Walmart investing $500 million in Canada
New York City — Walmart Canada, a unit of Wal-Mart Stores, will invest approximately $500 million on expansion its upcoming fiscal year, which runs from Feb. 1, 2011 to Jan. 31, 2012. The discounter plans to open new supercenters, as well as expand, relocate and remodel existing stores.
Although Walmart Canada did not disclose exact locations, it did reveal that it will enter two new new markets this year: the provinces of Quebec and Manitoba.
The expansion will bring the chain’s presence in Canada to 333 locations (164 supercenters, 169 discount stores) by the end of January 2012.
Walmart Canada’s announced expansion comes on the heels of Target Corp.’s announcement that it will enter the canadian market via its purchase of Zellers.
BlackSand Capital acquires Pearlridge Uptown II
Honolulu, Hawaii — Colliers Monroe Friedlander, an affiliate of Colliers International, said that BlackSand Capital, LLC, a Hawaii-based real estate investment firm, acquired Pearlridge Uptown II from Inspiration International, LLC.
Pearlridge Uptown II is a 9.3-acre portion of Pearlridge Center on the island of Oahu. Pearlridge Center is the largest enclosed shopping center in Hawaii totaling 45 acres and 1.1 million sq. ft. of specialty shops, restaurants, big-box retailers, a movie theater complex and office space. Pearlridge Uptown II comprises the eastern wing of the Uptown portion of Pearlridge Center and is anchored by Borders on the second floor and Price Busters Hawaii on the ground floor. The property is currently 96% leased.
“The purchase of Pearlridge Uptown II is the first real estate acquisition for BlackSand Capital and we’re optimistic about the opportunity to reposition this prominent retail asset,” said Ian MacNaughton, managing partner.
Way to Go Sports opens at Westwind Plaza
Minnetonka, Minn. — Centro Properties Group said that Way to Go Sports recently opened a 2,089-sq.-ft. store at Westwind Plaza, located in Minnetonka, Minn.
Westwind Plaza is owned by Centro Properties Group, based in New York City.