REAL ESTATE

New York -- Target Corp. has signed a lease to open a 20,000-sq.-ft. location in Minneapolis that will serve as a test of a new format called TargetExpress, the New York Times reported. The new unit, considerably smaller than CityTarget’s 80,000- to 125,000-sq.-ft. footprint, would be the chain’s smallest store to date.

Conshohocken, Pa. — CBRE and FAMECO joined forces in 2013. Together, the new entity’s all-retail service lines include retailer representation, owner representation, property management and investment sales.

CBRE | FAMECO combines the power of CBRE’s global platform with the specialized retail expertise of FAMECO to create a one-stop source for retail occupiers, owners and developers throughout the Mid-Atlantic region and beyond.

Warren, Mich. – Art Van Furniture is adding its seventh Chicagoland location in Downers Grove. Renovations are set to begin to transform the two-story 106,000-square-ft. building into a new store scheduled to open in January 2015.

St. Louis — Bar Louie will open its newest location on January 21 in St. Charles, Mo.

It will be the chain’s fifth Missouri location. The 6,484-sq.-ft.  bar and eatery will seat 241 patrons.

Chattanooga, Tenn. — CBL & Associates Properties has announced future redevelopment and replacement plans for J.C. Penney anchor locations in the CBL portfolio that are expected to close this year.

J.C. Penney intends to close four locations in the CBL portfolio. They include stores at Hickory Point Mall in Forsyth, Ill., Janesville Mall in Janesville, Wis., Wausau Center in Wausau, Wis., and Northgate Mall in Chattanooga, Tenn. CBL anticipates the closures to occur in the second quarter of this year.

Washington, D.C. — The Fairfax County Board of Supervisors has approved the rezoning application for Combined Properties’ Penn Da Plaza in Alexandria, Va. The project will completely redevelop the current retail center and replace it with a mixed-use project containing up to 400 new apartments, 41 townhomes and 35,000 to 45,000 sq. ft. of community retail. Combined Properties plans to anchor the retail component with a specialty grocer.

Hoffman Estates, Ill. – Sears Holdings has signed a sublease with Dick's Sporting Goods to occupy a portion of its second floor at the King of Prussia Mall in King of Prussia, Pa. The two-story anchor building will be renovated with Sears maintaining exterior entrances on both levels and the mall entrance on level one.  

Oakbrook Terrace, Ill. — Inland Real Estate Corp. has acquired the 227,540-sq.-ft. Goldenrod Marketplace in Orlando, Fla., for $20 million. The initial payment will be approximately $16 million, with the balance to be funded based on future tenant occupancy.

Mid-America Real Estate Corporation’s Investment Sales team brokered the sale in cooperation with The Shopping Center Group brokered the sale on behalf of a private development group.