REAL ESTATE

REI to open first Indiana store

BY Staff Writer

Seattle — REI (Recreational Equipment, Inc.) will open a store in Indianapolis, Ind. at the Plaza at Castleton next spring.

The approximately 23,800-sq.-ft, store will be the outdoor goods and apparel retailer’s first location in Indiana, and will include a bike shop for quick assemblies and repairs, a seasonal gear rental department, and a community space that will allow REI and its local partners to host classes, presentations and events to educate customers and members on a variety of outdoor topics.

REI currently operates 117 retail stores in 28 states.

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REAL ESTATE

Bass Pro Shops signs on for The Point, new mixed used development center in New Jersey

BY Marianne Wilson

King of Prussia, Pa. — O’Neill Properties Group announced that Bass Pro Shops has signed a letter of intent for a 200,000-sq.-ft. store at The Point, in Sayreville, N.J., one of the largest new mixed use developments in the United States.

When completed, the Point will encompass 8 million sq. ft., and include a 3 million-sq.-ft. mall and entertainment district with luxury retail, waterfront and recreation destinations, high-end residential units, high-end hotels and two luxury marinas.

It will also feature waterfront dining, a community center, bike trails, walking paths, and abundant green and open space including a waterfront promenade. The estimated development cost for the project is approximately $2 billion.

“The Point will be a pedestrian friendly community providing visitors and residents alike with a lifestyle experience unequaled in the Tri-State area,” stated Brian O’Neill, founder and chairman of O’Neill Properties Group. “Moreover, it will generate thousands of jobs and millions of dollars in new tax revenue.”

The Landing at The Point, the first phase of the project’s development, will be a 620,000-sq-ft. high-end multi-purpose retail center that will include several big-box stores, a supermarket, health club and entertainment destinations. The first retail tenant is expected onsite in 2013.

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OPERATIONS

The Pantry to sell 114 stores

BY Staff Writer

Cary, N.C. — Convenience-store operator The Pantry is selling 114 locations located in nine states throughout the Southeast. The properties are a combination of owned and leased locations. All are operating convenience stores with gasoline, except for one standalone store.

NRC Realty Capital Advisors, Chicago, is assisting The Pantry in the sale. As of May 9, The Pantry operated 1,659 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.

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