Real Estate

New York -- Analysts project that Francesca’s, a junior apparel and accessories retailer, will have the retail industry’s fastest rates of growth during the next three years, Bloomberg reported.

Francesca’s plans to expand to 900 stores, or double its current store count, in the next seven years.  The chain is projected by analysts to grow sales by 80% during the next three years, faster than any other apparel retailer, according to the report.

Aventura, Fla. — Best Buy has signed a long-term lease renewal for 45,729 sq. ft. at Aventura Commons in Aventura, Fla., according to the Berkowitz Development Group, the landlord.

Other national tenants in the 267,000-sq.-ft. center include Target, Whole Foods, PetSmart and Ulta.

New York -- Kite Realty Group has signed Gander Mountain into a 30,045-sq.-ft. space at Bayport Commons in Oldsmar, Fla., a northwest suburb of Tampa. CBRE represented Gander Mountain in the transaction.

A Super Target, Michaels and PetSmart. Anchor the 276,918-sq.-ft. center. About 64,400 people live within a three-mile radius of the center. The estimated average household income is $71,200.
 

Chicago — Transwestern’s Chicago office has brokered the sale of the 236,173-sq.-ft. Deer Grove Shopping Centre in Palatine, Ill., to Ramco Gershenson for $20 million. Transwestern www.transwestern.net represented the seller, C-III Asset Management.

The property is anchored by Dominick’s, a Chicago-based grocer, and national tenants including TJ Maxx/Home Goods, Petco and Staples. A Target and Home Depot shadow anchor the property.

Destin, Fla. — H&M and Uncle Buck’s Fish Bowl & Grill will anchor a 100,000-sq.-ft. expansion of Destin Commons slated to open in mid-2014.

Construction is underway on the 20,000-sq.-ft H&M store, the first H&M in northwest Florida.

Uncle Buck’s, a concept by Bass Pro Shops, will offer casual dining and 16 lanes of bowling. Uncle Buck’s has also taken 20,000 sq. ft.

The expansion will include about 20 additional stores and restaurants.

San Francisco -- Williams-Sonoma on Wednesday reported better-than-expected second-quarter profit amid same-strong sales. The retailer raised its full-year forecast, but its profit outlook still fell short of market expectations.

The company also announced that it will expand its international presence, adding more stores in Australia and entering the United Kingdom later this year, and debuting in the Philippines in 2014.

New York -- Swedish fast-fashion giant H&M will open its largest location to date, a 63,000-sq.-ft. flagship in New York City’s bustling Herald Square. Scheduled to open in fall 2014, the four-level store will be located in Herald Center, a JEMB Realty property. The landlord’s broker is CBRE.
 

The New York press has been all abuzz over the latest news about Nordstrom’s new Manhattan digs – that the West 57th Street space is officially Nordstrom’s.    

Urbi et Orbi (The City and The World): The phrase is not just the theme of an annual speech from the Pope, but also summarizes what’s taking place in retail across North America: urbanization and globalization.  

Bayer Properties has announced that it will develop a third member of its signature Summit property brand: The Summit Lexington, a mixed-use shopping destination located in the Lexington, Kentucky’s retail hub. An outdoor fashion center, The Summit Lexington will offer specialty retail, restaurants and residences.