REAL ESTATE

Simon Property opens expansion of Las Vegas North Premium Outlets
Las Vegas -- Simon Property Group, a global leader in retail real estate, announced that it has opened a 25-store expansion of Las Vegas North Premium Outlets.

The center is now one of the largest in the country with 175 stores. The expansion features designer and name brands, including Neiman Marcus Last Call Studio, Saks Fifth Avenue Off 5th, AG Adriano Goldschmied, AllSaints, Bally, Canali, Catimini, CH Carolina Herrera, Citizen, Helmut Lang, John Varvatos, Rag & Bone, Under Armour, and Vera Bradley.
Five Below to open 70 stores in 2015; making Kansas City debut with three locations
Philadelphia - Five Below will make its initial entry into the Kansas City, Missouri market with the opening of three stores on May 15. The tween and teen specialty retailer expects to open a total of 70 new stores during 2015, on top of opening 62 stores in 2014

The three approximately 7,500-sq.-ft. Five Below Kansas City stores are located in Tiffany Springs Market Center in Kansas City, Adam's Dairy Landing in Blue Springs, Missouri, and Olathe Pointe Shopping Center in Olathe, Kansas.

Newk’s Eatery plans 200 new stores by 2018

Jackson, Miss. – As part of a larger plan to open 30 new corporate and franchised stores by the end of 2015 and 200 new stores by 2018, Newk's Eatery has entered a new development agreement with New Orleans-based Southeast Restaurant Group (SRG). The veteran operator of franchise and independent restaurants plans to open 15 Newk's locations throughout Southern Louisiana and in Houston.
Wegmans to anchor new project at Brooklyn Navy Yard

New York — The Brooklyn Navy Yard Development Corp. on Tuesday announced redevelopment plans for Admirals Row that will bring a long-anticipated supermarket, new manufacturing space and a brand new community facility to the site. Wegmans Food Markets will anchor the $140 million redevelopment of Admirals Row led by Steiner NYC, the developer of Steiner Studios.
Industry veteran joins Brixmor Property Group

New York - Ryan Guheen has joined Brixmor Property Group as senior VP, redevelopment & strategic leasing. Guheen is based in New York and will play a major role in the company’s Raising the Bar initiative.

Raising the Bar involves upgrading the merchandise mix at its shopping centers with best-in-class anchors to drive higher sales, traffic and small shop leasing, while elevating center appeal to improve rent levels and net operating income growth.
Retail Rap: Sears Goes on a Selling Spree

About a year and a half ago, I wrote the following about Sears in an article that appeared in this space: “the company has been run less like a retail operation and more like a REIT for many years now.”
Cullinan Properties names VP of leasing

Peoria, Ill. - Scott D. Fitzgerald has been named VP of leasing and development at Cullinan Properties Ltd. Fitzgerald, who is based in Cullinan’s Chicago office, is responsible for pre-development activities for Waller Town Center in Waller, Texas and Avenue Shoppes at P-83 located in Peoria, Arizona, as well as other new development opportunities sought by Cullinan.
Trademark adds three new tenants to Westbend

Fort Worth, Texas – Trademark Property Co. is adding three new tenants to its Westbend shopping center in Fort Worth, Texas. Restaurant chain HG Sply Co. will open a 3,800-sq.-ft. location with a 5,000-sq.-ft. outdoor patio.

In addition, Pax & Parker will open a 1,364-sq.-ft. luxury location and Woodhouse Day Spa will open a 5,240-sq.-ft. full-service luxury day spa.
Five Things to Know About Omnichannel Distribution Real Estate

By Kris Bjorson, JLL

Cost versus customer experience: As retailers compete on customer experience throughout the omni-channel supply chain process, the type of real estate and where it is located is playing a major role. In fact, according to JLL research, seven out of 10 retailers are still shaping their omnichannel product offering and customer service commitments.
Nebraska Furniture Mart opens nation’s largest home furnishings store

New York -- While most retailers are shrinking their footprints, Nebraska Furniture Mart (NFM) is doing just the opposite, opening the nation’s largest home furnishings store. Located in the new 433-acre Grandscape mixed-use development in The Colony, Texas, the two-level store has a whopping 560,000 sq, ft. of selling space (equivalent to about nine football fields). Including its on-site warehouse, the space totals more than 1.8 million sq. ft.