REAL ESTATE

Prada renews early at SL Green’s 724 Fifth Avenue

BY Michael Fickes

New York — Prada has renewed the lease for its New York City flagship store at 724 Fifth Avenue, according to SL Green Realty Corp. and Jeff Sutton, a partnership that owns the building.

The early lease renewal — the existing lease will not expire until 2017 — will keep one of the world’s iconic fashion and accessory houses at the prime Manhattan location through 2028. Prada occupies 15,540 sq. ft. on four levels, plus another 5,200 sq. ft. of office space on the fifth floor of the building.

The SL Green/Sutton venture acquired the building in early 2012, as part of a strategy to invest in the city’s important retail locations. SL Green and Sutton also control interests in the retail condominium of 717 Fifth Avenue, 720 Fifth Avenue, 609 Fifth Avenue and the entire retail portion of 650 Fifth Avenue.

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REAL ESTATE

Corner Bakery Café signs agreements for 23 new locations

BY Marianne Wilson

Dallas — Corner Bakery Cafe announced the company has signed two new multi-unit franchise agreements to open new restaurants in Arizona and introduce its first restaurants in Wisconsin beginning in 2014.

The fast-casual brand’s new franchise partners include Blue Mountain Cafes, which plans to open 13 restaurants in Phoenix over the next seven years and Neo Fourno Inc., which plans to open ten new restaurants in Madison and Milwaukee over the next five years

Overall, the new franchise agreements add 23 cafes, raising the total to more than 300 committed cafes, as Corner Bakery Cafe moves forward on its goal to more than double its U.S. footprint in the next three to four years.

Corner Bakery Café currently has more than 150 company-owned and franchised locations in 16 states and Washington, D.C.

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Sam’s Club joins Stirling Bossier Shopping Center

BY Michael Fickes

Covington, La. — Sam’s Club will join the tenant lineup at Stirling Bossier Shopping Center in Bossier City, La., according to an announcement by Stirling Properties. Construction of the new club store is underway. It is scheduled to open in the summer of 2014.

Measuring approximately 13,000 sq. ft., the new club will feature a variety of amenities including a Fresh Bakery, a Tire and Battery Center, a Café and a Fuel Station. The Pharmacy, open to the public as well as members, features many $4 and $10 generic prescriptions. The new club will also debut a Hearing Aid Center.

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