REAL ESTATE

J.C. Penney enters partnership to develop land around headquarters

BY Dan Berthiaume

Plano, Texas – J.C. Penney Company has entered into a new partnership to develop the vacant land around its Plano, Texas, home office in the Legacy Business Park. The new partnership will be managed by Team Legacy, a venture of the Karahan Companies, Columbus Realty, and KDC.

The new project, Legacy West, consists of 240 acres at the southwest corner of the Dallas North Tollway and State Highway 121, and is considered a prime office and mixed-use development site in the heart of Legacy Business Park. Legacy West will be a natural extension of Legacy Town Center, a mixed-use development presently located only on the east side of Dallas North Tollway. Penney purchased the land in 1987, shortly before moving from New York City to Texas, and completed its Plano home office in 1992.

"We have seen a great deal of business and residential growth around the home office over the last 25 years, and now is the time to capitalize on this attractive asset," said Katheryn Burchett, senior VP of real estate and property development at J.C. Penney. "Karahan, Columbus, and KDC are trusted partners with a respected reputation, and we believe they will develop the land adjacent to our home office thoughtfully. This new project will be a positive venture for our company, our associates and all of North Texas."

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REAL ESTATE

99 Cents Only opens three new stores Feb. 13

BY Dan Berthiaume

City of Commerce, Calif. – 99 Cents Only Stores is opening three new stores on Thursday, Feb. 13. The stores are located in Scottsdale, Ariz., Carson, Calif., and Humble, Texas.

The Scottsdale store is approximately 14,000 sq. ft., the Carson store is approximately 17,000 sq. ft. and the Humble store is approximately 12,000 sq. ft. All three will feature a perishable food department, including produce, dairy and frozen foods.

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REAL ESTATE

Nordstrom to close two stores

BY Staff Writer

Seattle — Nordstrom announced plans to close it’s store in Lloyd Center Mall, Portland, Ore., and its store in Vancouver Mall, Vancouver, Wash. Both locations will close in January 2015.

"This was a tough decision to make because we’ve been doing business in Lloyd Center and Vancouver Mall for a long time and we care about the community, our customers and our employyees here," said Ed Nordstrom, president of stores.

Nordstrom said the two locations haven’t performed to the level the company needed them to and "investing in remodels to possibly make them more successful didn’t pan out."

"We never like to close a store, but we came to the difficult conclusion that it didn’t make good business sense to continue operating them after our agreements ends," Nordstrom said.

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