet-store strategy, with plans to open 30-plus stores in 2015. The retailer ended the year with 41 outlet stores in operation.

“Together they generated approximately $55 million of incremental revenue, far surpassing our initial estimate,” said Paul Dascoli, senior VP and CFO, Express, on the chain’s quarterly earnings call.    

Goodlettsville, Tenn. -- Dollar General Corp. is not sitting back while rivals Family Dollar and Dollar Tree prepare to merge. Following its failed bid to acquire Family Dollar, Dollar General has accelerated its expansion plans for 2015. The discounter, which already has the retail industry’s most aggressive new store strategy said it will open 730 new stores and remodel 875 existing locations in 2015, translating into a 6% increase in total square footage. And looking ahead, Dollar General plans to grow its square footage by 7% in 2016.

Off-price retailer Stein Mart is poised for expansion as stronger traffic in the holiday quarter helped the company post an increase in same store sales. 

Glendale, Wis. -- Olshan Properties announced that Old Navy will open a store at Bayshore Town Center, in Glendale, Wisconsin. Old Navy will occupy a 17,025-sq.-ft. space that formerly housed Applebee’s, which has relocated to a larger location within the center.
     

Houston – Salata, a custom salad and salad wrap restaurant eatery, will open a 26,000-sq.-ft corporate complex in West Houston. Construction on the facility began in January and completion is estimated for summer 2015.

The headquarters will house offices for the chain's corporate employees, a training restaurant for franchisees and managers and a production facility. It will also feature a 2,500-sq.-ft. restaurant open to the public during regular lunch hours, which will also serve as a test kitchen and training restaurant.

Houston -- Baker Katz, an X Team International partner and full-service commercial real estate brokerage firm, announced the acquisition of the former Baytown Seafood establishment situated on 30,000 sq. ft. of land in Houston.

The property is located at the cross streets of I-10 East and Haden Road. Baker Katz plans to demolish the current building to construct an 8,000-sq.-ft. building occupied by a combination of restaurant and retail tenants.

Indianapolis -- Simon Property Group has put out feelers to acquire The Macerich Company, confirmed by a letter from Simon chairman and CEO David Simon to Arthur Coppola, chairman and CEO of Macerich.  

Macerich has not responded to the offer, although the letter from Simon references prior discussions that include a proposal by Simon to acquire all of the outstanding stock of Macerich for $91.00 per share in cash and Simon shares. The total value of the proposed transaction is approximately $22.4 billion.
 

Dublin, Calif. -- Ross Stores recently opened 32 Ross Dress for Less stores and five dd’s Discounts locations across 15 different states. The openings are part of the off-price retailer’s 2015 expansion plans to open a total of approximately 90 stores in 2015 (70 Ross and 20 dd’s Discounts).