REAL ESTATE

It had to happen sooner or later. The hipster pioneers of Brooklyn’s greatest real estate reclamation project are having kids and leaving Williamsburg behind. Many of them have landed in the quaint riverside towns of Westchester County, a swath of land the New York Times has christened “Hipsterbia.”  

An online thrift store that counts some 20 million users has opened its first-ever physical storefront.    ThredUp has opened an outpost at Tanger Outlets, in San Marcos, Texas. The company plans to add four additional locations by year end. It is targeting traditional malls, outlet centers, and main street shopping districts nationwide.   

German discount grocer is expanding its presence and investment in the U.S. — on two fronts.    On the heels of its first 10 stores opening in the U.S., Lidl is expanding with more locations. On July 13, the company will open two stores in Virginia (in Chesapeake and Culpeper) and two in North Carolina (Havelock and Wake Forest).  

Noting that necessity-based have proven to resistant to the pressures of online retailers, Westwood Co-CEO Randy Banchik announced his company’s acquisition of The Arbors at Mallard Creek in Charlotte. Purchase price was $25.1 million.    “This asset boasts a variety of internet resistant tenants, insulating it from factors such as the rise of online shopping,” Blanchik said.  

Sears has opened a freestanding store concept dedicated to two of its strongest categories.     Sears debuted its first store under the Sears Appliances & Mattresses banner, in Pharr, Texas. The format expands the concept of the Sears Appliance store, which opened in Ft. Collins, Colo. in 2016. The location has surpassed projections since its opening, Sears said.  

The Southeast’s leading grocery chain will be opening a new center in the state where it has its least exposure, and leasing activity is brisk.   Broker La Purser & Associates reported the signing of four tenants at a planned Publix-anchored center in Harrisburg, North Carolina. Smoothie King, Sports Clips, Avalon Spa & Nails, and dental office have committed to the 67,200-sq.-ft. Harris Square, set to open in 2018.  

The first enclosed mall on Massachusetts South Shore will undergo a $40 million conversion to an open-air center under the ownership of a spun-off unit of Phillips Edison & Company.   The 732,000-sq.-ft. Hanover Mall in Pembroke Massachusetts — anchored by Macy’s, Sears, and Walmart — was purchased last fall by PECO Real Estate Partners, which operates under the name PREP. Built in 1971 and last renovated in 2004, the center has direct access to Route 3, the major thoroughfare joining towns south of Boston.

As a number of traditional chains across the industry continue to struggle, TJX Cos. is being called one of the country’s fastest growing retailers.   Traditional retailers industry-wide are blaming shifting consumer tastes, digital options and new competitors for not only stealing their wallet share, but for declining foot traffic and related sales. However, this could not be farther from the truth for TJX Cos.