REAL ESTATE

Phillipsburg, N.J. -- National Realty & Development Corp. announced that Hobby Lobby has opened its 56,000-sq.-ft. store at Pohatcong Plaza in Phillipsburg, New Jersey.

Pohatcong Plaza is a 562,000-sq.-ft. power center located at the intersection of Route 22 and Greenwich Road, 1/2 of a mile northwest of Interstate-78 off of Exit 3.

San Francisco – Pottery Barn and Pottery Barn Kids opened stores Tuesday, July 15 at Central Square, Bonifacio High Street, a premier retail destination in Manila, Philippines. As part of parent company William-Sonoma Inc.’s strategic global expansion, these stores are the first Pottery Barn and Pottery Barn Kids locations in Southeast Asia.

Redlands, Calif. — Esri announced the next generation of its Tapestry Segmentation system, which reflects a decade of analysis of major U.S. events such as the housing boom of the early 2000s and its long-term impacts on the U.S. population.

Flowood, Miss. — Inland Real Estate Income Trust, Inc. has purchased the 187,610-square-foot Dogwood Festival Shopping Center located in Flowood, Mississippi, approximately 10 miles northeast of Jackson, Mississippi.

Constructed in 2002, the center is 97.8% leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse, Hibbett Sports and several other national tenants. The property is shadow-anchored by Belk, an upscale department store, which was not acquired.

Seattle -- Nordstrom announced today plans to open a Nordstrom Rack at The Shops at Knollwood in St. Louis Park, Minnesota. The approximately 33,000-sq.-ft. store is scheduled to open in spring 2015. The property is owned and managed by Rouse Properties Inc.
 
Recently rebranded The Shops at Knollwood, Rouse Properties launched an extensive redevelopment project in an effort to modernize and improve the shopping environment.

Rutherford, N.J. -- RKF announced that two brokerage professionals have been promoted in its New Jersey office. Glenn Beyer has been promoted from managing director to senior managing director, while Conor O’Hara was promoted from canvasser to associate.

Dublin, Calif. -- Ross Dress for Less (“Ross”) will open a new store in Utah on July 19, in The Shoppes at Lake Park in West Valley City. This increases the number of stores in the state to 16 locations.
      
The opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations for the year.

Together, Ross Dress for Less and dd’s Discounts currently operate over 1,300 off-price apparel and home fashion stores in 33 states, the District of Columbia and Guam.

Rockford, Mich. -- Wolverine Worldwide said it plans to close about 140 stores, primarily under the Stride Rite banner,  over the next 18 months as part of a strategic realignment plan to accelerate growth and improve overall profitability.  About 60 stores will close by the end of the current fiscal year, with the rest to be shuttered by the end of 2015.