Transwestern brokers purchase of Houston-Area property
San Antonio, Texas — Transwestern’s San Antonio office today announced that it has completed the sale of Rosenberg Center in Rosenberg, Texas, a suburb of Houston. Built in 1986, the 113,430-sq.-ft. neighborhood retail center serves a commercial corridor between Rosenberg and Richmond, Texas. A private investor bought the property for an undisclosed amount from Rosenberg Station LLC.
“Our client was in the market for an asset with a value-add component and found it in the Rosenberg Center, which had been on the market for some time,” said Andy Besing, a Transwestern senior associate who represented the buyer.
As a result of Fort Bend’s economic growth, Rosenberg’s retail market has seen an overall occupancy boost in the last year. Retail rents are positioned for growth and the overall outlook is set to accelerate with robust job creation and greater consumer spending. Fort Bend is the fast-growing county of the 10 largest counties in Texas and is also the 14th fastest growing in the country.
Wal-Mart to expand in China with 110 new stores
Bentonville, Ark. – Wal-Mart Stores plans to open as many as 110 stores in China between 2014 and 2016, as well as several new Sam’s Club locations there. The new stores will employ as many as 19,000 people.
Wal-Mart also plans to open 30 stores and close 25 underperforming stores in China, where it currently operates 400 Wal-Mart locations and 10 Sam’s Club locations, by year’s end. The discounter also aims to remodel about 45 Chinese stores this year, 55 next year and 65 during the following year. Remodeling existing stores is intended to improve store operations and customer in-store experiences by optimizing the sales floor, improving parking and access as well as increasing the energy efficiency of facilities.
The retailer will continue expanding its Yihaodian Chinese e-commerce business and plans to eight to 16 new regional distribution centers in China to support expansion, reducing the need for direct supplier shipments. By end of next year, all stores will have access to ambient and chilled distribution network.
“China is a key strategic market for Walmart and we are very well positioned to serve the country’s emerging middle class with great products they can trust,” said Mike Duke, CEO of Wal-Mart. “Our management team is committed to continued growth in large and smaller cities across China, and doing it in the right way. Our investments in new stores, innovation, and retail supply chain will create jobs and support China’s plans for growth.”
Lands’ End to open its first freestanding mall store
Dodgeville, Wis. — Lands’ End in November will open its first standalone store in a shopping mall. The store will be located in the western Chicago suburbs, in the Yorktown Center Mall, Lombard, Ill.
The store officially opens to the public on Nov. 15, marking the first ever full-price Lands’ End store outside of Madison, Wis. The company opens the doors on the new location in its milestone 50th anniversary year.
"We are excited to open the doors to our first individual location in Illinois offering classic apparel staples along with fresh trends to the local community," said Megan Whittow Lands’ End Yorktown Center Mall store manager.