REAL ESTATE

Divaris signs Tex-Mex restaurant, Red Wing Shoes

BY Michael Fickes

Richmond, Va. — Divaris Real Estate has announced the signing of two retail leases in the greater Richmond suburb of Midlothian.

Tex-Mex restaurant Chuy’s has leased 7,449 sq. ft. in the Village at Swift Creek in Midlothian. The Richmond office of DRE represented the landlord, Swift Creek Associates. This will be Chuy’s second Richmond location. Chuy’s will join Guitar Center, Babies “R” Us, TGIF, Red Lobster and Cracker Barrel in the development.

Red Wing Shoes has taken 4,800 sq. ft. in the DRE-leased and –managed Midlothian Crossing on the Midlothian Turnpike in Richmond. DRE represented the landlord, Midlothian Associates, in the transaction. Red Wing will join Big Lots, Goodwill and Family Dollar.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Va., with offices in Newport News, Norfolk, Richmond and Roanoke, Va.,; Charlotte, N.C.; and metropolitan Washington, DC.

Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.

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REAL ESTATE

DSW to launch new retail format under Yellow Box banner

BY Marianne Wilson

Columbus, Ohio — DSW Inc. is bringing women’s footwear brand Yellow Box into the retail arena. DSW’s Affiliated Business Group (ABG) division has entered into an agreement with Yellow Box Corp. to operate stores under the Yellow Box banner. The company plans to open Yellow Box stores throughout the United States, starting off with three to five store openings in 2014.

“Developing new footwear concepts is a key part of our enterprise growth strategy,” said DSW president and CEO Mike MacDonald. “ABG’s partnership with Yellow Box provides a new platform to bring the Yellow Box brand experience to new and existing customers. We are excited about this new specialty footwear retail concept, which will create a new avenue of growth for both DSW Inc. and Yellow Box Corporation."

The Yellow Box brand is best known for its jeweled sandals for women and girls. In addition to sandals, the stores will also carry, flats, dress shoes, boots and exclusive products.

"We are very excited to partner with the Affiliated Business Group in the development of our new Yellow Box retail stores,” said Terry Chen, founder and president, Yellow Box. “ABG’s expertise in footwear specialty retail will provide a unique consumer experience that brings our Yellow Box brand alive through branded retail stores."

DSW operates 403 stores under its own nameplate and runs another 357 shoe departments through its affiliated division.

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REAL ESTATE

J&R Music to redevelop Manhattan store site

BY Dan Berthiaume

New York – The owners of New York City’s famed J&R Music and Computer World, an independent music and electronics store in Lower Manhattan since 1971, have closed the store to redevelop its site.

“J&R will close its doors so we can rebuild this location into what we hope will be an unprecedented retail concept and social mecca,” owners Joe and Rachelle Friedman said in a statement on the company’s website. “The buildings that J&R occupies have to be totally reimagined and developed.”

While the statement promises more details in the future, an accompanying sketch with the caption “2015” shows a modern, six-story, triangular-shaped glass-and-steel building on the corner of 1 Park Row.

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