REAL ESTATE

JLL closes sale of Houston’s Northwest Crossing Centre

BY Michael Fickes

Houston Jones Lang LaSalle’s Capital Markets group has closed the sale of Northwest Crossing Centre, a 179,469-sq.-ft., fully leased shopping center in Houston. USA Properties purchased the property from Weingarten Realty. JLL secured 10-year, fixed-rate financing for the acquisition.

Best Buy, Marshalls, Big Lots and Shoe Carnival anchor the center. A 126,000-sq.-ft. Target shadow anchors. The infill center is just 12 miles from Houston’s central business district and nine miles from the Galleria/Uptown market.

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REAL ESTATE

REI heading to Fairbanks, Alaska

BY Marianne Wilson

Seattle — REI will open a store in Fairbanks, Alaska, in the spring of 2014.

The 30,000-sq.-ft. store will house a bike shop, and ski and snowboard shop offering assembly and repair services, and host free in-store classes.

"Whether hiking, skiing or practicing yoga, Alaskans are some of the most active people in the country," said Kevin Golic, REI retail director for the Washington and Alaska district.

REI has a long history in Alaska, dating back to its store in Anchorage, opened in 1979.

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REAL ESTATE

Office Depot selects Boca Raton for headquarters

BY Staff Writer

Boca Raton, Fla. — Office Depot has selected Boca Raton, Fla., for its global headquarters rather than the Naperville, Ill., corporate home of its merger partner OfficeMax.

In November, Office Depot Inc. and OfficeMax completed their merger and took the name Office Depot. The new company will use Office Depot’s existing corporate campus in Boca Raton.

“Selecting the headquarters location is a critical step toward integrating our two companies,” said Roland Smith, chairman and CEO, Office Depot, Inc. “Both Florida and Illinois have many positive attributes, but our analysis concluded that Boca Raton provides the best platform for us to achieve planned synergies, leverage assets to drive improved profitability, and launch a compelling vision for the future.”

Office Depot will maintain a presence in Naperville throughout the headquarters transition and accompanying integration activities.

The company has about 1,600 workers in Illinois and 1,700 in Boca Raton.

The location of Office Depot and OfficeMax stores, customer service centers, warehouses and distribution centers are not affected by the selection of the headquarters location.

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