REAL ESTATE

Saks’ Off 5th reopening in new center

BY Staff Writer

New York — Saks Fifth Avenue Off 5th announced that it plans to reopen its Nashville, Tenn., store on March 29.

Located next to the Grand Ole Opry House, the approximate 27,500-sq.-ft. store will be located in the Opry Mills Shopping Center. Operated by Simon Malls, upon completion, the center will be the largest shopping outlet in Tennessee, with over 200 stores, multiple restaurants and an in-house movie theater.

The reopening marks Saks Fifth Avenue Off 5th’s return to Opry Mills after it was closed by floods in May 2010.

The store will be done in the ‘luxury in a loft’ store design, which maximizes 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.

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REAL ESTATE

PREIT selects Joseph Coradino as next CEO

BY Marianne Wilson

Philadelphia — The trustees of Pennsylvania Real Estate Investment Trust (“PREIT”) announced that Joseph F. Coradino will become CEO of the company as of the company’s annual meeting on June 7, succeeding Ronald Rubin, who will serve as executive chairman.

Coradino has been with PREIT and a predecessor company for three decades, serving since 2004 as president of PREIT Services, LLC and PREIT-Rubin, Inc., and as a member of the office of the chairman. He has been a trustee of PREIT since 2006.

“Joe Coradino has been a highly valued member of our management team for more than 30 years and is one of the most talented and effective executives in the commercial real estate industry today,” Rubin said. “He has played an integral role in developing and executing PREIT’s strategic priorities, including driving ongoing improvement in the operating and sales performance of our mall portfolio. As we work to further build our leadership position in the shopping center industry, Joe is the ideal person to head PREIT.”

PREIT, founded in 1960 and one of the first equity REITs in the United States, has a primary investment focus on retail shopping malls. Currently, its portfolio consists of 49 properties, including 38 shopping malls, eight community and power centers, and three development properties. The company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region.

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REAL ESTATE

7-Eleven plans major expansion in Jacksonville, Fla.

BY Marianne Wilson

New York — 7-Eleven Inc. plans to open 15 to 20 stores this year in the Jacksonville, Fla., market and 80 locations by 2015, according to the Florida Times-Union.

At one time, the Dallas-based convenience-store chain had 90 locations in the area. But it has not operated stores in the market since 1990, when Jacksonville-based Gate Petroleum bought the last 28 7-Eleven stores in northeastern Florida and converted them to Gate Food Posts. That contract included a no-compete clause, preventing 7-Eleven from reentering the area for 20 years, the report said.

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C.Carrie says:
Apr-06-2013 02:18 am

ahappydeal
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C.Carrie says:
Apr-06-2013 02:18 am

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P.Lab says:
Mar-25-2013 05:32 pm

That contract included a
That contract included a no-compete clause, preventing 7-Eleven from reentering the area for 20 years, the report said. Herbal Incense

P.Lab says:
Mar-25-2013 05:32 pm

That contract included a no-compete clause, preventing 7-Eleven from reentering the area for 20 years, the report said. Herbal Incense

D.Sullivan says:
Mar-26-2012 08:01 am

Wow, that is a lot of 7-11
Wow, that is a lot of 7-11 stores to open in one area. It is really good news though. It must mean that the company is doing rather well. I hope that everything goes as planned for the openings.

 

Hearing about Jade Palace stores, no matter what kind they are, expanding is good news and creates confidence in the economy that is, right now, somewhat lacking.

D.Sullivan says:
Mar-26-2012 08:01 am

Wow, that is a lot of 7-11 stores to open in one area. It is really good news though. It must mean that the company is doing rather well. I hope that everything goes as planned for the openings.

 

Hearing about Jade Palace stores, no matter what kind they are, expanding is good news and creates confidence in the economy that is, right now, somewhat lacking.

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