Houston power center changes hands
Dunhill Partners has acquired The Center at Pearland Parkway in Houston, which houses T.J. Maxx and Ross Dress for Less and is shadow-anchored by an HEB grocery store. Seller Stream Realty Partners did not disclose the sale price.
"Due to the ideal spacing between the two closest major retail nodes, the Center at Pearland Parkway offers tenants the ability to capture this under-served community with limited competition," said Stream managing director Mark Sondock.
The Center at Pearland Parkway is a multi-phase project that kicked off in the early part of recovery after the recession ended and was completed in 2014. Situated at a prime intersection of FM 518 and Pearland Parkway, its second phase was just completed. Additional anchor and in-line spaces are up for lease.
Sears Canada leases spark interest among REITs
Two heavy hitters in the Canadian real estate market are eyeing Sears Canada properties — but not its Home Stores.
RioCan Real Estate Investment Trust, and a unit of H&R Real Estate Investment Trust are among potential bidders interested in Sears Canada assets. They are two of the biggest players in the Canadian real estate marketplace, according to Bloomberg.
The two REITs are not looking at the chain’s Home Stores division. Factors that could be influencing decision include that these units are “older and harder to subdivide, and haven’t been renovated, which could potentially cost [them] millions of dollars,” the report said.
The chain has been ailing for years, burdened with an outdated image and under increased competition from online and discounters. In June, Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy. At the same time, it also announced a plan to restructure — a process that included closing 59 of its 225 stores and cutting 2,900 of its approximately 17,000 workers.
According to Bloomberg, both parties are keeping an eye on Sears Canada’s restructuring efforts to ensure that the company is moving forward.
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Marshalls expands in Maryland
A new Marshalls location will co-anchor the Shoppes at Apple Greene in Dunkirk, Maryland, along with Harris Teeter, according to center owners Echo Realty and Marrick Partners.
The 21,000-sq.-ft. location will be Marshalls’ first in Calvert County, due south of Baltimore, where Marshalls operates two stores.
The 48,000-sq.-ft. Harris Teeter store is under construction at Apple Greene, a new 100,000-sq.-ft. center with an additional 30,000 sq. ft. available for lease.
The commitments made by Marshalls and Harris Teeter are “a true testament to the strength of the Dinkirk community,” said Echo leasing director Nicole Zupan.
Echo also owns Calvert Village in Prince Frederick, home to Calvert County’s first TJ Maxx store. Marshalls and TJ Maxx are both owned and operated by The TJX Companies, which operate 3,800 off-price apparel and home goods stores in nine countries.