REAL ESTATE

Santa Ana, Calif. -- In follow-up to its prior announcement that it would explore strategic alternatives, including a potential sale or merger, real estate services and investment firm Grubb & Ellis Co. said Tuesday that is exclusivity period with Colony Capital LLC, which had expressed interest in exploring a strategic transaction with Grubb & Ellis, ended on May 29. Grubb & Ellis said that, while it will continue its discussions with Colony, it will engage in additional discussions with other parties.

San Francisco -- Gap will enter the Italian outlet center market, opening a namesale store at the Vicolungo Outlet Center near Milan, on June 2.

White Plains, N.Y. -- SRS Real Estate Partners announced Tuesday that Dick’s Sporting Goods has leased 58,750 sq. ft. at “The Source” in White Plains, N.Y.

The Dick’s Sporting Goods lease represents the first step of the redevelopment of the former Fortunoff store, directly adjacent to The Westchester Mall. “The Source” is also occupied by Whole Foods Market, The Cheesecake Factory, Morton’s, Destination Maternity and a planned Raymour & Flanigan.

The new store opened in April.

New York City -- Mom’s Organic Market has opened its seventh store, in Timonium, Md. Along with featuring 100%-certified organic produce, and organic and natural grocery products, the new Mom’s was built with the environment in mind.

"We believe that we are the most environmentally-responsible grocery chain in the country," said Scott Nash, who founded Mom's in 1987 with a $100 investment, in a report in The Gourmet Retailer.

Philadelphia -- Pennsylvania Real Estate Investment Trust announced Tuesday that it has launched a free interactive application, available for its 40 shopping malls around the country.

Initially designed for Apple’s iPhone, the app will soon be available for the Android and Blackberry, according to PREIT.

Pittsburgh -- Dick’s Sporting Goods announced Tuesday that it will celebrate the grand opening of its tenth Alabama store, which opened at Jubilee Square in Daphne, Ala.

The chain’s celebration, spanning June 3-5, will feature appearances by college and professional football players and a professional bass angler, as well as a variety of giveaways.
 

Westport, Conn. -- SRS Real Estate Partners announced that Gap has leased 17,448 sq. ft. at 125 Main Street in Westport, Conn.

The transaction represents a consolidation of all of Gap brands (Gap, Gap Kids, Gap Baby) into one location and a new long-term commitment to downtown Westport, according to SRS.

The landmark redevelopment of 125 Main Street is well underway with Gap, a planned expansion and long-term lease renewal with Brooks Brothers Women and additional retail and boutique office space.

Chicago — A report released by Chicago-based Jones Lang LaSalle found that the retail sector is edging toward recovery driven by growth in job market, gains in corporate profits and improvements in credit markets.

According to Jones Lang LaSalle’s North America Mid-Year Retail Outlook, the environment is still not without risk as rising fuel costs and a continued weak housing market, coupled with an increasingly volatile global geopolitical climate, continue to slow retail recovery as consumers remain tentatively cautious.