Real Estate

Columbus, Ohio -- Washington Prime Group announced Tuesday it will acquire shopping center REIT Glimcher Realty Trust in a deal worth $4.3 billion.

Washington Prime Group, a Bethesda, Maryland-based REIT, and Glimcher will combine under a new name WP Glimcher, with headquarters remaining in the current Glimcher offices in Columbus, Ohio.

The newly combined company will remain publicly traded.

Philadelphia -- The Mills announced plans for a multimillion dollar renovation of Franklin Mills, the largest outlet and value retail shopping destination in the Philadelphia region. The redevelopment will transform the center into a completely new shopping experience, and the name of the property has been changed to Philadelphia Mills to herald the transformation.

Northbrook, lll. -- StreetMac LLC and an affiliate of Five Mile Capital Partners LLC announced redevelopment plans for the 1.3 million-sq.-ft. Stratford Square Mall, located in Bloomingdale, Illinois. The center’s anchor tenants include Macy’s, Carson Pirie Scott, Sears, Kohl’s, Burlington Coat Factory and the 16- screen Century Theatre movie complex.

Minneapolis -- Target plans to open its sixth TargetExpress store, in the South Park area of San Diego, in July 2015.

At approximately 19,000 sq. ft., the store will be about 14% of the size of a standard Target store (135,000 sq, ft.). Similar to other TargetExpress locations, it will offer an edited assortment that is locally relevant.

Grapevine, Texas – GameStop Corp. plans to exit the Spanish market by selling some stores there to U.K.-based video game retailer Game Digital plc, and closing the remaining locations. Under the terms of this proposed agreement, GameStop will transfer ownership of a portfolio of GameStop stores located in Spain with the remaining retail sites winding down in 2014.

GameStop will work closely with Game to ensure a smooth transition and continued support for all of GameStop’s customers in Spain.

York, Pa. - The Bon-Ton Stores, Inc. will close its Carson’s Fox Valley Furniture Gallery in the Heritage Square Shopping Center in Naperville, Illinois. The company will not renew its lease, which terminates Jan. 31, 2015.

Miami - Southeast Financial Center, an office tower and plaza totaling 1.22 million sq. ft. in Miami’s Central Business District, signed a 20,100-sq.-ft. lease with Club Ventures, Miami, LLC, to bring DavidBartonGym to the top floor of the property’s 15-story annex. Southeast Financial Center has undergone capital improvements totaling $20.5 million since late 2008, including the implementation of granite pedestrian walkways, strategic seating areas, an enhanced park setting with shade trees and various foliage and planters, and new lighting.

Aliso Viejo, Calif. -- Johnny Rockets announced a new concept, called Johnny Rockets Route 66, which will take the form of four prototypes: drive-thru, drive-in, food truck and pop-up. The first prototypes are to debut as early as fourth quarter 2014.

The drive-thru prototype is targeted for high volume, regional travel plazas located off major freeways and highways. It will range from 1,800sq. ft. to 3,300 sq. ft. and feature an optimized menu, digital projectors and technology to enhance the guest experience.