Real Estate

Virginia Beach, Va. – The Investment Sales Group of Divaris Real Estate Inc. has brokered the sale of Shippensburg Marketplace in Shippensburg, Pennsylvania for $12 million. Divaris represented the seller, ACL Realty Corp., in the transaction; American Realty Capital Properties, Inc. was the purchaser.

Shippensburg Marketplace is a 56,875-sq.-ft., Giant-anchored shopping center. The property was developed in 2002 and was 94% occupied at the time of the sale.

Indianapolis - Hhgregg has redeveloped a store in Columbus, Ohio, with a new store format. Developed by real estate company Casto, the store opened Sept. 18, and employs 26 associates.

“Working with Casto to update the Sawmill location allows us to best serve our loyal Columbus-area customers,” said Dennis May, Hhgregg CEO. “Our best-in-class products and expert sales associates make this and our five other Columbus-area stores a destination for a superior appliance, furniture and electronics shopping experience.”

Hoffman Estates, Ill. – Kmart Corp. will close at least eight stores by the end of 2014 as part of broader cost-cutting moves by parent company Sears Holding Corp. Kmart spokespeople sent emails to media outlets in Michigan, Indiana and Iowa announcing that Kmart will close at least five stores in the Detroit area, two in the Indianapolis area and one in Ames, Iowa.

Toronto -- Sears Canada Inc. announced that Douglas C. Campbell, president and CEO, intends to resign and return to the United States by yearend for “personal family” issues. Campbell, formerly COO of Sears Canada, was appointed to the top spot in September 2013, after former head Calvin McDonald quit.  

Campbell was charged with turning around a struggling chain, which has seen eight years of falling sales.

Northbrook, Ill. - Pine Tree Commercial Realty LLC has acquired Riverbend Marketplace, a regional shopping center located in Asheville, North Carolina, in partnership with Wanxiang America Real Estate Group. The 142,617-sq.-ft. shopping center is shadow-anchored by Walmart, anchored by Kohl’s and Petsmart, and features 110,715-sq.-ft. of national best-in-class retailers.

Dublin, Calif. - Ross Dress for Less will open two new stores in the California Central Valley on Oct. 11. The stores are located in Bakersfield Plaza in Bakersfield and the Delano Marketplace in Delano.  

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

San Diego -- Rubio’s Restaurants will redesign 60 of its restaurants in Southern California, with completion expected by the end of 2015. With more updates scheduled for 2016, the new and improved locations are slated to be a visual reflection of the fast-casual brand’s evolution and culinary progression.

New York -- Woolrich, the Pennsylvania-based outwear and lifestyle brand, has opened its first-ever freestanding store, in New York’s SoHo neighborhood. The move follows the recent opening of three Woolrich stores in Europe, including a store in Hamburg, Germany, and Prague.