Discount Store

Washington, D.C. -- Gerald S. Divaris, chairman and CEO of Divaris Real Estate, announced the company negotiated five leases totaling 17,469 sq. ft. of commercial space in the metropolitan Washington, D.C., market.

Wash ‘N Dry - leased 5,792 sq. ft. of retail space at Ashdale Plaza located in Woodbridge, Virginia. Retailers at the center include: Family Dollar, Popeye’s, Wells Fargo, Goodwill and Davita. The landlord, A.R. Kronstadt Realty Investors, was represented by DRE’s Susan McGee.

For the fourth consecutive year, a department store has nabbed the top spot in a survey of the nation’s favorite fashion retailers.

Nordstrom took the top spot in the study, by Market Force Information.  Interestingly, severak discount retailers moved up the list this year, with Marshalls landing in the No. 2 spot. H&M and Ross Dress for Less tied for third, Kohl’s was fourth and Macy’s was fifth.  

Cross Roads, Texas -- Shop Companies Investment Sales announced the sale of Crossroads Crossing a 14,680 sq. ft. shopping center located in Cross Roads, Texas.

Crossroads Crossing at the time of closing was 100% leased. The tenant mix includes: Domino’s, State Farm, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant among others. Just east of a newly opened Wal-Mart Supercenter.

Sak Off 5th's first location in New York City will feature a pop-up shop that appeals to the retailer's target market.

Saks announced that Gilt will open its first ever in-store shop at the Saks Off 5th store in New York. The pairing of these two brands in a physical space marks Gilt's entry into brick-and-mortar retail and demonstrates the company's plans to bring an all-channel shopping experience to Gilt customers.

A combined 7.1% same-store sales decline at Sear and Kmart stores in the fourth quarter has parent company Sears Holdings vowing to undertake a wide range expense reduction and cash generating moves, including more store closings and asset sales.

Minneapolis -- Mid-America Real Estate announced five new retail leases recently signed on behalf of retailers. Mid-America Tenant Representation team represented the tenants in the following transactions, listed below in order of transaction size.

St. Louis Park, Minnesota (Hennepin County) – J. Crew Factory signed a 6,500 sq. ft. lease at Shoppes at Knollwood located in St. Louis Park, Minnesota. The 456,554-sq.-ft. center is anchored by Kohl’s and Nordstrom Rack.

New York -- RCS Real Estate Advisors announced it has been retained by Hancock Fabrics, debtor-in-possession, to generate value for the estate through the sale of leases. RCS Real Estate Advisors senior VP Spence J. Mehl made the announcement.

Sports Authority is taking steps towards filing for Chapter 11 bankruptcy protection, according to Bloomberg.

The retailer has a debt payment due in 10 days and in talk with its lenders about a reorganization plan under which it would close as many as 200 of its more than 450 stores, the report said.
 
Sports Authority reportedly skipped a $20 million in interest payment in January on a $343 million loan. It has 10 days to make the payment.