REAL ESTATE

PREIT announces Ron Rubin will step down as executive chairman
Philadelphia -- PREIT announced that Ron Rubin will step down as the company's executive chairman, a role he's held since 2012, effective June 7, 2016. Rubin will continue in his role as chairman of the board.
Sandwich chain slices deep into site selection
Cousins Subs, a regional sub sandwich retailer with more than 100 locations in Wisconsin and Arizona, knows that a bigger sandwich isn’t better unless it has the right ingredients.

Menomonee Falls, Wisconsin-based Cousins is taking the same approach to corporate growth that it takes to increasing the size of its sandwiches. Cousins is partnering with customer analytics platform provider Buxton to develop site selection strategies based on core customer insights. Buxton will also identify new real estate growth opportunities for Cousins Subs in the Midwest.

Home fitness equipment giant enters retail arena

Nautilus is getting up close and personal with shoppers.

The maker of Bowflex, Universal and other exercise equipment brands has opened its first-ever retail store, The Nautilus Shop, at its headquarters in Vancouver.

The roughly 3,000 -sq.-ft. space is designed to create an environment that supports engagement between customers and products, as well as the development of new concepts for the company’s retail partners.
Off-pricer to make New Orleans debut

Nordstrom Rack is coming to New Orleans.
Brookstone opens first overseas store, in China

Brookstone kicked off the new year by opening a store in one of the largest retail shopping centers in Nanjing, China. Additionally, the retailer opened three in-store shops in Funtalk Telecommunication's locations in Beijing and Shanghai.

After its initial entry into China, Brookstone will pursue a strategy to open up independent shops in airports and high-speed railway stations, according to Piau Phang Foo, global VP of the Sanpower Group and chairman of Brookstone. (The Sanpower Group, a multi-national conglomerate based in China, acquired Brookstone in 2014).
SPECS 2016: Register NOW

Chain Store Age’s annual SPECS conference is the must-attend event for retail and restaurant executives involved in the design, construction, and maintenance of stores. This year’s show — to be held March 13-15, 2016, at the Hilton Anatole, Dallas — is shaping up as one of the best ever, with presentations by Target, Under Armour and The Container Store to name but a few.
CBRE Group, Inc. acquires affiliate firm in Memphis

Los Angeles -- CBRE Group announced that it has acquired CBRE Memphis, a commercial real estate services firm that has served as CBRE’s affiliate in Memphis since 1996.

CBRE Memphis services include leasing, property sales, property management, project management and consulting. The firm has a staff of more than 100 and leases and/or manages approximately 14 million sq. ft. of property in the Memphis metro area, as well as in Jackson, Mississippi, and Arkansas.
Restaurant chain to add 33 new locations in California

Sonic Drive-In is expanding its footprint in the Golden State.

The company signed franchise agreements to open a total of 33 new drive-ins in the state of California over the next seven years.

The 33 drive-ins are planned for multiple markets across the state: 11 in Sacramento; 12 in the San Francisco Bay Area; three in west Los Angeles; five between Bakersfield and Stockton and two in the Palm Springs area.
The Salvador luxury condos now leasing ground-floor retail space

St. Petersburg, Fla. -- The Sembler Company’s latest listing is nearly 3,250 sq. ft. of ground-floor retail space in The Salvador, new luxury condominiums, located in downtown St. Petersburg, Florida. The 74-unit, green-certified condo tower is located just 300 ft. from the University of South Florida, and walking distance from The Dali Museum, The Mahaffey Theater and the Central Avenue arts/entertainment district among other attractions.
Pan Bay Center in Queens, New York, acquired for $27 million

New York -- Urban Edge Properties announced the acquisition of Pan Bay Center, located in the Howard Beach neighborhood of Queens, New York, for $27 million. The property includes almost the entire block on the west side of Cross Bay Boulevard between 156th Avenue and 157th Avenue.

The 50,000 sq. ft. property is currently 85% leased with local retail tenants on the ground floor and medical office tenants on the second floor. The property includes 97 parking spaces.