REAL ESTATE

  • Retail rents fall 1.6% year over year, with national average at $14.65

    Chicago -- Retail rents fell 1.6% year over year, and inched down 0.5% since the last quarter to the current national average of $14.65, according to Jones Lang LaSalle’s North America Year-end Retail Outlook. National retail vacancy levels posted a 0.1% quarter-over-quarter drop from 7.1% to 7.0%, with open-air centers at the high end with 10.9% vacancy, and general retail at the low end with 4.7%  vacancy.

  • Study: Dollar store boom good for retail landlords

    Seattle -- The combined store count of the four national dollar store (or extreme value) chains — Dollar General, Dollar Tree, Family Dollar and 99 Cents Only — has now surpassed that of the three biggest national drugstore chains (Walgreens, CVS, and Rite Aid), according to a new report  by Colliers International, the third-largest commercial real estate services company in the world.

  • Apple will open a store in Manhattan’s Grand Central Terminal

    New York City -- Apple will open a store in Manhattan’s Grand Central Terminal on Dec. 9.

    The store will have regular hours starting at 7 a.m. Monday through Friday, accommodating commuters. It will open later on weekends.

  • Simons opens its first outlet center in Southeast Asia

    Indianapolis -- Simon Property Group announced that, in 50/50 partnership with Genting Berhad, it has opened Johor Premium Outlets, its first Premium Outlet Center in Southeast Asia.

    The center encompasses 173,000 sq. ft. of gross leasable area featuring 80 stores and is located in Johor Bahur, Malaysia. A grand opening celebration will take place on December 11, 2011.

  • Perrin Paris to open at the Carlyle Hotel

    New York City -- Prudential Douglas Elliman's Retail Group said it has arranged the first New York flagship for Perrin Paris at the Carlyle Hotel on Madison Avenue between 76th- and 77th Streets.

    The House of Perrin is renowned for its elegant and timeless leather gloves, handbags and accessories, often composed of such unique and exotic skins as crocodile, python and more. Neighboring boutiques in the Carlyle Hotel include Vera Wang, Stubb & Wootton and Yves Delorme Linens.
     

  • Pure Health Bar makes New Jersey debut at Cherry Hill Mall

    Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Pure Health Bar has opened at Cherry Hill Mall, in Cherry Hill, N.J.

    Located in the Food Court, the 263-sq.-ft. Pure Health Bar is the only one of its kind in New Jersey and Pennsylvania, expanding the mall’s roster of first-to-market retailers.

  • REI makes New York City debut

    New York City -- REI (Recreational Equipment, Inc.) has opened its first-ever store in Manhattan, in the landmarked Puck Building in SoHo. The 35,000-sq.-ft. space has been carefully restored to honor the brand’s nearly 75-year heritage and the building’s more than century-old history.

  • Villa Capri Ristorante to open at Twin Peaks

    Poway, Calif. -- Jacksonville, Fla.-based Regency Centers said that Villa Capri Ristorante has leased restaurant space at Twin Peaks shopping center, located in Poway, Calif.

    The 2,570-sq.-ft. restaurant is slated to open in January 2012, bringing the center to 98% leased.

    Twin Peaks is a 198,139-sq.-ft. shopping center home to several national and regional retailers such as Target, Albertsons, Starbucks and Subway.

  • Mediterranean restaurant to open at Union Square

    New York City -- Winick Realty Group said that restaurateur Danny Hodak, owner of Hell’s Kitchen Mediterranean eatery Taboon, has leased 1,000 sq. ft. of ground-floor space at 30 East 13th Street, between Fifth Avenue and University Place, for a new, as-yet-unnamed quick-service Mediterranean concept.

    The restaurant is anticipated to open in the next two months and if it’s a success, Hodak plans to roll out more locations for the concept across New York City.
     

  • LA Fitness to open at Cityville at Cityplace

    Dallas -- Venture Commercial Real Estate said it represented L.A. Fitness in the completion of a long-term lease for a 50,000-sq.-ft. facility in the new Cityville at Cityplace mixed-use development, under construction in Dallas.

    “Urban infill presents a challenge as we expand to open new clubs in densely populated areas such as Dallas’ Uptown neighborhood,” said John Gabriel, senior VP real estate for LA Fitness.

    Venture Commercial has helped L.A. Fitness secure 27 locations across the Dallas-Fort Worth area.

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