REAL ESTATE

CBRE survey: Retail global expansion cools off; U.S. remains the most active
When it comes to expanding globally, the United States is the leader of the pack. That’s according to CBRE Group Inc.’s 10th annual study of international retail expansion, which surveyed 166 cities across 51 countries regarding how many international retailers had debuted in their markets in 2016. The survey found that retailers’ expansion into new markets increased by 2% in 2016, down from 3.1% in CBRE’s 2015 study.
Meijer enters new territory
Meijer is expanding its already considerable footprint in its home state of Michigan. Meijer on Thursday opened its first locations in Michigan’s Upper Peninsula area, in Escanaba and Sault Ste. Marie. The 192,000-sq.-ft.-supercenters, built to Leadership in Energy and Environmental Design (LEED) standards, are the latest in a $375 million investment this year that includes the construction of seven new Meijer supercenters and remodel projects for 22 additional stores in Indianapolis, Illinois, Michigan, Ohio and Kentucky.

Home furnishings giant submits plans for new location

Ikea is looking to expand in presence in North Carolina. The retailer said it is submitting plans to the Town of Cary, N.C., for a potential Raleigh-area store, which would be the second Ikea location in the state. The proposed 15-acre site would be located adjacent to the existing Cary Towne Center, approximately 12 miles west of downtown Raleigh and two miles from downtown Cary.
New Jersey town center changes hands

The Azarian Group has acquired The Livingston Town Center in Livingston, New Jersey in a $21.2 million trade arranged by Cushman Wakefield. The 11-year-old lifestyle retail property houses a diverse mix of 28 restaurants and shops, including Fan Bistro, an upscale Asian spot, Restore Cold Pressed Juices, and Dentistry with a Smile. Fit 36 and Xtend Barre are scheduled to open there soon.
Small c-store chain with big ambitions acquires 35 locations

Yesway has expanded its store network. The convenience store company announced it has acquired 35 Wes-T-Go and Chillerz stores in Abilene, Texas. The acquired stores will be added to Yesway’s existing portfolio of 38 locations currently operating in Iowa and Kansas.
Fort Worth’s West 7th district gets a new name

West Elm will be opening its first Fort Worth location in rebranded urban retail development in the town’s Cultural District. Heretofore known as West 7th, The Woodmont Company decided to call upon a more colorfully named street in the neighborhood to rebrand the shopping and entertainment district as Crockett Row at West 7th.
Dollar Tree signs five leases in New Jersey

Dollar Tree is making headway on its strategic move into the nation’s most densely populated state. The value chain has executed five leases at locations in New Jersey, the largest a 12,230-sq.-ft. inline space at Plainfield Plaza, a grocery-anchored center in Plainfield, according to R.J. Brunelli, Dollar Tree’s real estate representative in the state. Other locations: Toms River: 10,200-sq.-ft. freestanding space on Route 37
WPG, O’Connor go in on seven open-air centers

Washington Prime Group and O’Connor Capital Partner announced the formation of a joint venture partnership in seven open-air retail centers. WPG will be the controlling partner with a 51% stake. The seven properties are: • Arbor Hills in Ann Arbor, Michigan; • Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve in Oklahoma City; • Gateway Center in Austin, Texas; • Palms Crossing in McAllen, Texas;
Chicago to be home to world’s first…

Nutella is setting up shop on Michigan Avenue. Ferrero, the makers of the popular hazelnut spread, will open their first owned and operated restaurant, Nutella Café, on May 31. The two-level café is located one block from Millennium Park.
Lidl to make U.S. debut June 15—with low, low prices

German discount grocer Lidl is set to shake up the competition with prices that promise to turn up the heat on its U.S. competitors, who are already engaged in a price war. Lidl on Wednesday revealed the locations of the first 20 stores it will open this summer in the United States, starting on June 15. (See end of story for listing). The stores — in North Carolina, South Carolina and Virginia — are the first of up to 100 locations the grocer plans to open across the East Coast by next summer.