REAL ESTATE

New Nordstrom Rack opens in Houston spring 2014

BY Dan Berthiaume

Seattle – Nordstrom will open a Nordstrom Rack at Village Plaza at Bunker Hill in Houston. The 30,357-sq.-ft. store is scheduled to open in spring 2014.

The first Houston Rack store opened at The Centre at Post Oak in 2010, and the Bunker Hill Rack will be the third Rack in four years to open in the area. Nordstrom first came to Houston with a full-line store at The Galleria in 2003. The company will open its second Houston full-line store at The Woodlands Mall on September 5, 2014.

“We’ve been steadily growing our presence in Houston and have sought out the best shopping centers across the area," said Geevy Thomas, president of Nordstrom Rack. "We hope to conveniently serve more customers at our new Village Plaza at Bunker Hill Rack."

Village Plaza at Bunker Hill is owned and managed by Fidelis Realty Partners through a joint venture with Weingarten Realty Investors.

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REAL ESTATE

Jared leases three stores in Texas

BY Michael Fickes

Dallas — Jared, The Galleria of Jewelry, has signed leases for new locations in Lubbock, Corpus Christi and Midland, Texas, according to Venture Commercial Real Estate, which represented Jared in the transactions. All locations are under construction and expected to open soon.

The 4,500-sq.-ft. store in Lubbock will open in the Canyon West Shopping Center. The 6,057-sq.-ft Corpus Christi store is located in the Shops at La Palmera. In Midland, Jared will open a 4,500-sq.-ft. store in the Mall at Midland Park.

Back in May, Venture also assisted Jared with a lease in El Paso, at The Fountains at Farah, a 600,000-sq.-ft. power lifestyle center expected to open this fall.

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REAL ESTATE

PREIT completes sale of Chambersburg Mall

BY Michael Fickes

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sale of Chambersburg Mall in Chambersburg, Pa., for $8.8 million.The sale marks another step in PREIT’s continuing effort to improve the quality of its portfolio through the sale of non-core assets. Net proceeds from the transaction totaled approximately $8.4 million.

J.C. Penney, Sears, Bon Ton and Burlington Coat Factory anchor the 455,000-sq.-ft. mall. Sales perk sq. ft. of $235 and non-anchor occupancy of 76.2% measured well below the PREIT mall portfolio average of $381 per sq. ft. in sales and a 90.3% occupancy rate.

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