CoStar Reports on Retail Expansion Plans, New Developments, Acquisitions/Mergers/Sales, Closings or Bankruptcies, Personnel, Sustainability and more…
This week in the Retail Roundup, CoStar reports on
expansions or new concepts at Zounds and Great Gatherings;
new retail developments in FL, KS and MI;
acquisition, merger, loan or sale activity at Cole Real Estate and DDR, Whole Foods Market and Leonard Green, Boscov's, SCI Real Estate, Simon Property Group and GGP, and Talbots and J. Jill;
closings, cutbacks or bankruptcies at Circuit City, Tweeter, Western Warehouse, Saks, La-Z-Boy, and WaMu;
personnel announcements at Winick Realty and West Valley Properties / Rawson, Blum & Leon;
Green Building news at Supervalu, and more.
Did you miss last week's CoStar Advisor national retail story, "Not So Ho Ho: Holiday Sales to be Weakest Since Last Recession," which included details on Pershing Square's proposal? If, follow this link to read the story.
Did you miss last week's CoStar Advisor story, "Largest Problem Loans: The List No One Wants To Be On," which included summaries on a few retail properties with loan issues? If so, follow the link to read the story.
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
EXPANSIONS / NEW CONCEPTS
UPDATED 11/13/08: Zounds Aims to Double Store Count by End of 2009
Zounds, a customized hearing aid retailer, is scheduled to have 30 locations in 13 U.S. states open by the end of 2009; and while the company's specific expansion plans are undetermined, a Zounds representative Tamera Norwood told CoStar, "expansion will continue in 2009 and 2010 in the top 15 US markets for national hearing aid sales." The retailer typically opens stores between 1,200 to 1,500 square feet offering 23 to 25 feet of frontage. Zounds targets location in regional malls, specialty and lifestyle centers where it can capitalize on cross-shopping with retail stores supported by senior customers and/or their adult children. . Preferred co-tenants include, but are not limited to, Draper’s and Damon’s, Talbot’s, Chico’s, Coldwater Creek, Eddie Bauer, Jos. A. Banks, Lenscrafters, Select Comfort, national coffee chains, and book sellers. The Bieri Company represents the retailer in Michigan.
Great Gatherings to Expand in D.C. and Beyond
Great Gatherings is primarily a wholesaler of billiards tables and game room supplies, however, the retailer opened its first retail store this year in Gainesville, GA and opened its second location Oct. 8 at Annapolis Town Center in Maryland. According to The Bieri Company, which represents the retailer nationally, Great Gatherings' concept has been "well-received" and the company's current expansion plans call for six stores in the D.C. metro area, and it is considering new stores in other major markets as well. With a store footprint of 15,000 to 18,000 square feet, Great Gatherings targets lifestyle/mixed-use/power center locations in affluent markets.
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
NEW SUPPLY
DDR Halts Construction of $350M Project Because JV Partner Hasn't Produced Funding
Developers Diversified Realty (NYSE:
DDR) announced the suspension of its construction of Bloomfield Park, a 600,000-square-foot mixed-use lifestyle center in Bloomfield Hills, MI.
The property is a joint venture between DDR and Coventry Real Estate Fund II. According to the joint venture agreement, Coventry is responsible for 80% of the equity required to complete the $350 million project. DDR said Coventry has not committed to fund additional capital needed for the project to continue; therefore, DDR said the project will remain suspended until Coventry produces the funds.
Flagler Progresses on 400,000-SF Palm at Town & Country Phase II
Flagler Development recently broke ground on a 397,800-square-foot expansion to The Palms at Town & Country, a Miami shopping center owned by TIAA-CREF. At its completion, scheduled for fall 2009, the center will encompass 700,000 square feet of retail space, plus a 133,000-square-foot Professional Arts Center. Located at 8268 Mills Drive, an 88,000-square-foot Kohl's has already been completed as part of Phase Two. The center's existing tenants include Publix, New York & Co, Marshall's, Men's Wearhouse, 24-Hour Fitness, and Nine West. Other Phase Two tenants have yet to be announced. Karen Sanzo and Mauro Olivieri of Jones Lang LaSalle are handling leasing for The Palms at Town & Country.
First Tenants Open at DDR's Homestead Pavilion
Retail REIT, Developers Diversified (NYSE:
DDR), has opened the first stores at Homestead Pavilion, a 399,000 square foot open-air shopping center located at the northwest quadrant of the Florida Turnpike and Campbell Drive, 30 miles south of Miami.
Anchors Kohl's, Sports Authority and Petco are already open, while Ross Dress for Less, Michaels, Staples and Rack Room Shoes are scheduled to open early next year. An Olive Garden and Longhorn Steakhouse restaurant will follow in mid-2009.
DDR has left nine acres adjacent to the center open for future development of retail, office or hotel space.
Alliance Town Center Phase One Now Open
Last week, Hillwood, along with Trademark Property Co., held the grand opening of Alliance Town Center's first phase in Fort Worth, TX. The 500,000-square-foot town center is the first phase of a 1.5 million-square-foot retail plan, located at the convergence of I-35 and Heritage Trace Parkway. Among the 20 tenants already open at the center include Belk, JC Penney, Best Buy, Hobby Lobby, PetSmart and Ulta; restaurants include Cheddar’s, Which Wich, Jason’s Deli and Smoothie King. General merchandise retailer, Sam Moon Trading Co., is scheduled to open a 256,865-square-foot store in March 2009. In later phases, a grocery store, movie theatre, bookstore and sporting goods store are planned. Alliance Town Center is part of AllianceTexas, a 19,000-acre master-planned development that could eventually include 7,000 acres of industrial space, 800 acres of office space, 5,000 multifamily units and 2,700 single-family homes.
HFF Arranges $145M Construction & JV Financing for Corbin Park
Holliday Fenoglio Fowler's Chicago office recently arranged a construction loan and joint venture equity, totaling $145.3 million, for Corbin Park, an open-air regional shopping center under construction in Overland Park, Kansas.
HFF director Tim Joyce and senior managing directors Mike Kavanau and Doug Bond placed the construction loan and arranged the equity on behalf of the developer, Cormac Company. Lead providers of the financing were Bank of America and US Bank, while Invesco Real Estate provided the joint venture equity on behalf of an institutional client.
Corbin park, scheduled to deliver by late 2009 or early 2010, will include 1.1 million square feet of retail and entertainment space, as well as a hotel. Situated upon 96 acres at the intersection of 135th Street and Metcalf Avenue, the project will have direct access to Overland Park's State Route 69.
Anchor tenants include Von Maur, JCPenney, Lifetime Fitness, Sports Authority, Barnes & Noble, Village Roadshow Theaters, Off Broadway Shoes and Old Navy. The project also includes an NYLO Hotel.
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
ACQUISITION/MERGER/SALE/LOAN ACTIVITY
Cole Real Estate Acquires 85% Interest in Kansas City Power Center; DDR Forms $62 Million Joint Venture with Cole for Independence Commons
Cleveland, OH-based retail REIT, Developers Diversified (NYSE:
DDR), formed a $62 million joint venture with Phoenix-based Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot power center in Independence (Kansas City), MO. Kohl’s, AMC Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, Kohl’s, Marshalls, OfficeMax, and Shoe Carnival anchor the property.
Under terms of the venture, Cole assumes 85.5% ownership in the center, while DDR retains 14.5% ownership. DDR will continue to lease and manage the property. Macquarie previously owned the 85.5% interest in Independence Commons and will receive proceeds of more than $20 million from the sale of the property.
This acquisition is somewhat out of character for Cole, as the company typically acquire single tenant, net lease retail buildings. However, the company also stepped out of its comfort zone this October, when it bought Sembler's Winter Garden Village at Fowler Groves lifestyle center for $180 million. Cole had acquired over $1billion in assets year-to-date through September 30, 2008.
SCI Real Estate Sells Casa Paloma to Donahue Schriber for $50M
Los Angeles, CA-based SCI Real Estate Investments, a tenant-in-common ownership manager, recently closed on the sale of Casa Paloma Shopping Center to Costa Mesa, CA-based Donahue Schriber Asset Management Corp. for $50 million, or approximately $384.33 per square foot.
The deal included a $29.05 million assumed loan held by LaSalle National Bank. Preston Fetrow, a senior vice president at CB Richard Ellis' Newport Beach, CA, office brokered the transaction.
Casa Paloma is a 130,096-square-foot neighborhood center situated upon 16.8 acres at the southwest corner of 56th Street & Ray Road in Chandler, AZ. Built in 1999, the center is 99% leased and includes anchor tenant AJ's Fine Food (26,500 sq. ft.), as well as Gap Women, Gap Body, Sur la Table, Banana Republic, Bath & Body Works, Fleming's Steakhouse, Mattress Outlet, Ritz Camera, and Showcase Home Entertainment. According to CoStar Property, in-line space lease for $34 to $35 per square foot, triple-net.
SCI, in conjunction with 34 tenant-in-common owners, acquired the property for $41.55 million in March 2005.
For more information, see CoStar COMPS ID# 1606068.
Simon Property Group CEO Debunks Possibility of Sole Acquisition of GGP
In response to talks that it would be one of the only companies capable of acquiring General Growth Properties (NYSE:
GGP), David Simon, CEO of Simon Property Group (NYSE:
SPG), said "in the current environment I can not envision a set of circumstances that would result in such a transaction."
"We are important stewards of capital here. We will look at any and all transactions. But we are also realistic about capital markets, return expectations and so on. And that's kind of led us to that conclusion," said Simon. "Obviously the size of the transaction is probably the biggest reason. And where capital markets exist today for size, we are realists," added Simon. "The last thing we want to do is absolutely make a mistake or an undue risk in today's environment and that's where we stand," he concluded.
Talbots Seeking Buyer for J. Jill Chain
Women's apparel retailer, The Talbots, Inc. (NYSE:
TLB), announced its intention to sell its J. Jill division, a chain of 282 women's clothing stores.
"In light of the current macro-economic environment, we therefore feel it is a strong move to focus solely on executing the successful turnaround of our core brand. While we have made solid progress in improving the J. Jill brand's operation, we have made the strategic decision to pursue its sale," said Trudy F. Sullivan, president and CEO of Talbots.
This decision follows Talbots' January 2008 decision to exit its Talbots Mens and Kids business, which entailed the shuttering of 78 stores.
This announcement coincided with Talbots' third quarter sales report, which included a 13.9% decrease in comparable store sales and 13.7% decline in total sales over third quarter 2007. "Our overall performance was significantly impacted when consumer traffic and spending dropped off dramatically with news of the global financial fallout," said Sullivan.
Whole Foods Market Accepts $425M Investment By Leonard Green & Partners
Whole Foods Market, Inc. (NASDAQ:WFMI
) announced a $425 million equity investment by Green Equity Investors, an affiliate of Leonard Green & Partners. Under terms of the agreement, Series A Preferred Stock due in 2020 will be issued to Green Equity. This amount equates to an ownership interest, assuming conversion of the preferred stock to common stock, of approximately 17% at this time, said Whole Foods.
John Mackey, chairman, chief executive officer, and co-founder of Whole Foods Market said, "This investment, combined with our strong cash flow from operations, gives us the financial flexibility to manage through these difficult economic times while continuing to prudently invest in our long-term growth."
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
CLOSINGS/CUTBACKS/BANKRUPTCIES
Circuit City Files Bankruptcy; More Than 9,000 Employees to be Displaced
Circuit City Stores, Inc. (NYSE: CC) announced this morning, Nov. 10, that it voluntarily filed Chapter 11 bankruptcy with the intent of executing a "comprehensive corporate restructuring plan."
To continue operating as normal through the bankruptcy process, Circuit City has secured a $1.1 billion debtor-in-possession revolving credit facility, which replaces its $1.3 billion asset-based credit facility provided by the same lenders.
On Nov. 3, the electronics retailer announced the immediate closure of 155 stores, reduction of future store opening plans, intent to put pressure on landlords by "aggressively renegotiating certain leases," and the consideration of "all available options and alternatives to restructure its business." Since then, said Circuit City, the company has been unsuccessful in securing vendor support, as "vendor concerns about the company's liquidity and ability to pay for its purchases in this difficult economic climate have escalated considerably" which has further impaired the company's ability to conduct business.
"Operating under the protection of Chapter 11 will provide the company's vendors with assurances that they will be paid for merchandise the company receives post-filing so the company can be sufficiently stocked for the holiday selling season," said Circuit City.
While Circuit City didn't announce any store closures beyond the 155 already announced; it did elude to further closures in the bankruptcy release, "the company will continue its real estate rationalization by taking immediate steps to reject the leases at its previously closed locations…will continue to assess the productivity of all assets, review additional cost-cutting initiatives and explore strategic alternatives."
To effect further cost savings, Circuit City reduced its corporate headcount by 700 on Nov. 7, 2008. These job losses are in addition to the employees affected by the 155 store closures. Circuit said store closings and support workforce reductions would result in a 20% combined domestic workforce reduction. Prior to these announcements, Circuit City employed approximately 46,000 people; a 20% workforce reduction would translate into 9,200 job losses.
In the filing, Circuit City listed $3.4 billion in assets and $2.3 billion in liabilities. The company's largest unsecured creditors include Hewlett Packard ($118.8 million); Samsung ($115.9 million); Sony ($60 million); Zenith ($41.2 million); and Toshiba ($17.9 million).
Follow this link for CoStar's Nov. 3 detailed coverage on Circuit City's store closures.
Tweeter Files Bankruptcy Again, Closing 94 Stores
Tweeter Opco, the company that operates the 94-store Tweeter electronics chain, filed Chapter 11 bankruptcy on Nov. 5 at the U.S. Bankruptcy Court for the District of Delaware.
The Canton, MA-based retailer listed assets and liabilities between $50-$100 million in it filing. Tweeter largest unsecured creditors include electronics manufacturers Sony, Samsung and Pioneer. According to Reuters, the company said it faced "a severe liquidity crisis brought on by slow sales" and was filing bankruptcy to "preserve and maximize the value" of its estate.
Tweeter has already begun liquidating inventory at the stores, a process being jointly handled by SB Capital Group, Tiger Capital Group and Hudson Capital Partners. Tweeter's 94 stores are located in AZ, CT, DE, FL, GA, IL, ME, MD, MA, NH, NJ, NC, PA, RI, SC, TX, and VA.
According to CoStar Tenant, the typical Tweeter store is 10,000 square feet. The company leases an 80,000-square-foot distribution center in Valley Forge Corporate Center in Audubon, PA and also leases 64,000 square feet of warehouse space on Little York Road from ProLogis in the Northwest Industrial area of Houston.
Schulze Asset Management acquired tweeter as part of a bankruptcy auction on July 13, 2007 for $38 million. The retailer filed Chapter 11 in early June after a failed restructuring plan that included the closure of 49 stores.
Since being acquired, the retailer attempted to revive the chain by updating stores to a more experiential design, dubbed CE Playground.
BTWW Retail Files Chapter 11
Dallas-based BTWW Retail filed Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Northern District of Texas on Nov. 3. According to its website, the retailer owns and operates more than 130 western, equine and workwear stores throughout the United States. The retailer listed $50-$100 million in assets and liabilities on its petition. This is BTWW's second time in bankruptcy - it last filed Chapter 11 in 2003.
BTWW's brands include Western Warehouse/Boot Town; which was a 43-store chain of western-themed retail stores until Newport Beach, CA-based Marwit Capital Partners, through its Boot Barn Holding Corp. subsidiary, acquired 22 retail stores from BTWW for an undisclosed amount on Oct. 27. The deal expanded Boot Barn's footprint from 45 to 67 stores located in California (38), Nevada (6), Arizona (14), and New Mexico (9). Marwit plans to re-brand the newly acquired stores to the Boot Barn banner after the holiday season.
There are now 21 remaining Western Warehouse/Boot Town stores remaining in Texas (16), Arizona (1), New Mexico (1) and Colorado (3) under banners Western Warehouse and Boot Town. According to CoStar Tenant, the typical Boot Town or Western Warehouse store is 9,000 square feet; however, locations range in size from 500 to 53,000 square feet.
BTWW also operates Corral West Ranchwear stores, which sells apparel and products related to ranchers and horse owners. Corral West's 72 stores are located in Washington (3), Oregon (1), Idaho (6), Montana (9), Wyoming (12), North Dakota (2), South Dakota (2), Nebraska (4), Colorado (14), Arizona (2), Nevada (3), New Mexico (5), Texas (2), Oklahoma (6), Georgia (1). According to CoStar Tenant, the typical Corral West store is 9,000 square feet, but stores range in size from 500 to 22,730 square feet.
Also under BTWW's umbrella are three Sergeant's Western World stores in Texas and two Workwear Depot stores in Milwaukee, WI and Austintown, OH.
Saks Shutting Down Club Libby Lu Chain
Closure of 78 Stand-Alone Stores to Result in Approximately 86,000 Sq. Ft. of Vacant Mall Space
Luxury department store retailer, Saks Incorporated (NYSE: SKS), is discontinuing its Club Libby Lu division, a 78-store experiential retail chain catering to "tweens" (girls age four to twelve). Saks expects the store closing process to be complete by May 2, 2009. As part of this discontinuation 1,700 Club Libby Lu employees will be displaced.
Saks acquired Club Libby Lu in 2003 for $12 million as an 11-store chain. At the time, Saks said the "fresh, distinctive concept" was consistent with Saks' strategic direction and the company saw "great potential both as a mall-based specialty store and as a destination shop" within some Saks department stores. Club Libby Lu generated $60 million in revenues during Saks last fiscal year.
In addition to the 78 stand-alone, there are currently 20 Club Libby Lu stores located within Saks locations. Saks leases all stand-alone Club Libby Lu locations; substantially all of the stores are located within regional malls and average store size is 1,100 square feet. Saks estimates $15 million to $24 million of costs associated with inventory liquidation, store closure, and lease termination costs.
JP Morgan Chase to Consolidate Overlapping Bank Branches
According to ICSC, JP Morgan Chase & Co. said in a recent statement that its first priority is to "integrate the Chase and WaMu branches in overlapping markets" -- the company acquired 2,200 Washington Mutual bank branches in September and has 3,200 of its own. Specifically, Chase expects to consolidate about 500 branches in Chicago and New York City, as well as in Arizona, Colorado, Texas and Utah. However, the company qualified the plan by saying it will open new branches in those same markets in non-overlapping locations.
La-Z-Boy Lays off 850; Closing 15-20 Stores
Monroe, MI-based La-Z-Boy (NYSE: LZB) said on Nov. 6 that, "Due to difficult macroeconomic conditions, fueled principally by events in the financial, credit and housing markets, declining consumer confidence and the discretionary nature of home furnishings purchases," it would take action to "align its operating structure with today's level of business."
Specifically, the furniture retailer is cutting 850 jobs (10% of its workforce) across all levels of the company; will close 15 to 20 La-Z-Boy Furniture Galleries stores over the next 90 to 120 days; will reduce 2009 capital expenditures by about 30%; and will "aggressively reduce its overall operating expenses and inventories." Further, La-Z-Boy continues to consolidate its dealer warehouses.
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
PERSONNEL ANNOUNCEMENTS
Frank Terzulli, Co-Founder of Winick Realty Group, Passes Away
Frank Terzulli, a founder and executive vice president of Winick Realty Group, passed away suddenly on Nov. 2 at the age of 47. After working at an executive level for Macy's, Terzulli helped found Winick 20 years ago in Manhattan. While at Winick, Terzulli served in a tenant representation capacity for retailers including McDonald's, Starbucks, Duane Reade, AT&T and Barnes & Noble and was actively handling the leasing of many retail properties throughout the New York City area.
"Winick Realty Group mourns the passing of Frank R. Terzulli, our dear friend and colleague of over 23 years. As an executive vice president of our company and an active member of the New York real estate community, Frank saw us through many successes and we shall miss him greatly. We will always remember his wit, charming smile and warm heart," said Jeffery Winick, CEO, according to the Brooklyn Eagle.
Terzulli graduated from NYU with a B.S. in political science and graduate degree in law. He was a member of the Real Estate Board of New York (REBNY) and the International Council of Shopping Centers (ICSC).
Terzulli was raised in Brooklyn, but lived in Manhattan at the time of his death. Two children survive him, ages 13 and 10.
West Valley Properties / Rawson, Blum & Leon Team up to Form RBL Real Estate
Los Altos, CA-based West Valley Properties and San Francisco, CA-based Rawson, Blum & Leon have joined up to form RBL Real Estate, a new company that will acquire, develop and manage retail and commercial properties in the western United States. In addition, RBL will "assist financial institutions and investors in managing, stabilizing, repositioning and/or disposing of their real estate" assets and also said it has the ability to recapitalize existing projects in need of financing to complete development.
“Given the uncertainty of today’s real estate climate, we believe that combining our institutional and development platform with West Valley Properties’, which has been focused on investing in core and core-plus assets utilizing a base of high net worth investors, will provide our new company with a more expansive acquisition platform,” says Jeffrey S. Leon, director of acquisitions for Rawson, Blum & Leon. West Valley has 30+ years' experience managing retail centers.
RBL now has more than 4 million square feet of combined property under ownership and management and is actively seeking to acquire retail projects in the range of $5 million to $100 million. Preferences include single-tenant build-to-suits, urban Infill centers, mixed-use projects, suburban neighborhood and community shopping centers, and regional malls (value-add only). RBL is targeting commercial corridors in Southern and Northern California, the Pacific Northwest, Nevada, Arizona and Idaho and has its eye specifically on joint ventures with existing property owners that require construction or acquisition financing and equity.
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
SUSTAINABILITY/ GREENING
Safeway Opens Minneapolis Cub Foods Built to LEED Gold Standards
Grocery magnate, Supervalu, recently opened a Cub Foods store in Phalen, MN (St. Paul area) for which it is seeking LEED Gold certification. The store, located at 1177 Clarence St., is 62,900 square feet. Some sustainable elements of the project include LED parking lot lighting, flooring that doesn't require maintenance, an efficient landscape irrigation system built to use 50% less water, and 44 skylights that illuminate 75% of the store by a GPS system that controls the redirection of sunlight.
(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.