Real Estate

Houston — Exceptional job growth, population gains and improved retail fundamentals have significantly elevated the sales prices for shopping centers in Texas over the last year, according to Deal Sikes & Associates, a Houston-based real estate valuation and counseling firm.

Some retail properties have increased in value more than 20 percent in 2013, compared to last year, added Matthew Deal, principal at Deal Sikes & Associates.

The recession took a major toll on the retail real estate sector but, despite waffling consumer confidence, the sector continues to improve. Retail now accounts for 19% of total U.S. investment volume year-to-date 2013.

Retail experts from Jones Lang LaSalle predict four key forces that will drive an increase in the retail transaction market during 2014:

1. Strengthening Fundamentals  

New York — Sarah’s Kitchen has signed a lease for a 9,150-sq.-ft. space at 270 Madison Ave., between East 39th and East 40th Streets in Midtown Manhattan. Expected to open in third quarter 2014, the eatery will occupy approximately 6,350 sq. ft. on the ground floor and 2,800 sq. ft. in a mezzanine.

PD Properties represented Sarah’s Kitchen, which is part of the same restaurant group that operates Delmonico’s Gourmet Food Market. Winick Realty Group represented the landlord, ABS Partners in the transaction.

Charlotte, N.C. — A 75,000-sq.-ft. Belk will anchor the Juban Crossing lifestyle center in Livingston Parish, La., in the fall of 2014. Construction of the $7 million store will begin in February.

Restoration Hardware co-CEO Carlos Alberini has resigned his post, effective Jan. 31, 2014. He plans to continue serving as a member of the company’s board of directors and will remain a significant shareholder.

Alberini is heading to Los Angeles, where he will take the helm as chairman of the board and CEO of Lucky Brand, effective upon closing of the pending acquisition by Leonard Green & Partners.

New York -- MasterCard plans to expand its world headquarters in Purchase, N.Y.,  suburbs and open a technology lab in Manhattan, the Associated Press reported.

The report said that MasterCard is investing several million dollars to open a new mobile e-commerce technology lab in New York City, which will lead to 122 new research and development and software jobs in Manhattan.

Los Angeles — Retail real estate showed the strongest growth in capital values and rents of all property types globally in the third quarter of 2013, according to CBRE Group, Inc.

Houston — Jones Lang LaSalle’s Capital Markets group has closed the sale of Northwest Crossing Centre, a 179,469-sq.-ft., fully leased shopping center in Houston. USA Properties purchased the property from Weingarten Realty. JLL secured 10-year, fixed-rate financing for the acquisition.