Hospitality

Gift card sales are expected to reach record levels again this holiday season and new research from the National Retail Federation (NRF) offers insight into the increased popularity of stored value products.

More than half of shoppers polled by NRF’s Gift Card Spending Survey said they will buy gift cards this holiday season because the cards allow the recipient to select their own gift. More than 25% of shoppers said gift cards are easier and faster to buy, and 3.8% said the cards help them stick to their holiday budgets.

Jackson, Miss. –- Newk’s Eatery’s is launching a new online ordering platform. After the mid-November debut of Newk’s online ordering program, to be implemented nationwide by year’s end, online customers will be able to pick up orders at Newk’s “Grab N’ Go” takeout entrances.    

Houston -- Marcus & Millichap announced the sale of The Villagio at Cinco Ranch, an 111,963-sq.-ft. lifestyle shopping center in Katy, Texas. The asset had a list price of $31,290,000; however, the terms of the sale of were not released.   Derek Hargrove, senior associate, and Justin Miller, vice president investments, had the exclusive listing to market the property on behalf of the seller, The Marcel Group.    

Atlanta -- Global Franchise Group, the brand management company and franchisor behind Great American Cookies, Pretzelmaker, Marble Slab Creamery,  MaggieMoo’s Ice Cream & Treatery and Hot Dog on a Stick, has hired Andrew Kmiec as VP of Real Estate. Kmiec will be responsible for directing GFG’s real estate team in the areas of strategic site selection, lease negotiation and store design for franchisees and corporate owned locations.  

Covington, La. -- Stirling Properties’ Beezie Landry, senior sales and leasing executive, closed on the sale of three investment properties, totaling over $15 million. In each of these transactions, Landry represented the Seller.   The CVS property on Greenwell Springs Road in Baton Rouge, Louisiana is a 13,824-sq.-ft. building purchased by a private New York- based investor for $4.75 million.
  

Lexington, Ky. --CBL & Associates Properties announced the opening of the expansion at Fayette Mall in Lexington, Ky. Designed to significantly enhance the offerings at the shopping center, the redevelopment of the former Sears location included expanding the mall entrance to create 115,000 sq. ft. of new retail space for a mix of fashion stores, home furnishings and fine dining options in the heart of the shopping center.

Seattle -- Starbucks’ new outpost in the Fremont section of Seattle fits right in with the artsy neighborhood. The company moved from a smaller store in the area to a spacious two-level corner site, complete with a mezzanine.    

Richardson, Texas -- Commercial real estate firm KDC announced that Coal Vines will join CityLine, the company’s 186-acre mixed-use project in Richardson, Texas. The restaurant is scheduled to open in summer 2015.   “The Coal Vines concept is ideal for CityLine and brings an element of fun to State Street and the entertainment district,” said KDC’s Colin Fitzgibbons.