REAL ESTATE

Rainbow expands at Morse Shores

BY Staff Writer

Fort Myers, Fla. — Brixmor Property Group announced that Rainbow recently expanded from 4,000 sq. ft. to 6,000 sq. ft. at Morse Shores, located on Palm Beach Blvd. in Fort Myers, Fla.

Brixmor, based in New York City, is the owner of Morse Shores.

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REAL ESTATE

Ulta to open flagship store in Center City Philadelphia

BY Staff Writer

Philadelphia — Plymouth Meeting, Pa.-based Fameco Real Estate said that it represented Ulta Beauty in a 13,647-sq.-ft. lease at 1619 Walnut Street, the former Westinghouse studio, developed by Vesper Property Group and located in Center City, Philadelphia.

The lease marks Ulta’s first retail location in Center City. It will open a three-level store much like its other signature urban store in Chicago.

Built in 1937, 1619 Walnut Street was once occupied by Westinghouse Broadcasting and later CBS affiliate, KYW-TV. Vesper Property Group acquired the property in 2007 and embarked on a multimillion dollar renovation led by architecture firm Bohlin Cywinski Jackson. The upgrades were completed in 2011 and included a dramatic new glass façade, completely renovated three-story retail space and all new building systems.

“Ulta is extremely excited about developing a multi-level, urban store on Walnut Street in Philadelphia, a wonderful shopping street in a great and historic city,” said Dave Rayner, Ulta’s VP of real estate. “Our location at 1619 Walnut offers tremendous visibility and presence through its two-story glass wall storefront, a truly fine and distinctive architectural presentation.”

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FINANCE

August consumer sentiment rose to three-month high

BY Katherine Boccaccio

New York — The Thomson Reuters/University of Michigan consumer sentiment index climbed to a better-than-expected 74.3, compared to 72.3 in July and representing a three-month high.

Aggressive retail discounting and record-low interest rates boosted the results, but unemployment remains a big concern.

“Confidence is lackluster,” Jim O’Sullivan, chief U.S. economist for High Frequency Economics Ltd., told Bloomberg. “It typifies the economy right now. It’s not strong, but not collapsing either.”

The U.S. consumer sentiment gauge was projected to rise to 73.6, according to the median forecast of 60 economists surveyed by Bloomberg. Estimates ranged from 72 to 75.2. The index averaged 64.2 during the 18-month recession that ended in June 2009.

The Michigan survey’s index of current conditions, which reflects Americans’ perceptions of their financial situation and whether it is a good time to buy big-ticket items like cars, rose to 88.7, a four-year high, from 82.7 the prior month.

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