REAL ESTATE

PREIT and Macerich seek to redevelop, rebrand The Gallery in Philadelphia
Philadelphia -- Pennsylvania Real Estate Investment Trust and The Macerich Company announced that they have reached a tentative agreement with the City of Philadelphia on a redevelopment and re-branding of the Gallery shopping mall and transit center in the heart of Center City.
Firehouse Subs to open four new Dallas-Fort Worth restaurants
Dallas -- The Woodmont Co. represented Firehouse Subs in the food chain’s continued expansion in the Dallas-Fort Worth area. The fast-casual restaurant chain retained Woodmont to identify four strategic locations which have now been secured. The spaces range in size from 1,800 sq. ft. to 2,025 sq. ft., and the first of the four new restaurants opened in late January 2015, with the remainder opening as early as April 2015.

Grant Gary and Joseph Williams of The Woodmont Co. represented Firehouse Subs in all four transactions.

Stirling Properties expands asset management team

Covington, La. -- Stirling Properties has added two people to its growing Asset Management division. Charles Barclay joined Stirling Properties as Assistant Asset Manager on a variety of retail and office properties in the Greater New Orleans area.

Barclay’s office is in the company’s corporate headquarters in Covington. Before moving to New Orleans, he worked for CW Capital Asset Management in Bethesda, Maryland.
Heslin Holdings acquires West Central Plaza; redevelopment on tap

Albuquerque, N.M. -- Heslin Holdings, Inc. announced the acquisition of West Central Plaza Shopping Center, a retail property located in Albuquerque, New Mexico. The firm plans to invest more than $12 million -- for both the acquisition and to redevelop and re-tenant the property -- as part of a value-add investment strategy.
The Picture People to open locations in Cafaro malls

Youngstown, Ohio -- The Picture People will open new studios in four Cafaro malls, according to the Youngstown, Ohio-based mall owner. The studios, which range in size from 1,800 sq. ft. to 2,700 sq. ft., will open by late May in Eastwood Mall (Niles, Ohio), Governor’s Square Mall (Clarksville, Tennessee), Huntington Mall (Barboursville, West Virginia) and Kentucky Oaks Mall (Paducah, Kentucky). In each case, this will be the first location for The Picture People in those respective states.
CBRE names first VP of retail leasing

Phoenix -- CBRE has announced that LeDonna Spongberg, a retail leasing professional, has joined the company’s Phoenix office as a first VP.
99 Cents Only to open nine new stores

City of Industry, Calif. – 99 Cents Only Stores Inc. plans to open nine new stores in Arizona, California and Texas between April 16 and April 18. On April 16, 99 Cents Only will open new stores in Canoga Park, Glendora and Vallejo, California.

On April 17, 99 Cents Only will open new stores in Chico and Escondido, California and Houston. On Saturday, April 18, 99 Cents Only will open new stores in Mesa, Arizona and Sylmar and Tustin, California.
New Balance Experience Store opens in Philadelphia

Center City, Pa. -- X Team International, an international alliance of retail real estate advisors, announced that partner MSC Retail has completed a lease transaction with New Balance Experience Store at 1615 Walnut Street in Center City.

The new 2,200-sq.-ft. ground-floor retail space is located on Philadelphia’s leading high street, and will sit alongside The Apple Store, Urban Outfitters and Free People. It opened on April 1.
Moviehouse & Eatery to build 10-screen movie theater at Craig Ranch

McKinney, Texas -- CBRE | UCR announced that Moviehouse & Eatery has purchased 6.78 acres of land at Craig Ranch in McKinney, Texas. The land is located at the northeast quadrant of Custer Road and Highway 121.

Moviehouse will build a 40,000-sq.-ft., 10-screen movie theater to open in May 2016. This will be the theater’s third location in DFW.
Sears, Simon Property form joint venture

Hoffman Estates, Ill. – In its latest move to capitalize on the value of its real estate and raise more cash, Sears Holdings Corp. has formed a joint venture with Simon Property Group whereby Simon will take ownership of 10 Sears stores in Simon malls and lease them back to Sears, who will continue operating Sears stores in the venture. The stores include properties Sears has leased to other entities.