REAL ESTATE

Oakbrook, Illinois -- Retail Properties of America announced that it has acquired two-properties to add to its portfolio, which include Merrifield Town Center II and Shoppes at Hagerstown, both located in the greater Washington, D.C./Baltimore area. The properties were acquired through an off-market transaction, on an unencumbered basis, for a combined purchase price of $72.7 million.

Boston -- Gordon Brothers Group announced that its Japanese affiliate, Gordon Brothers Japan, has published a book, “The Asset Based Solution – Case Studies of Corporate Finance Utilizing Asset Value.”

Oakbrook Terrace, Illinois -- Mid-America Real Estate Corporation’s Investment Sales team brokered the sale of Broadway Commons in Rochester, Minnesota. Austin, Texas-based Epic Real Estate Partners purchased the 140,578-sq. ft. property.

Broadway Commons is located at the northeast corner of South Broadway and US Highway 52. The center features national tenants including Bed Bath & Beyond, Dress Barn, DSW, Famous Footwear and Michael’s.

PGA Tour Superstore continues to broaden its footprint with its first store in Utah.

The retailer announced it will open a 25,000-sq.-ft. store in Sandy, Utah, in April. The Sandy store, which will feature four state-of-the-art simulators, four practice hitting bays and an expansive putting green measuring more than 750 sq. ft., is the first of five new store locations the company has announced for 2016.

Fort Worth, Texas -- Trademark Property Co. announced Phil Pearson has joined the firm as VP of leasing. A 30-year industry veteran, Pearson will help manage multiple leasing projects for Trademark. Pearson will work with potential tenants, development partners and construction representatives to coordinate the entire leasing process. He will create and maintain relationships with national retailers, restaurants, brokers and consultants.

Troutdale, Ore. -- Time Equities announced the expansion of its Northwest portfolio with the acquisition of Columbia Gorge Premium Outlets, located in Troutdale, Oregon for $28,425,000.

Retailers are generally optimistic about 2016, with such factors as low gas pricing and the housing market uptick working in the industry’s favor.

That’s according to a survey of store managers by real estate services firm Levin Management, which has 95 properties in New Jersey, New York, Pennsylvania, Massachusetts, Virginia and North Carolina. Several industry sources have also expressed a positive outlook, including Kiplinger, which anticipates retail will grow approximately 4% this year, and Trading Economics which expects 3.6% growth.

The Southeast’s leading supermarket operator will give new meaning to its tag line “where shopping is a pleasure” when it opens a new small format on the campus