Real Estate

Oak Brook, Ill. – McDonald’s has signed a contract with Vietnamese businessman Henry Nguyen to serve as a developmental licensee for the company in Vietnam.

Nguyen, founder of Good Day Hospitality and managing partner of IDG Ventures Vietnam as well as a former part-time McDonald’s store employee in the U.S., is expected to open Vietnam’s first McDonald’s restaurant in Ho Chi Min City in early 2014.

Eagan, Minn. -- Steak buffet chain Buffets Inc. said that it has appointed Keith Kravcik as its CFO. The company also created a new position – director, office of the CEO and corporate administration – and promoted Jackie Fiebelkorn to the slot.

Kravcik will be responsible for all finance, accounting, purchasing and IT functions as well as continuing to strengthen the back office services organization. Fiebelkorn will lead the office for the CEO and oversee administrators throughout the organization.  

Washington, D.C. -- A first-of-its-kind document could go a long way toward cementing the sustainability relationship between retailer tenants and their shopping center landlords.

Los Angeles -- Arden Group, owner of the 16-unit Gelson’s Market grocery chain, said that the company is exploring its strategic options and has hired financial adviser Moelis & Co. to help with the review process.

The options may include a possible sale of the company.

No timeline for any potential transactions has been outlined.

Brooklyn, N.Y. -- West Elm is opening its first location in Missouri – at the St. Louis Galleria.

The 8,385-sq.-ft. store, slated to open in July, will incorporate works by local artists as part of its plan to support St. Louis talent.

“Our customers are as passionate about supporting artists in their local communities as we are at West Elm,” said Jim Brett, president of West Elm. “We are proud to be incorporating some of St. Louis’ most talented artists into the assortment for our new store.”

Naples, Fla. -- Kite Realty Group Trust has begun work on a $10 million renovation of the 85,497-sq.-ft. Kings Lake Square in Naples, Fla.

The renovation will demolish the center’s Publix anchor and construct a new 45,000-sq.-ft. new Publix. Additional work includes renovated shop facades new sidewalks, a new parking lot, site lighting and landscaping.

Publix will close this month and reopen the new store next spring. All other tenants will remain open during the renovation.

Houston -- CBRE’s national retail investment group has arranged the sale of Sheldon Forest Shopping Center in Channelview, Texas, east of Houston, on behalf of Weingarten Realty Investors.

Gerland’s Food Fair anchors the 97,380-sq.-ft. center. Major tenants include Family Dollar and Burke’s Outlet. Both Phase I and II of the center are 100% occupied.

Capcor Partners purchased the property for an undisclosed price.

New York -- Saint Petersburg Global Trade House, the oldest Russian book, music video, toy and souvenir retailer in the United States, has signed a lease for its first Manhattan location — in the NoMad neighborhood, according to Winick Realty Group, which represented the retailer.

The 10-year lease includes a 1,051-sq.-ft. ground floor and a 653-sp.-ft. mezzanine. The landlord, an entity owned and managed under a partnership controlled by The Feil Organization, was represented in-house.

San Jose, Calif. -- Togo’s Eateries has announced a multi-unit franchise agreement in Utah. Six new franchised restaurants will open in the Salt Lake City metropolitan area beginning in first quarter 2014. The agreement accompanies Togo’s commitment to grow from 250 to 400 restaurants.

Togo’s average unit sales exceed $633,000 with more than half of the restaurants averaging over $799,000.