Saks Off 5th opens, relocates stores
New York — Saks Fifth Avenue Off 5th plans to open a second store in Orlando, Fla., on Oct. 3. On the same date, the retailer plans to open its newly relocated store at Potomac Mills in Woodridge, Va.
The new 26,000-sq.-ft. Florida store is located in Orlando Premium Outlets – Vineland Avenue. The new location will be at The Promenade and will be designed after Saks Off 5th’s “luxury in a loft” concept. The design of the store is intended to maximize efficiency and flexibility, enabling easy changes in the general layout. The store will be bright, uncluttered, with no hard aisles and one consistent hard-surface floor throughout. All fixtures will be on casters, ensuring ease in movement, and all hardware will be interchangeable between fixtures.
The new Virginia store with approximately 30,000 sq. ft. has been renovated and modeled with an open layout in the “luxury in a loft” concept, and will be situated at a prominent location in the outlet mall.
“The very first luxury-in-a-loft Saks Off 5th store was launched in Orlando, therefore we are very excited to return and offer another sophisticated boutique-style store to the community,” said Robert Wallstrom, president of Saks Fifth Avenue Off 5th.
Sam’s Club opens new Illinois store
Bentonville, Ark. — Sam’s Club will open its newest club at 460 S. Weber Road in Romeoville, Ill., on Oct. 3. The Romeoville club will become the 21st Sam’s Club in the Chicago area.
There are 29 Sam’s Clubs throughout Illinois, employing more than 4,000 associates. More than 150 new jobs were created by the new Romeoville Sam’s Club. The new Sam’s Club measures approximately 136,000 sq. ft. Daylight-harvesting skylights reduce the amount of energy required to light the store by up to 75% daily. LED lighting throughout the club, including in the cooler and freezer box doors and jewelry counter, operates 70% more efficiently than traditional fluorescent lighting. There will also be a full-service pharmacy and a hearing aid center.
"Sam’s Club has been in Chicago and throughout the dynamic communities it encompasses for more than two decades, so we’re proud to grow even more in this area with our new club," said. Rosalind Brewer, president and CEO of Sam’s Club. "This grand opening kicks off an aggressive month when Sam’s Club will open eight new clubs throughout the U.S. We are excited to begin a month-long celebration in Romeoville."
ARC Retail completes Tiffany Springs purchase
New York — American Realty Capital – Retail Centers of America, Inc. ("ARC Retail") closed its acquisition of the Tiffany Springs MarketCenter, located in Kansas City, Mo., on Sept. 26, for a contract price of $53.5 million, exclusive of closing costs. The purchase of the Tiffany Springs MarketCenter represents ARC Retail’s third acquisition of a retail power center with multiple credit tenants.
ARC Retail’s portfolio now exceeds $107 million in purchased assets. The Tiffany Springs MarketCenter contains approximately 240,000 rentable sq. ft. and is 88% leased to 29 tenants. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48% of the annualized rental income of the property and are rated by major credit rating agencies.
The lease to Best Buy contains approximately 46,000 rentable sq. ft. and has a 10-year lease term, which expires in January 2019. The lease to The Sports Authority contains approximately 42,000 rentable sq. ft. and has a 10-year lease term, which expires in January 2019. The lease to PetSmart contains approximately 25,000 rentable sq. ft. and has a 10-year lease term, which expires in July 2018.
"ARC Retail’s acquisition of Tiffany Springs MarketCenter, our third property, remains consistent with our sector specific investment focus of buying attractive power centers and lifestyle properties in the U.S.,” said Nicholas S. Schorsch, ARC Retail’s chairman and CEO. “We continue to accelerate the momentum from previous acquisitions, always looking for opportunities to buy well-positioned centers, in growth markets with a strong tenant base. We continue to take advantage of attractive big-box investment opportunities while increasing our geographic and tenant diversity."