IKEA will open in St. Louis in fall of 2015
St. Louis, Mo. — IKEA plans to break ground on a three-level, 380,000-sq.-ft. building in midtown St. Louis this summer, according to Pace Properties, the broker selected by IKEA to help facilitate the chain’s expansion into the St. Louis market.
The site is a 21-acre redeveloped tract at the intersection of Forest park and Vendeventer avenues within the 240-acre CORTEX Life Science District in midtown St. Louis.
The building will feature two floors of showroom space above a ground-level garage. With supplemental surface parking, the site will accommodate 1,250 vehicles.
Pace began evaluating properties in metro St. Louis in 2004. Overall, the firm analyzed more than 30 prospective locations. A defining characteristic of the site IKEA selected is its urban setting in a gentrifying area of St. Louis City. IKEA typically favors suburban locations.
Kroger buys 12 acres at Hampton Roads Crossing
Virginia Beach, Va. — Kroger has acquired 12 acres at the Hampton Roads Crossing mixed-use project in Suffolk, Va., according to Divaris Real Estate (www.divaris.com), the broker that represented the seller, Terry/Peterson Investment Thirty, in the transaction.
Kroger intends to construct a 113,361-sq.-ft. Kroger Marketplace on the site.
Plans call for the new store to open in November of next year. The store will anchor the retail component of Hampton Roads Crossing. The 40-acre retail site will feature key anchor box tenants including Kroger Marketplace and shops and outparcels.
Other components of the development include 1,000 residential units and office buildings. The development will span the Suffolk-Portsmouth city lines.
Tile Shop opens third Boston-area store
Plymouth, Minn. – The Tile Shop is launching its third retail store in the Boston metropolitan area. The new 15,805-sq.-ft. store will be located in the Worcester suburb of Shrewsbury, Mass.
The new store will join The Tile Shop’s other Boston area stores in Natick and Avon, Mass.
“The Tile Shop and Shrewsbury are a great fit for each other,” said Carl Randazzo, senior VP of retail for The Tile Shop. “Our new store will offer a wide range of tile and stone products that will go well with the architectural styles of the homes located in and around Shrewsbury, many of which were built between the 1960s and the early 2000s, in keeping with the suburb’s population growth.”