Whole Foods to open in Minnetonka
St. Paul, Minn. — Paster Enterprises announced that Whole Foods Market is opening a 32,000-sq.-ft. standalone location at the company’s Minnetonka property.
Construction on the project, a joint venture between Paster Enterprises and Shiner Capital Partners, a Chicago-based real estate investment firm, officially began on April 20.
Under general contractor Novak Construction, the exterior of the current building, a former Circuit City location, will receive minor modifications, while the interior of the building will undergo a complete overhaul. Whole Foods Market is slated for a fall 2011 opening.
Passco acquires four CVS stores
Irvine, Calif. — Passco Cos. LLC said it has purchased four CVS stores in sale-leaseback deals.
All four stores are newly constructed and recently opened by CVS, typical of the prototype for newer CVS retail/pharmacy stores. These features include drive-thru pharmacies, pick up stations, integration of CVS merchandise plans with interior design, and exterior signage modified to meet local ordinances.
Three of the stores are located in Texas suburbs, two near Austin and one near Fort Worth. The fourth store is located in Bakersfield, Calif.
“The acquisitions provide investors with a highly leveraged investment with national credit tenants locked into a 25-year guaranteed lease agreement,” said William H. Winn, Passco’s president. “They fit our model of identifying strategic investments that meet our client’s objectives.”
An e-commerce investment in China
Walmart acquired a minority interest in Chinese e-commerce company Yihaodian, the company announced Friday morning. Yihaodian was launched in July 2008 and currently offers 75,000 products and next-day delivery on essential items from an existing logistics network in Shanghai, Beijing and Guangzhou.
“We are excited about this investment. Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years,” said Eduardo Castro-Wright, vice chairman, Wal-Mart Stores Inc. and CEO of Walmart global e-commerce and global sourcing. “By investing in Yihaodian, we’re continuing to establish a presence in this important ecommerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer.”
Wan Ling Martello, EVP Walmart global e-commerce for emerging markets said Yihaodian has a strong management team with solid competence in distribution and outstanding service to their customers.
“We have been equally impressed by the fact that their values are consistent with ours. We very much look forward to working closely with them going forward,” Martello said.