REAL ESTATE

Four new retailers sign into Brea Mall in Brea, Calif.

BY Michael Fickes

Indianapolis — Four new retailers have leased space at Brea Mall in Brea, California, according to Simon Property Group, the mall’s owner. Starbucks Coffee Company, Kiehl’s Since 1851, Kelley’s Kookies and Shoe Palace plan to open their doors this spring and summer.

Starbucks will debut this spring as a standalone kiosk with tables and chairs for café-style seating.

Kelley’s Kookies will open an 851-sq.-ft. space this spring. The Brea store will be the cookie maker’s third location. The others are in Stanton and Arcadia.

Kiehl’s Since 1851 has taken a 1,019-sq.-ft. space and expects to open in May.

Coming this summer, Shoe Palace will make its debut at the mall in a 3,821-sq.-ft. space.

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REAL ESTATE

Vornado to sell Broadway Mall in Hicksville, N.Y.

BY Michael Fickes

Paramus, N.J. — Vornado Realty Trust has announced an agreement to sell the 1.1 million-sq.-ft. Broadway Mall in Hicksville, Long Island, N.Y., for $94 million to an unknown buyer. The company purchased the mall in 2005 for $152.5 million.

In April 2012, the company announced its intention to reduce exposure to the enclosed mall business and to sell some of its other categories of retail shopping centers. This sale, Vornado’s last shopping center on Long Island, represents a continuation of that policy.

According to a company statement, the sale will result in net proceeds of approximately$92 million after closing costs. In addition, Vornado’s fourth quarter 2013 financial results will include a non-cash impairment loss of $13.4 million related to Broadway Mall.

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REAL ESTATE

Pancheros plans 16 new locations for 2014

BY Michael Fickes

Coralville, Iowa — Pancheros Mexican Grill has announced plans to open 16 new locations in 2014. The fast casual Mexican restaurant rounded out 2014 with eight new location openings and 10 lease signings set for development this year.

Pancheros aims to sustain the expansion across the country with 70 additional restaurant launches over the next five years.

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