REAL ESTATE

Joplin power center changes hands
Chase Properties has acquired North Point Shopping Center in Joplin, Missouri, from Kimco Realty Corp.
Fast-growing organic grocer sets 2018 store openings
Sprouts Farmers Market is in expansion mode. Sprouts Farmers Market announced it will open nine new locations in the first quarter of 2018. In total, the natural and organics grocer will open approximately 30 new stores across the country in 2018.

Developers: Brick-and-mortar not doomed, but challenged

Commercial real estate developers and investors surveyed this summer by the DLA Piper law firm concurred that reports of the demise of brick-and-mortar are greatly exaggerated. Only 8% of the 222 respondents to the survey, most of them C-level executives, agreed with the statement that brick-and-mortar is “doomed.” That said, just 3% were of the opinion that traditional retail was here to say.
Nordstrom unveils updated store concept

Nordstrom opened the doors on Tuesday to its newest full-line store, one that includes new store design concepts and services.
New lease on life for Las Olas Boulevard

It was an urban retail real estate broker’s dream: five blocks of Main Street storefront — almost 250,000 sq. ft. of it — sandwiched between beachfront and commercial business district. That’s what the owners of most of five contiguous blocks on Fort Lauderdale’s Las Olas Boulevard plopped on the plate of Michael Comras.
Five Common—and Costly—Omnichannel Mistakes

Brick-and-mortar retailers collectively have staked their claim online, accounting for at least half of U.S. e-commerce sales. The trouble is, most of them are losing money at it.
Publix signs on as anchor at new Alabama center

Thanks to Wernher von Braun, who developed the Saturn V rocket in the Alabama town, Huntsville is known as the Rocket City. Now the appellation is being applied to its population.
Developers: New centers warrant new co-tenancy clauses

With department stores being replaced by gyms and office space, retail tenants who signed on for the traffic generated by traditional anchors are of the opinion that the co-tenancy clauses in their leases need restructuring. At a forum staged by Jones Lang LaSalle at its New York office yesterday, two noted mall developers agreed.
Refinanced Boulder center opens with 90% occupancy

NewMark Merrill Mountain States this week issued a double-barreled press release: It closed on a $62 million refinancing of the Village at the Peaks and opened the Boulder-area center at close to 90% capacity. The $100 million, 442,000-sq.-ft. had been under development for five years in a public/private partnership between NewMark Merrill and the city of Longmont. New financing was provided by Allianz Real Estate of America.
Art Van rounds out Illinois Power Center

Art Van Furniture will take over a 34,000-sq.-ft. space vacated by H.H. Gregg at Gurnee Town Center in Illinois, according to owner Retail Properties of America, Inc. The electronics chain filed for Chapter 11 bankruptcy protection earlier this year. Art Van will bring the center to 98% occupied, according to RPAI, joining DSW, Old Navy, Starbucks, Ross Dress for Less, Five Below, and Bath & Body Works at the center west of Waukegan.