Microsoft

Clicks-to-bricks phenomenon Bonobos’ retail journey will soon extend to Manhattan’s Madison Avenue. The company has signed a 10-year lease for 1,725 sq. ft. on the ground floor of 488 Madison Avenue near St. Patrick’s Cathedral.   Neighbors of Bonobos at its new location include Saks Fifth Avenue, Tourneau, Burberry, and Nordstrom’s Trunk Club. The Feil Organization recently completed major renovations on the building, including a two-story glass curtain wall in the office lobby.  

Leasing has begun on HELM Miami, a mixed-use development destined for a full city block in Miami’s Design District, a neighborhood carved out in an under-developed area north of downtown near Biscayne Bay.   Newmark Grubb Knight Frank Retail will handle leasing, led by executive managing director Thomas Citron and executive VP Mitchell Friedel.  

The Mid-America Real Estate Group announced the hiring of Ashlee Yenney as its corporate marketing director. She will be responsible for marketing and public relations efforts across company offices in Chicago, Detroit, Milwaukee, Minneapolis, and Oakbrook Terrace, Illinois.  

Phillips Edison & Company announced the appointment of Beth Farrell Donnelly as VP and assistant general counsel. She will work with senior VP and General Counsel Tanya Brady to provide legal advice on all aspects of the company’s business.  

Simon Property Group reported a 5% drop in net income to $527 million for the second quarter, yet declared positive results based on other measures. Total portfolio net operating income, which tracks comparable property and new property growth, grew 7.4% over second quarter 2015 and growth in comparable funds from operations rose 9.1%.   The Simon board declared a 6.5% increase in its stock dividend for the quarter and raised its guidance for full-year 2016 net income to be within a range of $6.04 to $6.12 per diluted share.

While a new report from CBRE extols the traffic-building virtues of Pokemon GO for retail locations designated as “gyms” or “stops,” it concludes that virtual and augmented reality will have a more immediate impact on lease-signings than product purchases.   

Avison Young announced completion of the sale of Shoppes at Vickery Village, a 77,794sq.-ft., 11-building center in Cumming, Georgia. The real estate services firm reports that the purchase price was 20% more than the seller paid for the property only 18 months ago.  

The recent demolition of the Miss Jackson’s anchor store at Utica Square in Tulsa, a fixture in that town’s retail scene for more than 100 years, was a stark Heartland example of the changing face of retail. But mall owners and managers in Oklahoma’s second-largest city feel poised to enter the new era, according to a report in Tulsa World.