Real Estate

Philadelphia - Investors are feeling bullish on upcoming retail opportunities in Philadelphia, and it’s evident as JLL’s Capital Markets experts announced the sale of One and Olney Square on behalf of BLDG and The Feil Organization. Wharton Realty Group purchased the center.

Anchored by ShopRite, the community shopping center totals 339,784 sq. ft. and includes tenants such as Dollar Tree, Modell’s and Burger King.

Huntsville, Alabama - GBT Realty Corp. announced the expansion of Strong Station, a 180,000-sq.-ft. neighborhood center in Huntsville, Alabama, currently tenanted by Academy Sports + Outdoor. Nearly 96% leased, the $16-million Phase II adds 95,000 sq. ft. of retail on nine acres to the east of the existing sporting goods store.      

Houston - Mattress Firm Holdings met Wall Street expectations with its financial performance in the third quarter of fiscal 2014. In addition, the company increased its guidance for store growth in the fiscal year 2014, and now plans to have opened a total of 200-220 new stores and acquire 665 stores by the end of the fiscal year.

The new store total includes 163 stores opened and 619 acquired so far this year.

Fremont, Calif. - Men's Wearhouse will open the first-ever Joseph Abboud retail store in midtown Manhattan in spring 2015. The store follows the launch of JosephAbboud.com in early November.   

Corte Madera, Calif. – Restoration Hardware Holdings Inc. has opened RH, The Gallery at the Estate in Buckhead, Georgia. Featuring six floors and nearly 70,000 total interior and exterior square feet, the new retail concept features dramatic interior and exterior installations of home furnishings in a gallery setting.  

Just a few weeks after taking over several regional bedding companies, Mattress Firm reported profits of $15.6 million or 45 cents per share, compared to $18.1 million or 53 cents per share for the year-ago quarter. Sales for the third quarter increased 42.3% to $464 million from $326 million a year ago, reflecting same-store sales growth of 8.5%.

Mooresville, N.C. – Lowe’s Companies Inc. will open three new stores in Canada, starting with a 94,500-sq.-ft. store in Lethbridge, Alberta in spring 2015. Lowe’s also plans to open an 86,000-sq.-ft. store in Saskatoon, Saskatchewan and a 75,000-sq.-ft. store in Saulte Ste. Marie, Ontario.  

After nearly a decade of stalled growth in the shopping center industry, 2014 finally saw progress being made on the new development front. While it’s true that much of the ground-up construction was of the outlet center ilk, the value sector wasn’t the only new-build push. Mixed-use properties and open-air destinations continue to come out of the ground, albeit stingily, as do hybrid centers that defy current standard definitions.