REAL ESTATE

Sam’s Club opens at River Chase

BY Katherine Boccaccio

Covington, La. — Stirling Properties announced that Sam’s Club has opened at its River Chase shopping center, the largest open-air retail center in St. Tammany Parish.

The 136,000-sq.-ft. Sam’s Club features a fuel station and pharmacy, and joins anchors Target, Belk and J.C. Penney at the master-planned, mixed-use development.

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REAL ESTATE

RioCan and Tanger to acquire two outlet malls in Montreal

BY Katherine Boccaccio

Greensboro, N.C. — RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers announced Tuesday they will acquire two outlet centers in the Montreal area.

The pair will co-purchase Les Factoreries St. Sauveur and Bromont Outlet Mall for about $94.7 million Canadian dollars.

RioCan will provide development and property management services and Tanger will provide leasing and marketing services. The properties will be rebranded as Tanger Outlets.

Both transactions are slated to close in November 2012.

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REAL ESTATE

Holt Renfrew launches Canadian discount chain

BY Katherine Boccaccio

Toronto — Canadian luxury fashion retailer Holt Renfrew & Co. said Monday it will launch a new discount chain called hr2, with a first store in March in Quebec, followed by planned locations across the country by 2015.

It said the stores will range in size from 25,000 sq. ft. to 35,000 sq. ft., smaller than Holt Renfrew’s nine department stores, and targeting women age 25 and up.

Holt said the hr2 chain will carry new clothing by the same brands featured in the department stores at a lower price, rather than aged product sold at a discount.

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