REAL ESTATE

West Marine to open Chicago flagship on April 23
Chicago -- West Marine will celebrate the grand opening of its Chicago flagship on Thursday, April 23, and continuing through Sunday, April 26.

At 20,000 sq. ft., the Halsted Street location will be the largest West Marine store in the Midwest. The new store will include such features as a state-of-the-art marine electronics display with over 100 units that shoppers can touch and test, and a dedicated "Paddle World" featuring a huge selection of kayaks and stand-up paddleboards, plus a broad range of paddling accessories.
Report: Japan government fund to help launch chain of green tea cafes in U.S.
Tokyo – The Cool Japan Fund, a fund mostly supported by Japanese taxpayers and linked to Japan’s government, will reportedly invest $2.18 million in a chain of U.S. green tea cafes. According to Reuters, the Cool Japan Fund will take a 49.9% stake in Green Tea World USA Inc.

Green Tea World plans to open its first tea café in California later in 2015. The company intends to open 50 stores in California cities including Los Angeles, San Francisco and San Jose in the next decade. Beverages will sell for $3 to $4 each.

Dunkin’ Donuts to open seven new Illinois stores

Canton, Mass. – Dunkin’ Donuts has signed multi-unit store development agreements with two existing franchise groups to develop seven restaurants in Illinois during the next several years. The two franchise groups and their development plans include:
GBT Realty acquires prime retail site near Austin

Austin, Texas -- GBT Realty Corp. announced its acquisition of a prime retail site in the heart of one of the fastest-growing cities in Texas and the U.S. Located in Cedar Park, Texas – a community that has grown over 400% since 2004 – Lakeline Commons is a 1.43-acre site that is shadow-anchored by Target and adjacent to The Home Depot.

GBT acquired the north Austin outparcel for $1.6 million on March 19 from Regions Bank. No additional terms are available.
Project Profile: Coastal North Town Center, North Myrtle Beach, S.C.

Recent completion of the $60 million power center Coastal North Town Center signaled the arrival of Myrtle Beach’s first Publix supermarket and Hobby Lobby store.
David’s Tea files for IPO; sees potential for 300 U.S. stores

New York -- Watch out Teavana, Canada’s David’s Tea Inc. is looking to boost its U.S. presence. The Quebec-based chain has filed a registration with the U.S. Securities and Exchange Commission for an IPO in which it looks to raise a maximum of $75 million. The company plans to list on the Nasdaq with the ticker symbol "DTEA.”
SRS Real Estate names president of North American brokerage

Dallas -- SRS Real Estate Partners has appointed Woody McMinn as president of North American brokerage in the Dallas corporate headquarters office. In his newly created position for SRS, McMinn will be responsible for North American brokerage operations, leading market leaders and their respective teams, encouraging collaboration across markets and leading recruiting efforts to grow brokerage, offices, operations and productivity.
Las Plazas at Old Vail breaks ground

Tucson, Ariz. -- A 17-acre parcel of land at the northwest corner of Houghton and Old Vail Roads in southeastern Tucson, Arizona, is slated to become a new retail and restaurant hub. The site work has begun at Las Plazas at Old Vail, in the form of under-ground utilities, grading, retention/detention, common drive aisles, landscaping, curbs and parking lot lighting.
Century 21 to expand beyond Northeast with store in Florida

New York -- Legendary Manhattan off-price retailer Century 21 will open its first store outside its Northeast home base, at Sawgrass Mills, Sunrise, Florida. The 85,000-sq.-ft. store is set to open in the fall of 2016.
CBL and Horizon start expansion of Outlet Shoppes of the Bluegrass

Chattanooga, Tenn. -- CBL & Associates Properties and Horizon Group Properties have begun construction on the second phase of The Outlet Shoppes of the Bluegrass, near Louisville, Kentucky.

The 53,400-sq.-ft. expansion is scheduled to open this November and will bring eight more retailers to the center including H&M, Abercrombie & Fitch, The Limited Outlet, and Johnny Rockets. The outlet shopping center, located off Interstate 64 between Louisville and Lexington, opened July 31, 2014.