REAL ESTATE

Market Basket to open four to five stores

BY Dan Berthiaume

Tewksbury, Mass. – The Market Basket supermarket chain is wasting no time in moving forward following its purchase by former CEO Arthur T. Demoulas for $1.5 billion on Aug. 28. According to the Boston Globe, Market Basket plans to open at least four new stores in Massachusetts the near future.

Cities slated for new Market Basket store openings reportedly include Revere, Attleboro, Littleton, and Athol, with Plymouth also under consideration. The Revere and Attleboro stores are scheduled to open by the end of 2014. Demoulas said that Market Basket will consider scaling back its new store openings from a planned four or five to two or three if that will help the company better manage the roughly $500 million in private equity debt which financed its recent purchase.

Demoulas was fired by his cousin Arthur S. Demoulas in June 2014, leading to a six-week employee and customer boycott in July and August 2014 that severely reduced products available on Market Basket shelves as well as the company’s profits. Arthur T. retained ownership of 49.5% of the company upon being terminated as CEO, and bough the remaining shares from Arthur S. and allied family members. Market Basket currently operates 71 stores in Massachusetts, New Hampshire and Maine.

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REAL ESTATE

Eastwood Towne Center signs J. Jill

BY Dan Berthiaume

Oak Brook, Ill. – Eastwood Towne Center has signed J.Jill, who selected Eastwood Towne Center as their only location in Central Michigan. This follows on the heels of recent opening announcements by Apple, Sephora, Gymboree and a newly expanded Forever 21, also exclusive to Eastwood in Central Michigan.

The 3,600-sq.-ft. J. Jill store will be located next to Express and American Eagle. J.Jill is expected to open in the late fall.

Eastwood Towne Center is a shopping, dining and entertainment destination and is minutes from Michigan State University in Lansing Charter Township, Michigan. It is an open-air lifestyle center featuring upscale retail tenants, home furnishing shops and a variety of dining and entertainment options. The center has a mix of national tenants and others exclusive to the market such as P.F. Chang’s, J. Crew, Ann Taylor and Pottery Barn.

"Eastwood Towne Center continues to optimize its offerings, transforming into a regional shopping destination not found anywhere else in Central Michigan," said Greg Goldberg, VP, leasing director, north region, Retail Properties of America Inc. "The addition of J.Jill continues to enhance Eastwood’s unique mix of exclusive retailers and we are excited to welcome them to our center."

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REAL ESTATE

Gabriel Kreuther, Bluestone Lane Coffee coming to midtown Manhattan

BY Katherine Boccaccio

New York — RKF announced that it has arranged two new leases at the Grace Building in Midtown for chef Gabriel Kreuther’s first solo restaurant and Bluestone Lane Coffee. The Grace Building is co-owned by Brookfield and The Swig Company.

Kreuther’s yet-to-be-named new restaurant will feature high-end Alsatian-American cuisine and is expected to debut in 2015. It will be designed by Glen Coben of architectural and interior design firm Glen & Company. The lease at 1114 Avenue of the Americas, directly across from Bryant Park, consists of 8,000 sq. ft. on the ground floor and 7,000 sq. ft. on the second floor.

“Bryant Park is really becoming a social center of Midtown and both high-end and fast-casual restaurants are grabbing locations neighboring the park,” said Spencer Levy, managing director, RKF.

Bluestone Lane Coffee has taken a 600-sq.-ft. café space on the plaza at 1114 Avenue of the Americas and is expected to open in September. This will be the fourth location for Bluestone, with another one coming to 770 Broadway on October 1, also arranged by RKF.

The Grace Building is a 50-story, class-A office tower located on West 42nd Street between Fifth and Sixth Avenues. Restaurant STK currently occupies a ground-floor retail space on the 43rd Street side.

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