REAL ESTATE

Ram acquires Durham Festival shopping center

BY CSA STAFF

Durham, N.C. Palm Beach Gardens, Fla.-based Ram Real Estate said Friday it has acquired Durham Festival shopping center in Durham, N.C. The Kroger-anchored neighborhood center totals 134,295 sq. ft. on 11 acres. Other tenants include Millennium Sports Club, Dollar General and SunTrust Bank.

The property was acquired on behalf of Ram Realty Partners II, a private-equity fund sponsored by Ram and its principals.

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REAL ESTATE

Kroger opens at Surrey Square

BY CSA STAFF

Norwood, Ohio New York City-based Centro Properties Group said Thursday that Kroger Co. has opened an approximately 80,000-sq.-ft. store at Surrey Square, a community shopping center in Norwood, Ohio.

The new store is nearly twice the size of the former Kroger at Surrey Square, according to Centro, and features expanded department and services, including a natural food section, Seattle’s Best Coffee Shoppe, drive-through pharmacy and full-service drug store.

Kroger has implemented the latest green technology to improve energy efficiency in store operations, and the new Surrey Square Kroger will consume about 15% less energy a year than a typical store today and about 25% less energy than a store built in 2000, according to the company.

The grand opening of Kroger marks the completion of the second phase of Centro’s three-phase redevelopment plan for transforming the partially enclosed 176,433-sq.-ft. shopping center into a large, multi-anchored community center. Phase III is scheduled to commence in July.

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REAL ESTATE

Restaurant chains expanding in Manhattan

BY CSA STAFF

New York City Fast-food and casual-dining chains are taking advantage of more available restaurant spaces and budget-minded consumers who prefer inexpensive fare to debut and expand in Manhattan.

Panera Bread is looking at locations across Manhattan, while Toronto-based Freshii’s chain will break ground on its first of 20 anticipated New York locations next week, the Wall Street Journal reported. And Vapiano, a German-based pasta chain will open near Union Square next month.

Also coming to the Big Apple are the California-based Counter burger chain, due to debut in October in Times Square, and Elevation Burger, a Virginia-based chain, which is due to open in early fall.

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