Real Estate

Speaking with Ron Goldstone, senior VP at Southfield, Mich.-based Farbman Group really got my juices flowing about the Midwest retail real estate marketplace — Michigan in particular. The state’s retail real estate market is an interesting candidate for closer study, simply because the Detroit dynamic, even in its extremes, gives us a valuable perspective on the national landscape:

CROSSROADS

Location: Irvine, Calif., at the intersection of Culver Drive and Barranca Parkway. Average daily traffic is 43,000 vehicles.

Size: 334,000-sq.-ft. community center

Developer: Irvine Co. Retail Properties

Remember 2011 and 2012? Back then, the forecasters were saying that the economy would probably be sluggish through 2013. After that, starting in 2014, growth would return.

As a category of shopping center, open-air centers have been evolving ever since the days they were called lifestyle centers. New categories of tenants have evolved, along with new ways of creating compelling tenant mixes and environments. We asked three open-air owners to tell us about current and possible future directions that evolution may take.

The companies are San Diego-based American Assets Trust; Irvine Co. Retail Properties in Irvine, Calif.; and Columbus, Ohio-based Glimcher Realty Trust. Here’s what they had to say.

Glendale, Calif. — Throughout the spring and summer, Glendale Galleria will open nine new stores and eateries including Armani Jeans, Blaze Pizza, Brighton Collectibles, Chipotle, Coach, Earthbar, Lolli & Pops and Zumiez.

They will join La Baugette, another newcomer, which opened its Glendale Galleria location back in February.

North Plainfield, N.J. — Levin Management has promoted Jake Frantzman to senior leasing representative. Responsible for more than 1.6 million sq. ft. of gross leasable area throughout Levin’s extensive management and leasing portfolio, Frantzman handles leasing for Somerset Shopping Center in Bridgewater, N.J., Paramus Place in Paramus, N.J. and Stafford Park Shopping Center in Manahawkin, N.J. He also serves as leasing agent for the retail component of Edgewater Harbor, a mixed-use waterfront redevelopment in Edgewater, N.J.

Founded as a “cook your own steak” restaurant in an abandoned gas station in 1974, Quaker Steak & Lube has evolved into one of the nation’s most up-and-coming casual-dining chains, renowned for its award-winning chicken wings and flavorful — make that hot — sauces. But as much as the food offerings have changed at “The Lube,” the brand remains true to its gas station and vintage car-loving roots.

Gates, N.Y. - Wegmans Food Markets begins recruitment for full-time positions March 4 for its latest Massachusetts location, Burlington, which is scheduled to open in fall 2014. The company's third location in the state is a 135,000 sq.-ft. supermarket that includes a Market Cafe with indoor and outdoor seating. Going forward, Wegmans also plans to open more stores in Massachusetts, including a location in Westwood, in 2015.

Boston -- Online retailer Wayfair has added 170,000 sq. ft. to its lease with Simon Property Group at The Offices at Copley Place in Boston's Back Bay neighborhood. In anticipation of a June 2014 relocation, the additional space brings Wayfair's new office space to a total footprint of 275,000 sq. ft.

A 19% fourth-quarter same-store sales decline and a steep decline in profitability prompted RadioShack to announce the closure of 1,100 stores while CEO Joseph Magnacca maintained the retailer’s brand equity remains strong and a profitability plan is in place.