REAL ESTATE

RadioShack Renegotiates HQ Lease

BY CSA STAFF

Fort Worth, Texas RadioShack Corp. has agreed to assign its headquarters lease with its former landlord KanAm Grun to the new property owner, Tarrant County College District (TCC).

As part of the renegotiated lease agreement with TCC, RadioShack will remain in the approximately 400,000 sq. ft. it currently occupies with its headquarters staff through June 2011 with an option to remain in a portion of the complex through June 2013.

By agreeing to assign its lease, RadioShack helped facilitate the acquisition of the approximately 900,000-sq.-ft., 18.7-acre downtown Fort Worth complex by TCC from the German real estate investment company.

TCC is also acquiring the surrounding land owned by RadioShack, as well as the RadioShack retail store connected to the complex.

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REAL ESTATE

IKEA Opens First New York City Location

BY CSA STAFF

New York City IKEA opened its first store in New York City, in the Red Hook section of Brooklyn, on Wednesday. The location is the Swedish retailer’s 35th in the United States.

While the store has space for 1,400 cars, there is an emphasis on using public transportation to get there. Two city bus lines serve the area, and Ikea is offering free shuttle service from three of the nearest subway stations and a free ferry service from lower Manhattan.

The 346,000-sq.-ft. store is similar to other iKEA locations in the products it carries, but there are a couple of things that make the location unique, including a 6.52-acre waterfront esplanade open to the public.

The store will offer home delivery of furniture, but it will also offer a service that’s only found in the Brooklyn location—customers buying small household items can arrange for a courier service to deliver those as well.

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REAL ESTATE

Stein Mart Enters New England

BY CSA STAFF

Westborough, Mass. Stein Mart has made its New England debut with a 31,000-sq.-ft. store at Bay State Commons, a new lifestyle mall in Westborough, Mass.

The 11-building shopping area in a village setting includes 260,000 sq. ft. of commercial space and 44 condominiums. In addition, a 2.5-acre public park with 25 shade and fruit trees has been created for town residents.

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