REAL ESTATE

Starbucks expanding in Latin America

BY Marianne Wilson

Seattle — Starbucks Coffee Company is expanding its presence in Latin America, with plans to open locations in Colombia, Bolivia and Panama.

Starbucks said it is on track to open its first store in Colombia, in the city of Bogota, in mid-summer 2014 through a joint venture between two of its longest-term business partners in the Latin America region – Alsea and Grupo Nutresa. During the next five years, the joint venture plans to expand aggressively in Bogota and to other major cities in Colombia.

Later on in 2014, Delosi, Starbucks’ business partner in the Andean region, plans to open Starbucks first store in Bolivia, in the commercial center of Santa Cruz. Starbucks sees an opportunity to add up to 10 stores in Bolivia over the next several years.

In early 2015, Corporación de Franquicias Americanas, Starbucks’ Central America business partner, will open Starbucks first store in Panama. Over the long term, Starbucks and CFA plan to open more than 20 stores in Panama.

“We see significant opportunity to grow our retail presence beyond the more than 740 stores and 10,000 partners we currently have in 12 countries in the region in a way that will continue to celebrate the region’s rich coffee heritage while also deepening our relationships with each of the communities we serve,” said Cliff Burrows, group president, Starbucks Americas, U.S., and Teavana.

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REAL ESTATE

Stirling acquires John Toomey & Co. in Mobile, Alabama

BY Michael Fickes

Covington, La. — Stirling Properties has acquired John Toomey & Co., a commercial real estate company based in Mobile, Alabama. Stirling will add Toomey’s 1.8-million-sq.-ft. portfolio to its own, bringing the total to 15.5 million sq. ft.

John Toomey and his team will join Stirling Properties, with Toomey serving as broker/new business development coordinator for the Mobile area.

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REAL ESTATE

Big Lots takes 31,000 sq. ft. in Revere, Massachusetts

BY Michael Fickes

Burlington, Mass. — Big Lots has signed a lease for 31,000 sq. ft. at Wonderland Marketplace in Revere, Massachusetts. KeyPoint Partners represented the landlord in the transaction.

Wonderland Marketplace is a 135,000-sq.-ft. shopping center anchored by Marshalls and Staples. In line tenants include Hair Cuttery, Ninety-Nine restaurant, and the U.S. Post Office. The Big Lots space is in a former Stop & Shop. Another 33,687 sq. ft. is available for lease in that building.

A new lease is pending for a 4,250-sq.-ft. out-parcel development at the center.

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