FINANCE

Kohl’s headquarters to stay in Wisconsin; to receive up to $62.5 million in tax breaks

BY Marianne Wilson

New York — Kohl’s Corp. and the state of Wisconsin announced an agreement that will keep the retailer’s headquarters in Menomonee Falls, which is located about 20 miles northwest of Milwaukee. Kohl’s will receive up to $62.5 million in tax credits from the state over 12 years. The final amount of the tax credits is dependent on the number of employees the chain adds at its facility and the amount of money Kohl’s invests in developing its campus.

Kohls, which has about 4,900 employees at its corporate locations around the area, has said it will add up to 3,000 jobs over the next 12 years in southeastern Wisconsin and spend $250 million in improvements to its headquarters.

Kohl’s will take ownership of about 100 acres in Woodland Prime, a business park in Menomonee Falls. It will also acquire a small office building adjacent to the land. In exchange, the village will assume ownership of Kohl’s 530,000-sq.-ft. distribution center in the village. The company said it plans to build a second corporate campus on the vacant land and continue to operate its current headquarters in Menomonee Falls.

Company CEO Kevin Mansell said Kohl’s had looked into moving to Milwaukee, to another area of Wisconsin or even out of state, but he declined to say which states were considered, the Associated Press reported.

Kohl’s will begin construction on a new building within the next three years, according to the report.

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REAL ESTATE

AMTdirect debuts free real estate management software

BY Staff Writer

Charlotte, N.C. — Commercial real estate solution-provider AMTdirect said Thursday it has launched a free version of its web-based real estate software.

The intent, said AMTdirect, is to provide access to the portfolio management application to smaller companies that may not have been able to fund it previously as well as to larger retailers that haven’t yet automated their real estate management processes.

“People download free apps for their smart phones and tablets — we think it’s time to bring this concept to the world of sophisticated business apps,” said AMTdirect CEO Scott Schubert. The purpose, explained Schubert, is to onboard retailers at no charge with the idea that many “will then buy additional solutions from us in the form of low-monthly-cost add-on capabilities.”

Features of the application, available at amtdirect.com, include real estate administration, accounting, FASB administration, project management and facility management.

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REAL ESTATE

New tenants join University Village

BY Staff Writer

Riverside, Calif. — NewMark Merrill Cos. said that it has leased more than 27,000 sq. ft. of new tenants at the University Village shopping center, located in Riverside, Calif.

University of Riverside added 21,672 sq. ft. to expand its educational services; Cali Basil & Oven signed a 7-year lease for a 2,589-sq.-ft. space located near 7- Eleven; Fire and Ice Land restaurant signed a 5-year lease for 1,795 sq. ft.’ and Haagen Dazs signed a 5-year lease for an 1,100-sq.-ft. space near Quiznos.

The 178,020-sq.-ft. open-air community center is also tenanted by Regency Theatres, Starbucks, Fatburger, Rubio’s, Quizno’s, Service Plus Credit Union and Juice It Up.

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N.Vartas says:
Oct-11-2012 02:09 pm

natural look
It is quite good news for the Riverside. But if this open-air community center already have such serious tenants as Regency Theatres, Starbucks - it is very successful. However, these centers could use a little more wood and look more natural as timber homes or wooden saunas, but of course it all depends.

N.Vartas says:
Oct-11-2012 02:09 pm

It is quite good news for the Riverside. But if this open-air community center already have such serious tenants as Regency Theatres, Starbucks - it is very successful. However, these centers could use a little more wood and look more natural as timber homes or wooden saunas, but of course it all depends.

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Consumer confidence is high. Is that reflected in your stores’ revenues?

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