Real Estate

Burlington, Ontario -- Ikea Canada announced it has purchased a 46 megawatt wind farm in Pincher Creek, Alberta. The 20-turbine wind farm will be the largest owned by a Canadian retailer and is expected to generate 161 gigawatt hours (GWh) each year, which is more than double the total energy consumption of Ikea Canada. The project is currently being constructed by global wind and solar company Mainstream Renewable Power and is expected to be fully operational in fall 2014.

LG Electronics has started construction on its new $300 million environmentally friendly North American headquarters project in Englewood Cliffs, N.J.

More than 300 supporters, including elected officials from New Jersey as well as neighbors, local businesses, union leaders and LG employees, gathered at 111 Sylvan Ave. for the official start of demolition.

New York — Prada has renewed the lease for its New York City flagship store at 724 Fifth Avenue, according to SL Green Realty Corp. and Jeff Sutton, a partnership that owns the building.

The early lease renewal — the existing lease will not expire until 2017 — will keep one of the world’s iconic fashion and accessory houses at the prime Manhattan location through 2028. Prada occupies 15,540 sq. ft. on four levels, plus another 5,200 sq. ft. of office space on the fifth floor of the building.

Cincinnati — Saks Fifth Avenue has signed a letter of intent to relocate its downtown Cincinnati store to The Kenwood Collection, which Phillips Edison & Co. is transforming from a regional destination to a super-regional destination that will draw shoppers from three states.

According to the letter of intent, Saks will lease 80,000 sq. ft. of retail space over two levels of a building that fronts I-71. Plans call for the store to open in the spring of 2016.

Warrendale, Pa. -- Rue21 on Thursday celebrated the opening of its 1,000th store. Located in the Enid Crossing Shopping Center in Enid, Okla., the location is one of the company's new rueGuy format stores and features an expanded assortment of young men's apparel and accessories in addition to the girls' apparel, jewelry, footwear and beauty product.

Dillard’s reported moderate growth in net income and sales during the third quarter of fiscal 2013. Compared to the same period a year earlier, net income increased 5% to $50.9 million from $48.5 million, while net sales climbed about 1% to $1.51 billion from $1.49 billion.

Chapel Hill, N.C. — Silverspot has signed a lease for a 52,500-sq.-ft. movie theater at University Mall in Orange County, N.C. Four new boutiques, a high end sporting goods store and a new fine dining option have also signed leases recently.

The new tenants are part of a redevelopment plan being carried out by owner Madison Marquette.

Silverspot at University Mall, a theater and casual dining concept, will be the fifth U.S. location for the company, a division of Cines Unidos, one of the largest theater companies in South America.

City of Commerce, Calif. – 99 Cents Only Stores opens two new stores in California on Nov. 21. The stores will be located in the towns of Menifee and Corona.

The Menifee store will measure 18,000 sq. ft., while the Corona store will measure 19,400 sq. ft. 99 Cents Only Stores currently operates 335 extreme value retail stores consisting of 241 stores in California, 44 in Texas, 33 in Arizona, and 17 in Nevada.