REAL ESTATE

OfficeMax to make Chicago debut with new concept store

BY Dan Berthiaume

Naperville, Ill. – OfficeMax has signed a lease agreement to open the first of its business solutions center concept stores in Chicago. The 3,900-sq.-ft. store, located in a currently unoccupied space at 550 St. Clair Street in the Streeterville neighborhood, will open later this summer and cater to the needs of business customers.

Special services for business customers will include enhanced technology support, marketing, document and shipping services, and expert associates.

"We’re delighted to finalize these plans for bringing our highly innovative ‘store of the future’ concept to our hometown of Chicago, to partner with local businesses and help them grow," said Ravi Saligram, president and CEO of OfficeMax. "Through this differentiated, multi-channel model, a specialized business solutions adviser will reside in-store, working alongside business customers to help them take their enterprises to the next level with robust services and solutions tailored to meet their individual business needs."

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Glimcher names new senior VP, development

BY Michael Fickes

Columbus, Ohio — Glimcher Realty Trust has announced the appointment and election of Victor Pildes as senior VP development. He will provide leadership in project management and design, strategic planning and overall direction for all new development and redevelopment activities.

With 25 years of development and project management experience, Pildes comes to Glimcher from Centrum Partners LLC, where he served as VP and consultant. He has also served in senior executive positions at Westfield and JMB/Urban Retail Properties Company.

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KeyPoint: economic growth returns to Eastern Mass.

BY Michael Fickes

Burlington, Mass. — KeyPoint Partners has released The KeyPoint Report for Eastern Massachusetts/Greater Boston 2013. The report examines supply, occupancy, absorption and retailer expansion and contraction for virtually every retail property in the region. The 2013 report also includes a ten-year historical perspective that discusses the regional retail economy before, during and since the recession.

“This was a recovery year,” Sheehan says. “This study saw the largest vacancy rate drop in more than a decade; the second strongest absorption rate since 2005; fewer large format chain closing; and moderately healthy expansion by retailers.”

Restaurants topped the rankings in new square footage and store count growth. Food stores/grocery ranked second and health and fitness ranked third.

Click here for the report.

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